Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0613%/8h= −67.1% APRpaid last 24h −0.025%

Price spread now: BloFin against Coinbase International+0.081%58s7-day average −0.163% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as 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−$650.648% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 4 days (all we have)−0.333%−$33 · spread now +0.081%, 7d avg −0.163%

Together, before fees−0.245%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.244% dearer against Coinbase International than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of −0.163%): +$24 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 32 hours. Mind the row above: over the last 7 days funding on this pair paid +0.088%, so the current rate has only just turned against you. The two prices were read 58 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 0.088% in total (about 4.6% 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	Coinbase International WIF-PERP-INTX	0.2471	0.0416	pay 0.0052% / 1h	50m 07s	$334K	$3.1M	50x
Short	BloFin WIF-USDT	0.2473	−0.0197	pay 0.0098% / 4h	2h 50m	$1.0M	$895K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee BloFinbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$128.66
Price spread: +0.081% → −0.163%: $24.4
Slippage, 4 orders: −$42.83
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$169.09
Costs to cover: 0.648%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; BloFin: live order book, 2 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 Coinbase International live order book, 4 min ago	8.04 bp	17.0 bp −$17	29.5 bp −$295	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	6.06 bp	15.0 bp −$15	21.6 bp −$216	53.6 bp −$5,361	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-USDTshort	−0.0197%	4h	0.2473	+0.081%	$1.0M	$895K	75x
dYdX WIF-USD	0.0000%	1h	0.2469	−0.099%	$13K	$597	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2465	−0.243%	$33K	$272K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2465	−0.227%	—	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2461	−0.389%	$142K	$659K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2468	−0.121%	$50K	$568K	20x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0100% / S +0.0028%	1h	0.2466	−0.208%	$9K	—	100x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2457	−0.564%	$40K	$319K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2469	−0.066%	$77K	$67K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2456	−0.607%	$19.3M	$133.4M	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit WIFUSDT	+0.0100%	4h	0.2455	−0.648%	$16.8M	$44.1M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2454	−0.688%	$5.7M	$39.2M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2456	−0.607%	$1.1M	$8.5M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2455	−0.648%	$22.6M	$11.8M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2465	−0.243%	$4.2M	$15.6M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2456	−0.607%	$7.5M	$14.9M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2456	−0.607%	—	$27.0M	—	as long as short
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2452	−0.749%	$73K	$312K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2476	+0.205%	$75K	$156K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2491	+0.809%	$283K	$2.6M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2487	+0.648%	$46K	$629K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2465	−0.243%	$5K	$1.2M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2456	−0.607%	$2K	$3.0M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2460	−0.445%	$568	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2458	−0.526%	$169K	$755K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2459	−0.492%	$11K	$161K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2465	−0.241%	$82K	$85	3x	as long as short
Hyperliquid WIF	+0.0227%	1h	0.2458	−0.526%	$8.6M	$5.7M	5x	as long as short
Kraken Futures PF_WIFUSD	+0.0243%	1h	0.2461	−0.414%	$637K	$2.4M	50x	as long as short
Coinbase International WIF-PERP-INTXlong	+0.0416%	1h	0.2471	long leg	$334K	$3.1M	50x
Reya WIFRUSDPERP	+0.0558%	1h	0.2465	−0.239%	$0	—	15x	as long as short
Injective WIF/USDC PERP	+0.0707%	1h	0.2555	+3.399%	$11K	$10K	12x	as long as short