Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.052%

Price spread now: Bybit against Deribit−0.478%45s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs+$14as 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−$440.441% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.580%+$58 on $10k

Price spread, last 4 days (all we have)+0.228%+$23 · spread now −0.478%, 7d avg −0.016%

Together, before fees+0.808%+$81 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.462% cheaper against Deribit than usual: you would sell low and buy high (spread −0.478% now, against its 7-day average of −0.016%). If the spread goes back, that is −$46 on $10k: about 15 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.580% in total) that is about 5.6 days. The two prices were read 45 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	0.2510	0	get 0.0000% / 1h	33m 28s	$33K	$274K	25x
Short	Bybit WIFUSDT	0.2498	0.0100	get 0.0050% / 4h	3h 33m	$17.5M	$56.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.478%Rate

Funding earned: $21
Price spread: −0.478% → −0.016%: −$46.17
Slippage, 4 orders: −$26.06
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$69.23
Costs to cover: 0.441%
Break-even: 30.1 days

Slippage from Deribit: live order book, 65 min ago; Bybit: live order book, 5 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, 65 min ago	5.95 bp	9.4 bp −$9	20.7 bp −$207	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.00 bp	11.2 bp −$11	26.7 bp −$267	96.1 bp −$9,612	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
Gate WIF_USDT	−0.0396%	4h	0.2500	−0.398%	$1.3M	$11.5M	50x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L −0.0394% / S +0.0319%	1h	0.2506	−0.166%	$19K	—	100x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2508	−0.080%	$1.0M	$1.0M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2497	−0.518%	$14K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUALlong	0.0000%	1h	0.2510	long leg	$33K	$274K	25x
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2509	−0.025%	$4K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0094%	4h	0.2510	0.000%	$6K	$1.1M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2502	−0.319%	$145K	$826K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2498	−0.478%	$54K	$580K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2501	−0.367%	$10.0M	$9.1M	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	0.2500	−0.411%	$40K	$411K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2500	−0.390%	$77K	$88K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2499	−0.438%	$19.8M	$166.3M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2498	−0.478%	$17.5M	$56.0M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2498	−0.478%	$5.9M	$48.4M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2500	−0.398%	$24.2M	$15.4M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2497	−0.518%	$3.9M	$18.0M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2498	−0.478%	$7.6M	$18.3M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2498	−0.478%	—	$2.3M	—	as long as short
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2505	−0.215%	$81K	$353K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2497	−0.514%	$76K	$368K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2504	−0.239%	$278K	$3.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2504	−0.239%	$35K	$653K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2501	−0.359%	$2K	$3.3M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2506	−0.139%	$580	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2504	−0.239%	$154K	$943K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2495	−0.584%	$12K	$213K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2509	−0.024%	$84K	—	3x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2508	−0.080%	$341K	$3.9M	50x	as long as short
Injective WIF/USDC PERP	+0.0323%	1h	0.2509	−0.040%	$10K	$28K	12x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2504	−0.255%	$1	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0737%	1h	0.2509	−0.029%	$643K	$3.0M	50x	as long as short