Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.004%

Price spread now: Backpack against Polymarket Perps+0.184%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)+0.162%+$16 · spread now +0.184%, 7d avg +0.042%

Together, before fees+0.208%+$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.142% dearer against Polymarket Perps than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps WLD-USD	0.4517	0.0100	pay 0.0013% / 1h	13m 31s	$51K	$1.7M	10x
Short	Backpack WLD_USDC_PERP	0.4525	0.0100	get 0.0013% / 1h	13m 31s	$128K	$269K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.184%Rate

Funding earned: $0
Price spread: +0.184% → +0.042%: $14.22
Slippage, 4 orders: −$15.45
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$19.23
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Backpack: live order book, 10 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 Polymarket Perps live order book, 5 min ago	1.98 bp	7.4 bp −$7	9.7 bp −$97	doesn't fit	doesn't fit
Sell Backpack live order book, 10 min ago	0.44 bp	13.6 bp −$14	doesn't fit	doesn't fit	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
Kalshi KXWLDPERP	−0.0470%	8h	0.4530	+0.286%	$45K	$3.8M	1.7x	as long as short
Orderly PERP_WLD_USDC	−0.0019%	8h	0.4525	+0.175%	$28K	$917K	10x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4520	+0.058%	$154K	$6K	10x	as long as short
KuCoin WLDUSDTM	0.0000%	8h	0.4521	+0.086%	$7.0M	$10.7M	50x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4526	+0.197%	$123K	$911K	25x	as long as short
Variational Omni WLD	+0.0001%	8h	0.4531	+0.314%	$2.1M	$1.6M	—	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4527	+0.229%	$56K	—	150x	as long as short
Nado WLD-PERP	+0.0035%	1h	0.4520	+0.059%	$270K	$168K	5x	as long as short
Phoenix WLD	+0.0052%	1h	0.4542	+0.549%	$5K	$52K	10x	as long as short
OKX WLD-USDT-SWAP	+0.0079%	8h	0.4516	−0.024%	$33.7M	$137.3M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC WLD_USDT	+0.0088%	8h	0.4519	+0.042%	$52.4M	$47.8M	300x	as long as short
Binance WLDUSDT	+0.0089%	8h	0.4519	+0.043%	$84.9M	$292.9M	75x	as long as short
Hyperliquid WLD	+0.0100%	1h	0.4519	+0.049%	$46.3M	$41.2M	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4524	+0.144%	$214K	$982K	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4520	+0.074%	$51K	$482K	5x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4519	+0.042%	$64.4M	$80.4M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4518	+0.020%	$7.3M	$34.8M	75x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4515	−0.046%	$30.0M	$25.1M	75x	as long as short
BingX WLD-USDC	+0.0100%	8h	0.4518	+0.020%	—	$1.3M	—	as long as short
Backpack WLD_USDC_PERPshort	+0.0100%	1h	0.4525	+0.184%	$128K	$269K	10x
edgeX WLDUSDC	+0.0100%	4h	0.4531	+0.306%	$27K	$317K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4539	+0.485%	$609K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4533	+0.352%	$54K	$226K	50x	as long as short
Polymarket Perps WLD-USDlong	+0.0100%	1h	0.4517	long leg	$51K	$1.7M	10x
SunX WLD-USDT	+0.0100%	8h	0.4531	+0.308%	$22K	$1.5M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4525	+0.175%	$197	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4526	+0.197%	$854K	$1.8M	50x	as long as short
Phemex WLDUSDT	+0.0100%	8h	0.4527	+0.219%	$1.8M	$3.7M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4517	+0.007%	$132K	$745K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4525	+0.171%	$31K	$5K	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4515	−0.040%	—	—	20x	as long as short
BloFin WLD-USDT	+0.0207%	8h	0.4535	+0.396%	$4.9M	$806K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0216% / S −0.1712%	1h	0.4526	+0.187%	$9K	—	100x	as long as short
01 Exchange WLDUSD	+0.0320%	1h	0.4524	+0.153%	$324	$77	5x	as long as short
Injective WLD/USDC PERP	+0.0374%	1h	0.4542	+0.551%	$6K	$185K	5.5x	as long as short
Coinbase International WLD-PERP-INTX	+0.0400%	1h	0.4533	+0.352%	$278K	$1.6M	50x	as long as short
Lighter WLD	+0.0960%	1h	0.4530	+0.283%	$5.1M	$2.1M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.1101%	1h	0.4529	+0.270%	$922K	$2.6M	50x	as long as short