Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0493%/8h= +54.0% APRpaid last 24h +0.187%

Price spread now: Orderly against Backpack+0.070%7-day average +0.047% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.331%+$33 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now +0.070%, 7d avg +0.047%

Together, before fees+0.379%+$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Orderly is 0.022% dearer against Backpack than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.047%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.331% in total (about 17.2% 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	Backpack WIF_USDC_PERP	0.2433	−0.0400	get 0.0050% / 1h	42m 41s	$73K	$249K	10x
Short	Orderly PERP_WIF_USDC	0.2435	0.0093	get 0.0047% / 4h	42m 41s	$5K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.070%Rate

Funding earned: $103.63
Price spread: +0.070% → +0.047%: $2.25
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $89.88
Costs to cover: 0.160%
Break-even: 0.9 days

Slippage unknown: Backpack: live order book, 36 min ago; Orderly: no order-book sample. Net counts fees only.

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, 36 min ago	0.21 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Backpack WIF_USDC_PERPlong	−0.0400%	1h	0.2433	long leg	$73K	$249K	10x
Deribit WIF_USDC-PERPETUAL	−0.0161%	1h	0.2434	+0.029%	$48K	$289K	25x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2436	+0.098%	$18K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2437	+0.135%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−1.574%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTM	+0.0036%	4h	0.2433	−0.012%	$4.4M	$11.4M	75x	as long as short
Orderly PERP_WIF_USDCshort	+0.0093%	4h	0.2435	+0.070%	$5K	$1.3M	10x
Lighter WIF	+0.0096%	1h	0.2436	+0.119%	$136K	$563K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2432	−0.053%	$54K	$484K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2440	+0.267%	$7.6M	$4.0M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2438	+0.180%	$24K	$256K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2436	+0.105%	$75K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2436	+0.100%	$18.1M	$103.2M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2432	−0.045%	$16.7M	$35.9M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2433	−0.012%	$6.0M	$32.0M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2433	−0.012%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2433	−0.012%	$22.1M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2433	−0.012%	$7.5M	$11.8M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2431	−0.095%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2452	+0.776%	$72K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2445	+0.497%	$273K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2448	+0.604%	$43K	$621K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2434	+0.029%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2434	+0.029%	$557	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2434	+0.029%	$169K	$739K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2431	−0.112%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2434	+0.035%	$81K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2437	+0.136%	$6K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2441	+0.316%	$323K	$2.4M	50x	as long as short
Kraken Futures PF_WIFUSD	+0.0320%	1h	0.2437	+0.138%	$637K	$2.2M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2433	−0.012%	$988K	$724K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2436	+0.098%	$0	—	15x	as long as short