WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0625%/8h= −68.4% APRnext payment −$0.78 per $10,000 · paid last 24h −0.192%

Price spread now: Backpack against Hyperliquid−0.429%7-day average −0.132% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$500.498% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.429%−$43 on $10k

Price spread, last 4 days (all we have)+0.621%+$62 · spread now −0.429%, 7d avg −0.132%

Together, before fees+0.192%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Backpack is 0.297% cheaper against Hyperliquid than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.132%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.429% in total (about -22.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.78 per $10,000. 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	Hyperliquid WIF	0.2490	0.0351	pay 0.0044% / 1h	50m 34s	$8.1M	$4.8M	5x
Short	Backpack WIF_USDC_PERP	0.2479	−0.0273	pay 0.0034% / 1h	50m 34s	$85K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.429%Rate

Funding earned: −$131.15
Price spread: −0.429% → −0.132%: −$29.71
Slippage, 4 orders: −$30.77
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$210.63
Costs to cover: 0.498%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; Backpack: live order book, 8 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 Hyperliquid live order book, 2 min ago	2.21 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 8 min ago	0.81 bp	11.6 bp −$12	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	−0.0273%	1h	0.2479	−0.429%	$85K	$275K	10x
BloFin WIF-USDT	−0.0183%	4h	0.2483	−0.276%	$1.0M	$830K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2481	−0.374%	$19K	$597	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2482	−0.330%	$802	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.798%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2482	−0.316%	$139K	$629K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2482	−0.316%	$57K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2484	−0.221%	$34K	$283K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2480	−0.383%	$77K	$57K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2482	−0.316%	$19.1M	$115.7M	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	0.2479	−0.437%	$17.0M	$38.8M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2481	−0.357%	$5.9M	$35.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2479	−0.437%	$1.2M	$7.6M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2480	−0.397%	$22.6M	$11.1M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2485	−0.196%	$4.5M	$13.9M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2480	−0.397%	$7.5M	$13.0M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2480	−0.397%	—	$23.5M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2478	−0.474%	$75K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2489	−0.054%	$285K	$2.2M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2493	+0.125%	$46K	$624K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2481	−0.357%	$5K	$1.3M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2478	−0.477%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2481	−0.373%	$566	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2480	−0.397%	$166K	$695K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2480	−0.403%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2480	−0.391%	$83K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0142% / S −0.0018%	1h	0.2482	−0.320%	$8K	—	100x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0153%	1h	0.2481	−0.357%	$47K	$258K	25x	as long as short
Kraken Futures PF_WIFUSD	+0.0261%	1h	0.2482	−0.302%	$648K	$2.3M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0328%	1h	0.2483	−0.276%	$330K	$2.7M	50x	as long as short
Hyperliquid WIFlong	+0.0351%	1h	0.2490	long leg	$8.1M	$4.8M	5x
Reya WIFRUSDPERP	+0.0558%	1h	0.2481	−0.343%	$0	—	15x	as long as short