Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.173%

Price spread now: Backpack against Bitget−0.103%7-day average −0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$460.456% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.432%−$43 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now −0.103%, 7d avg −0.122%

Together, before fees−0.444%−$44 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.122%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget WIFUSDT	0.2416	0.0100	pay 0.0050% / 4h	2h 16m	$7.3M	$15.5M	50x
Short	Backpack WIF_USDC_PERP	0.2414	0.0040	get 0.0005% / 1h	16m 43s	$74K	$317K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$12.59
Price spread: −0.103% → −0.122%: $1.84
Slippage, 4 orders: −$23.64
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$56.39
Costs to cover: 0.456%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Backpack: live order book, 32 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 Bitget live order book, 2 min ago	2.07 bp	16.9 bp −$17	29.0 bp −$290	85.7 bp −$8,567	doesn't fit
Sell Backpack live order book, 32 min ago	0.20 bp	8.9 bp −$9	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
BloFin WIF-USDT	−0.0141%	4h	0.2418	+0.083%	$748K	$909K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2415	−0.061%	$13K	$597	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2415	−0.041%	$32K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2422	+0.248%	—	—	150x	as long as short
Backpack WIF_USDC_PERPshort	+0.0040%	1h	0.2414	−0.103%	$74K	$317K	10x
GMX WIF/USD [WBTC.b-USDC]	L +0.0086% / S +0.0032%	1h	0.2422	+0.232%	$8K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2418	+0.070%	$147K	$671K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2425	+0.373%	$52K	$570K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2418	+0.070%	$8.4M	$6.4M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2417	+0.061%	$29K	$339K	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	0.2416	−0.015%	$76K	$69K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2416	−0.008%	$18.6M	$140.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2415	−0.050%	$16.3M	$46.5M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2415	−0.041%	$5.5M	$40.1M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2416	0.000%	$1.1M	$9.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2415	−0.041%	$21.8M	$12.1M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2415	−0.041%	$4.0M	$16.0M	75x	as long as short
Bitget WIFUSDTlong	+0.0100%	4h	0.2416	long leg	$7.3M	$15.5M	50x
BingX WIF-USDC	+0.0100%	4h	0.2420	+0.166%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2402	−0.576%	$88K	$174K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2413	−0.124%	$269K	$2.7M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2413	−0.124%	$44K	$630K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2416	0.000%	$5K	$1.1M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2411	−0.207%	$1K	$3.0M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2416	0.000%	$558	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2417	+0.041%	$146K	$859K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2414	−0.068%	$11K	$165K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2416	−0.014%	$81K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0248%	1h	0.2415	−0.053%	$631K	$2.6M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0416%	1h	0.2416	0.000%	$322K	$3.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2423	+0.274%	$0	—	15x	as long as short
Injective WIF/USDC PERP	+0.0707%	1h	0.2401	−0.621%	$10K	$10K	12x	as long as short