Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.026%

Price spread now: dYdX against Phemex−0.063%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$337as in the Funding arb table

Net, price: spread back to 7d avg − costs−$325as in the Price arb table

costs, in and out, $10k−$3173.172% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.201%−$20 on $10k

Price spread, last 4 days (all we have)−0.457%−$46 · spread now −0.063%, 7d avg +0.011%

Together, before fees−0.658%−$66 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.075% cheaper against Phemex than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex WLDUSDT	0.4625	0.0100	pay 0.0100% / 8h	5h 36m	$1.8M	$3.7M	50x
Short	dYdX WLD-USD	0.4622	0	get 0.0000% / 1h	36m 32s	$165K	$26K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee dYdXbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$21
Price spread: −0.063% → +0.011%: −$7.45
Slippage, 4 orders: −$295.21
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$345.66
Costs to cover: 3.172%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; dYdX: live order book, 27 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 2 min ago	10.84 bp	45.7 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 27 min ago	109.63 bp	114.6 bp −$115	114.6 bp −$1,146	155.3 bp −$15.5K	244.4 bp −$122.2K

WLD on 38 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXWLDPERP	−0.0137%	8h	0.4625	0.000%	$58K	$4.5M	1.7x	as long as short
KuCoin WLDUSDTM	−0.0037%	8h	0.4617	−0.173%	$7.1M	$11.6M	50x	as long as short
dYdX WLD-USDshort	0.0000%	1h	0.4622	−0.063%	$165K	$26K	10x
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4619	−0.130%	$119K	$923K	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0002%	1h	0.4623	−0.049%	$58K	—	150x	as long as short
Nado WLD-PERP	+0.0043%	1h	0.4627	+0.043%	$268K	$187K	5x	as long as short
Orderly PERP_WLD_USDC	+0.0072%	8h	0.4618	−0.151%	$28K	$893K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4621	−0.088%	$176K	$1.0M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4622	−0.057%	$48K	$511K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4623	−0.043%	$87.8M	$324.7M	75x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit WLDUSDT	+0.0100%	8h	0.4621	−0.086%	$66.0M	$87.9M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4619	−0.130%	$34.9M	$148.6M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4621	−0.086%	$7.2M	$36.8M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4623	−0.043%	$45.5M	$54.3M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4623	−0.043%	$30.6M	$29.4M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4621	−0.086%	—	$67.1M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4623	−0.035%	$138K	$288K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4632	+0.143%	$2.1M	$1.8M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4631	+0.124%	$28K	$317K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4621	−0.086%	$607K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4621	−0.086%	$51K	$236K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4629	+0.089%	$54K	$2.0M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4627	+0.043%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4619	−0.130%	$292	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4624	−0.022%	$844K	$1.9M	50x	as long as short
Phemex WLDUSDTlong	+0.0100%	8h	0.4625	long leg	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4621	−0.082%	$213K	$927K	10x	as long as short
01 Exchange WLDUSD	+0.0104%	1h	0.4622	−0.065%	$331	$80	5x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4619	−0.138%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4622	−0.071%	—	—	20x	as long as short
Phoenix WLD	+0.0172%	1h	0.4639	+0.311%	$5K	$57K	10x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4622	−0.065%	$5.0M	$801K	75x	as long as short
Lighter WLD	+0.0224%	1h	0.4627	+0.048%	$5.0M	$2.3M	10x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0230% / S −0.1268%	1h	0.4623	−0.050%	$5K	—	100x	as long as short
Coinbase International WLD-PERP-INTX	+0.0480%	1h	0.4628	+0.065%	$275K	$1.7M	50x	as long as short
Hyperliquid WLD	+0.0499%	1h	0.4625	−0.011%	$51.5M	$42.9M	10x	as long as short
Injective WLD/USDC PERP	+0.0677%	1h	0.4616	−0.195%	$6K	$185K	5.5x	as long as short
Kraken Futures PF_WLDUSD	+0.0896%	1h	0.4621	−0.087%	$899K	$2.9M	50x	as long as short