Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0245%/8h= +26.8% APRpaid last 24h −0.006%

Price spread now: Kraken Futures against Binance−0.199%54s7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as 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−$700.704% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 4 days (all we have)+0.313%+$31 · spread now −0.199%, 7d avg +0.053%

Together, before fees+0.182%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.252% cheaper against Binance than usual: you would sell low and buy high (spread −0.199% now, against its 7-day average of +0.053%). If the spread goes back, that is −$25 on $10k: about 3.4 days of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.131%, so the current rate has only just turned in your favour. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.131% in total (about -6.8% 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	Binance WIFUSDT	0.2479	0.0100	pay 0.0050% / 4h	1h 18m	$18.9M	$144.1M	75x
Short	Kraken Futures PF_WIFUSD	0.2474	0.0345	get 0.0043% / 1h	18m 23s	$642K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.199%Rate

Funding earned: $51.44
Price spread: −0.199% → +0.053%: −$25.22
Slippage, 4 orders: −$50.39
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$44.17
Costs to cover: 0.704%
Break-even: 13.0 days

Slippage from Binance: live order book, 10 min ago; Kraken Futures: live order book, 5 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 Binance live order book, 10 min ago	2.04 bp	11.2 bp −$11	21.3 bp −$213	94.7 bp −$9,474	doesn't fit
Sell Kraken Futures live order book, 5 min ago	10.10 bp	24.4 bp −$24	55.3 bp −$553	doesn't fit	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
Injective WIF/USDC PERP	−0.0467%	1h	0.2462	−0.686%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2471	−0.323%	$979K	$937K	75x	as long as short
Backpack WIF_USDC_PERP	−0.0038%	1h	0.2472	−0.286%	$73K	$293K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2474	−0.222%	$13K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2472	−0.282%	$33K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2475	−0.144%	—	—	150x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0029% / S +0.0256%	1h	0.2472	−0.287%	$21K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2478	−0.040%	$143K	$702K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2478	−0.040%	$53K	$571K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2483	+0.157%	$8.6M	$6.4M	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	0.2478	−0.057%	$31K	$352K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2477	−0.100%	$78K	$70K	5x	as long as short
Binance WIFUSDTlong	+0.0100%	4h	0.2479	long leg	$18.9M	$144.1M	75x
Bybit WIFUSDT	+0.0100%	4h	0.2478	−0.028%	$16.7M	$47.5M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2480	+0.040%	$5.5M	$41.8M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2477	−0.081%	$1.1M	$9.2M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2478	−0.040%	$22.4M	$12.2M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2478	−0.040%	$4.2M	$16.5M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2480	+0.040%	$7.5M	$15.8M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2476	−0.121%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2474	−0.199%	$73K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2473	−0.242%	$280K	$2.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2476	−0.121%	$45K	$633K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2479	0.000%	$5K	$1.1M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2467	−0.484%	$2K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2472	−0.303%	$564	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2473	−0.242%	$143K	$911K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2477	−0.085%	$10K	$150K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2472	−0.282%	$82K	$85	3x	as long as short
Kraken Futures PF_WIFUSDshort	+0.0345%	1h	0.2474	−0.199%	$642K	$2.7M	50x
Coinbase International WIF-PERP-INTX	+0.0384%	1h	0.2479	0.000%	$326K	$3.2M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2479	+0.004%	$0	—	15x	as long as short