Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0397%/8h= +43.5% APRpaid last 24h +0.040%

Price spread now: Kraken Futures against Phemex+0.088%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1111.114% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.088%, 7d avg +0.035%

Together, before fees+0.019%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Kraken Futures is 0.053% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.035%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.068% in total (about 3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex WLDUSDT	0.4552	0.0100	pay 0.0100% / 8h	2h 13m	$1.8M	$3.7M	50x
Short	Kraken Futures PF_WLDUSD	0.4556	0.0497	get 0.0062% / 1h	13m 06s	$867K	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.088%Rate

Funding earned: $83.46
Price spread: +0.088% → +0.035%: $5.33
Slippage, 4 orders: −$89.39
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$22.6
Costs to cover: 1.114%
Break-even: 8.9 days

Slippage from Phemex: live order book, 6 min ago; Kraken Futures: live order book, 1 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, 6 min ago	6.60 bp	41.9 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	3.29 bp	10.4 bp −$10	23.9 bp −$239	1037.3 bp −$103.7K	doesn't fit

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
Nado WLD-PERP	−0.0047%	1h	0.4548	−0.077%	$242K	$209K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4548	−0.094%	$155K	$33K	10x	as long as short
Kalshi KXWLDPERP	0.0000%	8h	0.4544	−0.176%	$47K	$4.8M	1.7x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4553	+0.019%	$66K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0053%	8h	0.4550	−0.044%	$6.8M	$11.9M	50x	as long as short
01 Exchange WLDUSD	+0.0056%	1h	0.4554	+0.051%	$326	$55	5x	as long as short
Polymarket Perps WLD-USD	+0.0093%	1h	0.4552	0.000%	$40K	$2.4M	10x	as long as short
Orderly PERP_WLD_USDC	+0.0099%	8h	0.4554	+0.044%	$28K	$790K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4551	−0.019%	$227K	$1.1M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4549	−0.074%	$51K	$539K	5x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WLDUSDT	+0.0100%	8h	0.4554	+0.039%	$86.9M	$338.4M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4553	+0.022%	$64.9M	$91.5M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4553	+0.022%	$34.4M	$155.2M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4556	+0.088%	$7.2M	$37.7M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4555	+0.066%	$39.6M	$56.2M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4556	+0.088%	$30.1M	$31.1M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4556	+0.088%	—	$70.1M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4557	+0.116%	$135K	$300K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4542	−0.225%	$2.1M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4543	−0.189%	$27K	$322K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4547	−0.110%	$607K	$2.0M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4541	−0.242%	$48K	$240K	50x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4555	+0.066%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4552	0.000%	$205	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4548	−0.088%	$832K	$1.7M	50x	as long as short
Phemex WLDUSDTlong	+0.0100%	8h	0.4552	long leg	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4552	+0.006%	$222K	$999K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4554	+0.050%	$31K	$500	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4553	+0.017%	—	—	20x	as long as short
Phoenix WLD	+0.0142%	1h	0.4534	−0.400%	$5K	$52K	10x	as long as short
Lighter WLD	+0.0144%	1h	0.4558	+0.127%	$4.9M	$2.9M	10x	as long as short
Injective WLD/USDC PERP	+0.0176%	1h	0.4544	−0.176%	$6K	$185K	5.5x	as long as short
Deribit WLD_USDC-PERPETUAL	+0.0189%	1h	0.4555	+0.066%	$145K	$1.0M	25x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0219% / S −0.0967%	1h	0.4553	+0.022%	$4K	—	100x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4557	+0.110%	$4.8M	$925K	75x	as long as short
Hyperliquid WLD	+0.0328%	1h	0.4563	+0.239%	$49.5M	$44.2M	10x	as long as short
Kraken Futures PF_WLDUSDshort	+0.0497%	1h	0.4556	+0.088%	$867K	$2.9M	50x
Coinbase International WLD-PERP-INTX	+0.0536%	1h	0.4560	+0.176%	$278K	$1.7M	50x	as long as short