Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.188%

Price spread now: Backpack against MEXC−0.008%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.383%−$38 on $10k

Price spread, last 4 days (all we have)−0.047%−$5 · spread now −0.008%, 7d avg −0.046%

Together, before fees−0.431%−$43 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.038% dearer against MEXC than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC WIF_USDT	0.2472	0.0100	pay 0.0050% / 4h	2h 45m	$22.3M	$11.0M	50x
Short	Backpack WIF_USDC_PERP	0.2472	0.0100	get 0.0013% / 1h	45m 55s	$77K	$269K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → −0.046%: $3.84
Slippage, 4 orders: −$19.19
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$29.35
Costs to cover: 0.332%
Break-even: never at this rate

Slippage from MEXC: live order book, 8 min ago; Backpack: live order book, 22 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 MEXC live order book, 8 min ago	2.02 bp	7.2 bp −$7	19.3 bp −$193	95.0 bp −$9,496	135.1 bp −$67.6K
Sell Backpack live order book, 22 min ago	0.41 bp	7.8 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
Injective WIF/USDC PERP	−0.0783%	1h	0.2470	−0.081%	$11K	$10K	12x	as long as short
Gate WIF_USDT	−0.0142%	4h	0.2474	+0.081%	$1.2M	$7.3M	50x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2476	+0.149%	$645K	$2.3M	50x	as long as short
KuCoin WIFUSDTM	−0.0028%	4h	0.2472	0.000%	$4.5M	$12.9M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2480	+0.308%	$19K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2474	+0.081%	$49K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2474	+0.096%	$800	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2476	+0.158%	$140K	$624K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2478	+0.243%	$56K	$497K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0099%	4h	0.2475	+0.121%	$5K	$1.3M	10x	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	0.2475	+0.141%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2479	+0.271%	$77K	$53K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2473	+0.040%	$18.7M	$111.5M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2471	−0.040%	$16.9M	$37.9M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2473	+0.040%	$5.9M	$34.5M	50x	as long as short
MEXC WIF_USDTlong	+0.0100%	4h	0.2472	long leg	$22.3M	$11.0M	50x
Bitget WIFUSDT	+0.0100%	4h	0.2472	0.000%	$7.5M	$12.4M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2474	+0.081%	—	$65.9M	—	as long as short
Backpack WIF_USDC_PERPshort	+0.0100%	1h	0.2472	−0.008%	$77K	$269K	10x
Variational Omni WIF	+0.0100%	4h	0.2475	+0.126%	$75K	$70K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2486	+0.583%	$284K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2488	+0.647%	$43K	$631K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2470	−0.081%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2474	+0.085%	$563	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2470	−0.081%	$169K	$748K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2471	−0.026%	$11K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2474	+0.064%	$83K	$85	3x	as long as short
Hyperliquid WIF	+0.0173%	1h	0.2478	+0.259%	$8.0M	$4.7M	5x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0179% / S −0.0043%	1h	0.2475	+0.112%	$8K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2479	+0.283%	$326K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2487	+0.607%	$997K	$710K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2475	+0.106%	$0	—	15x	as long as short