Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0132%/8h= −14.4% APRpaid last 24h +0.189%

Price spread now: BloFin against Backpack+0.870%66s7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs+$37as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.429% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.799%+$80 on $10k

Price spread, last 4 days (all we have)−0.787%−$79 · spread now +0.870%, 7d avg +0.063%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.807% dearer against Backpack than usual: you sell high and buy low (spread +0.870% now, against its 7-day average of +0.063%): +$81 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 20 days. Mind the row above: over the last 7 days funding on this pair paid +0.799%, so the current rate has only just turned against you. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2380	−0.0008	get 0.0001% / 1h	33m 50s	$73K	$317K	10x
Short	BloFin WIF-USDT	0.2401	−0.0140	pay 0.0070% / 4h	2h 33m	$1.0M	$896K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.870%Rate

Funding earned: −$27.64
Price spread: +0.870% → +0.063%: $80.66
Slippage, 4 orders: −$20.88
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $10.14
Costs to cover: 0.429%
Break-even: from the start

Slippage from Backpack: live order book, 15 min ago; BloFin: live order book, 3 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, 15 min ago	0.20 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	4.17 bp	15.4 bp −$15	31.0 bp −$310	74.6 bp −$7,463	doesn't fit

WIF 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
Deribit WIF_USDC-PERPETUAL	−0.0169%	1h	0.2385	+0.197%	$32K	$274K	25x	as long as short
BloFin WIF-USDTshort	−0.0140%	4h	0.2401	+0.870%	$1.0M	$896K	75x
Backpack WIF_USDC_PERPlong	−0.0008%	1h	0.2380	long leg	$73K	$317K	10x
dYdX WIF-USD	0.0000%	1h	0.2392	+0.476%	$13K	$597	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2387	+0.261%	—	—	150x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0093% / S +0.0032%	1h	0.2387	+0.273%	$8K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2388	+0.311%	$143K	$667K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2388	+0.323%	$51K	$569K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2378	−0.092%	$8.4M	$6.2M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2379	−0.057%	$29K	$330K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WIF	+0.0100%	1h	0.2390	+0.428%	$75K	$69K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2377	−0.159%	$18.5M	$138.2M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2375	−0.214%	$16.2M	$45.9M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2374	−0.265%	$5.4M	$39.0M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2378	−0.097%	$1.1M	$8.8M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2377	−0.139%	$21.4M	$12.0M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2378	−0.097%	$3.9M	$15.9M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2375	−0.223%	$7.2M	$15.3M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2379	−0.055%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2393	+0.539%	$87K	$174K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2398	+0.735%	$277K	$2.7M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2402	+0.912%	$44K	$627K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2386	+0.239%	$4K	$1.1M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2383	+0.113%	$2K	$3.0M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2386	+0.218%	$551	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2386	+0.239%	$159K	$806K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2376	−0.165%	$8K	$161K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2385	+0.197%	$80K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0250%	1h	0.2387	+0.291%	$620K	$2.5M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0416%	1h	0.2386	+0.239%	$320K	$3.0M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2385	+0.203%	$0	—	15x	as long as short
Injective WIF/USDC PERP	+0.0707%	1h	0.2398	+0.744%	$10K	$10K	12x	as long as short