Funding arb · Price arb /

WLFI

all WLFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.006%

Price spread now: Hyperliquid against Backpack−0.075%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$450.454% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.075%, 7d avg −0.017%

Together, before fees+0.263%+ Points / potential airdropHyperliquid: Season 2 · farm board+$26 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: Hyperliquid is 0.058% cheaper against Backpack than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WLFI_USDC_PERP	0.05738	0.0100	pay 0.0013% / 1h	31m 56s	$239K	$26K	10x
Short	Hyperliquid WLFI	0.05734	0.0100	get 0.0013% / 1h	31m 56s	$10.5M	$1.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Backpack. 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 BackpackbpFee HyperliquidbpOrdersPrice spread, now −0.075%Rate

Funding earned: $0
Price spread: −0.075% → −0.017%: −$5.75
Slippage, 4 orders: −$26.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$51.19
Costs to cover: 0.454%
Break-even: never at this rate

Slippage from Backpack: live order book, 26 min ago; Hyperliquid: live order book, 11 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 Backpack live order book, 26 min ago	1.75 bp	12.6 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.09 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit

WLFI on 32 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
Lighter WLFI	−0.0056%	1h	0.05728	−0.174%	$1.0M	$439K	5x	as long as short
Aster WLFIUSDT	−0.0051%	4h	0.05733	−0.093%	$1.6M	$574K	20x	as long as short
Coinbase International WLFI-PERP-INTX	−0.0048%	1h	0.05737	−0.017%	$32K	$15K	50x	as long as short
dYdX WLFI-USD	0.0000%	1h	0.05724	−0.236%	$11K	$970	5x	as long as short
Reya WLFIRUSDPERP	0.0000%	1h	0.06046	+5.360%	—	—	—	as long as short
gTrade (Gains Network) WLFI/USD	L +0.0005% / S −0.0005%	1h	0.05730	−0.133%	$313	—	150x	as long as short
Injective WLFI/USDC PERP	+0.0033%	1h	0.05716	−0.383%	$6K	$77K	5.5x	as long as short
Paradex WLFI-USD-PERP	+0.0082%	8h	0.05731	−0.127%	$2K	$118	5x	as long as short
Nado WLFI-PERP	+0.0100%	1h	0.05729	−0.156%	$81K	$24K	5x	as long as short
Hyperliquid WLFIshort	+0.0100%	1h	0.05734	−0.075%	$10.5M	$1.3M	5x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WLFI	+0.0100%	1h	0.05730	−0.134%	$246K	$13K	5x	as long as short
Binance WLFIUSDT	+0.0100%	4h	0.05741	+0.049%	$138.2M	$40.8M	75x	as long as short
Bybit WLFIUSDT	+0.0100%	4h	0.05733	−0.087%	$20.9M	$18.5M	75x	as long as short
OKX WLFI-USDT-SWAP	+0.0100%	4h	0.05738	0.000%	$7.6M	$12.9M	50x	as long as short
Arcus WLFI-USD	+0.0100%	1h	0.05732	−0.112%	$7K	$7K	5x	as long as short
Gate WLFI_USDT	+0.0100%	4h	0.05735	−0.052%	$3.4M	$3.0M	75x	as long as short
MEXC WLFI_USDT	+0.0100%	4h	0.05738	0.000%	$13.7M	$21.1M	100x	as long as short
KuCoin WLFIUSDTM	+0.0100%	4h	0.05733	−0.087%	$3.3M	$1.1M	75x	as long as short
Bitget WLFIUSDT	+0.0100%	4h	0.05735	−0.052%	$8.0M	$3.3M	75x	as long as short
BingX WLFI-USDC	+0.0100%	4h	0.05732	−0.105%	—	$2.3M	—	as long as short
Backpack WLFI_USDC_PERPlong	+0.0100%	1h	0.05738	long leg	$239K	$26K	10x
Variational Omni WLFI	+0.0100%	4h	0.05704	−0.601%	$446K	$40K	—	as long as short
GRVT WLFI_USDT_Perp	+0.0100%	4h	0.05715	−0.394%	$276K	$1.8M	10x	as long as short
ApeX Omni WLFIUSDT	+0.0100%	1h	0.05720	−0.314%	$33K	$38K	50x	as long as short
SunX WLFI-USDT	+0.0100%	4h	0.05740	+0.035%	$38K	$1.7M	20x	as long as short
SoDEX WLFI-USD	+0.0100%	1h	0.05735	−0.052%	$102	$5K	5x	as long as short
Extended WLFI-USD	+0.0104%	1h	0.05736	−0.034%	$134K	$486K	10x	as long as short
01 Exchange WLFIUSD	+0.0128%	1h	0.05732	−0.105%	$4K	$319	3x	as long as short
Kraken Futures PF_WLFIUSD	+0.0149%	1h	0.05736	−0.030%	$99K	$87K	20x	as long as short
GMX WLFI/USD [ETH-USDC]	L +0.0252% / S −0.0496%	1h	0.05733	−0.085%	$3K	—	100x	as long as short
Deribit WLFI_USDC-PERPETUAL	+0.0273%	1h	0.05738	0.000%	$521	$11K	10x	as long as short
BloFin WLFI-USDT	+0.0340%	4h	0.05733	−0.087%	$4.8M	$86K	75x	as long as short