Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h −0.068%

Price spread now: Bybit against Coinbase International−0.602%7-day average −0.170% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$590.586% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.388%−$39 on $10k

Price spread, last 4 days (all we have)+0.414%+$41 · spread now −0.602%, 7d avg −0.170%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.432% cheaper against Coinbase International than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.170%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International WIF-PERP-INTX	0.2492	0.0384	pay 0.0048% / 1h	2m 30s	$329K	$3.2M	50x
Short	Bybit WIFUSDT	0.2477	0.0100	get 0.0050% / 4h	1h 02m	$16.7M	$47.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.602%Rate

Funding earned: −$59.64
Price spread: −0.602% → −0.170%: −$43.17
Slippage, 4 orders: −$37.61
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$161.42
Costs to cover: 0.586%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	6.02 bp	15.0 bp −$15	27.8 bp −$278	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.01 bp	11.8 bp −$12	27.3 bp −$273	184.2 bp −$18.4K	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	−1.204%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2483	−0.361%	$976K	$939K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2481	−0.461%	$14K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2486	−0.241%	$33K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2478	−0.562%	—	—	150x	as long as short
Backpack WIF_USDC_PERP	+0.0011%	1h	0.2482	−0.389%	$77K	$299K	10x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0013% / S +0.0237%	1h	0.2478	−0.559%	$19K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2483	−0.373%	$143K	$703K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2480	−0.482%	$52K	$572K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2478	−0.562%	$8.6M	$6.6M	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	0.2480	−0.497%	$30K	$351K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2480	−0.494%	$78K	$70K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2478	−0.550%	$18.9M	$144.9M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2477	−0.602%	$16.7M	$47.7M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2475	−0.682%	$5.5M	$41.9M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2478	−0.562%	$1.2M	$9.2M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2477	−0.602%	$22.2M	$12.3M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2478	−0.562%	$4.4M	$16.7M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2476	−0.642%	$7.5M	$15.8M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2481	−0.441%	—	$27.1M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2502	+0.404%	$74K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2496	+0.153%	$286K	$2.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2500	+0.321%	$46K	$635K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2485	−0.281%	$5K	$1.0M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2483	−0.361%	$2K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2486	−0.253%	$567	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2484	−0.321%	$155K	$947K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2478	−0.570%	$12K	$181K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2485	−0.268%	$83K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0343%	1h	0.2488	−0.168%	$645K	$2.7M	50x	as long as short
Coinbase International WIF-PERP-INTXlong	+0.0384%	1h	0.2492	long leg	$329K	$3.2M	50x
Reya WIFRUSDPERP	+0.0558%	1h	0.2476	−0.658%	$0	—	15x	as long as short