Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0227%/8h= −24.9% APRpaid last 24h +0.015%

Price spread now: Orderly against Kraken Futures−0.061%7-day average −0.074% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now −0.061%, 7d avg −0.074%

Together, before fees+0.082%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.074%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.093%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.093% in total (about 4.9% a year). A funding rate is set anew for every payment. 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	Kraken Futures PF_WIFUSD	0.2432	0.0321	pay 0.0040% / 1h	39m 00s	$635K	$2.2M	50x
Short	Orderly PERP_WIF_USDC	0.2431	0.0093	get 0.0047% / 4h	39m 00s	$5K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.061%Rate

Funding earned: −$47.77
Price spread: −0.061% → −0.074%: $1.25
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$62.51
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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 Kraken Futures live order book, 5 min ago	8.20 bp	24.9 bp −$25	57.3 bp −$573	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_PERP	−0.0386%	1h	0.2429	−0.160%	$72K	$249K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2431	−0.078%	$18K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2431	−0.061%	$48K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2432	−0.037%	$16K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−1.541%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTM	+0.0046%	4h	0.2429	−0.143%	$4.3M	$11.4M	75x	as long as short
Orderly PERP_WIF_USDCshort	+0.0093%	4h	0.2431	−0.061%	$5K	$1.3M	10x
Lighter WIF	+0.0096%	1h	0.2431	−0.061%	$136K	$568K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2432	−0.020%	$54K	$484K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2434	+0.042%	$7.6M	$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	0.2431	−0.059%	$24K	$256K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2432	−0.011%	$75K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2430	−0.107%	$18.1M	$103.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2429	−0.143%	$16.7M	$35.9M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2428	−0.185%	$6.0M	$31.9M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2429	−0.143%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2431	−0.061%	$22.1M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2431	−0.061%	$7.5M	$11.8M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2426	−0.267%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2431	−0.053%	$72K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2435	+0.103%	$276K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2433	+0.021%	$43K	$622K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2427	−0.226%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2430	−0.098%	$556	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2428	−0.185%	$168K	$740K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2430	−0.120%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2431	−0.061%	$81K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2431	−0.064%	$6K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2433	+0.021%	$322K	$2.4M	50x	as long as short
Kraken Futures PF_WIFUSDlong	+0.0321%	1h	0.2432	long leg	$635K	$2.2M	50x
BloFin WIF-USDT	+0.0340%	4h	0.2431	−0.061%	$991K	$727K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2431	−0.053%	$0	—	15x	as long as short