Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.126%

Price spread now: Bitget against Deribit−0.081%48s7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs+$33as 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−$400.405% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.738%+$74 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now −0.081%, 7d avg +0.050%

Together, before fees+0.810%+$81 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.131% cheaper against Deribit than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of +0.050%). If the spread goes back, that is −$13 on $10k: about 4.4 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.738% in total) that is about 30 hours. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit WIF_USDC-PERPETUAL	0.2468	0	get 0.0000% / 1h	59m 27s	$46K	$268K	25x
Short	Bitget WIFUSDT	0.2466	0.0100	get 0.0050% / 4h	1h 59m	$7.5M	$12.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now −0.081%Rate

Funding earned: $21
Price spread: −0.081% → +0.050%: −$13.09
Slippage, 4 orders: −$21.47
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$32.56
Costs to cover: 0.405%
Break-even: 17.9 days

Slippage from Deribit: live order book, 4 min ago; Bitget: live order book, 4 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 Deribit live order book, 4 min ago	2.02 bp	5.5 bp −$6	16.5 bp −$165	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	2.02 bp	15.5 bp −$16	25.9 bp −$259	93.0 bp −$9,296	doesn't fit

WIF on 31 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	−0.0783%	1h	0.2470	+0.081%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2470	+0.065%	$641K	$2.3M	50x	as long as short
Backpack WIF_USDC_PERP	−0.0008%	1h	0.2465	−0.109%	$81K	$273K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2470	+0.064%	$19K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUALlong	0.0000%	1h	0.2468	long leg	$46K	$268K	25x
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2464	−0.145%	$797	—	150x	as long as short
Gate WIF_USDT	+0.0030%	4h	0.2468	0.000%	$1.2M	$7.4M	50x	as long as short
Lighter WIF	+0.0096%	1h	0.2472	+0.158%	$140K	$627K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2465	−0.122%	$57K	$496K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2469	+0.041%	$5K	$1.3M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid WIF	+0.0100%	1h	0.2469	+0.036%	$8.0M	$4.7M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2470	+0.082%	$35K	$279K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2470	+0.082%	$77K	$55K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2466	−0.062%	$18.8M	$113.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2464	−0.182%	$17.0M	$38.2M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2463	−0.203%	$5.9M	$34.6M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2464	−0.162%	$21.9M	$10.8M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2465	−0.122%	$4.5M	$13.3M	75x	as long as short
Bitget WIFUSDTshort	+0.0100%	4h	0.2466	−0.081%	$7.5M	$12.6M	50x
BingX WIF-USDT	+0.0100%	4h	0.2470	+0.081%	—	$65.9M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2470	+0.084%	$75K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2468	0.000%	$276K	$2.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2471	+0.122%	$42K	$629K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2469	+0.041%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2468	0.000%	$564	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2468	0.000%	$166K	$692K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2466	−0.085%	$8K	$152K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2468	−0.015%	$82K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0164% / S −0.0033%	1h	0.2469	+0.025%	$8K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2473	+0.203%	$328K	$2.5M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2464	−0.169%	$0	—	15x	as long as short