Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0390%/8h= −42.7% APRpaid last 24h −0.208%

Price spread now: Backpack against BingX−0.150%7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.416%−$42 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.150%, 7d avg −0.087%

Together, before fees−0.293%−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Backpack is 0.063% cheaper against BingX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.087%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX WIF-USDT	0.2399	0.0100	pay 0.0050% / 4h	1h 31m	—	$65.3M	—
Short	Backpack WIF_USDC_PERP	0.2395	−0.0290	pay 0.0036% / 1h	31m 34s	$76K	$239K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$81.83
Price spread: −0.150% → −0.087%: −$6.28
Slippage, 4 orders: −$12.24
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$120.35
Costs to cover: 0.322%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Backpack: live order book, 52 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 BingX live order book, 7 min ago	2.08 bp	7.2 bp −$7	17.0 bp −$170	78.6 bp −$7,862	578.0 bp −$289.0K
Sell Backpack live order book, 52 min ago	0.21 bp	7.6 bp −$8	doesn't fit	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
Backpack WIF_USDC_PERPshort	−0.0290%	1h	0.2395	−0.150%	$76K	$239K	10x
Deribit WIF_USDC-PERPETUAL	−0.0167%	1h	0.2398	−0.042%	$47K	$289K	25x	as long as short
KuCoin WIFUSDTM	−0.0082%	4h	0.2400	+0.042%	$4.1M	$11.4M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2400	+0.030%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2399	−0.016%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−0.167%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDC	+0.0092%	4h	0.2399	0.000%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2399	+0.021%	$135K	$549K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2397	−0.083%	$53K	$483K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2403	+0.153%	$7.5M	$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	0.2397	−0.071%	$25K	$255K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2399	+0.010%	$76K	$49K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2399	−0.005%	$17.8M	$100.8M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2398	−0.042%	$16.6M	$35.0M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2398	−0.042%	$6.0M	$31.0M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2398	−0.042%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2399	0.000%	$21.4M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2399	0.000%	$7.4M	$11.7M	50x	as long as short
BingX WIF-USDTlong	+0.0100%	4h	0.2399	long leg	—	$65.3M	—
Variational Omni WIF	+0.0100%	4h	0.2405	+0.259%	$71K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2401	+0.068%	$273K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2401	+0.083%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2393	−0.250%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2399	−0.021%	$552	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2398	−0.042%	$166K	$718K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2397	−0.080%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2401	+0.085%	$80K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0207% / S −0.1148%	1h	0.2399	+0.008%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2404	+0.208%	$317K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2401	+0.083%	$971K	$705K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0377%	1h	0.2402	+0.114%	$627K	$2.2M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2397	−0.086%	$0	—	15x	as long as short