Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0382%/8h= −41.8% APRpaid last 24h −0.196%

Price spread now: Backpack against Gate+0.025%7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$710.714% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.310%−$31 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now +0.025%, 7d avg −0.066%

Together, before fees−0.317%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.091% dearer against Gate than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.066%): +$9 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.310% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate WIF_USDT	0.2399	0.0100	pay 0.0050% / 4h	1h 34m	$1.2M	$6.9M	50x
Short	Backpack WIF_USDC_PERP	0.2400	−0.0282	pay 0.0035% / 1h	34m 04s	$76K	$239K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$80.26
Price spread: +0.025% → −0.066%: $9.11
Slippage, 4 orders: −$46.38
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$142.53
Costs to cover: 0.714%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Backpack: live order book, 49 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 Gate live order book, 4 min ago	4.16 bp	28.4 bp −$28	53.2 bp −$532	80.1 bp −$8,007	doesn't fit
Sell Backpack live order book, 49 min ago	0.21 bp	7.6 bp −$8	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
Backpack WIF_USDC_PERPshort	−0.0282%	1h	0.2400	+0.025%	$76K	$239K	10x
Deribit WIF_USDC-PERPETUAL	−0.0167%	1h	0.2400	+0.042%	$47K	$289K	25x	as long as short
KuCoin WIFUSDTM	−0.0094%	4h	0.2399	0.000%	$4.2M	$11.4M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2402	+0.114%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2400	+0.028%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−0.167%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDC	+0.0092%	4h	0.2400	+0.042%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2402	+0.117%	$135K	$549K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2397	−0.083%	$53K	$483K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2404	+0.196%	$7.5M	$4.0M	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	0.2396	−0.126%	$25K	$255K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2401	+0.100%	$76K	$49K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2400	+0.056%	$17.9M	$100.7M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2400	+0.042%	$16.7M	$35.0M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2402	+0.125%	$6.0M	$31.0M	50x	as long as short
Gate WIF_USDTlong	+0.0100%	4h	0.2399	long leg	$1.2M	$6.9M	50x
MEXC WIF_USDT	+0.0100%	4h	0.2400	+0.042%	$21.5M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2401	+0.083%	$7.4M	$11.7M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2399	0.000%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2405	+0.259%	$71K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2405	+0.250%	$273K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2415	+0.667%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2394	−0.208%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2401	+0.063%	$554	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2397	−0.083%	$166K	$718K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2401	+0.066%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2400	+0.030%	$80K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0204% / S −0.1131%	1h	0.2399	−0.020%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2400	+0.042%	$316K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2403	+0.167%	$973K	$705K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0376%	1h	0.2404	+0.203%	$627K	$2.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2396	−0.116%	$0	—	15x	as long as short