Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0446%/8h= −48.8% APRpaid last 24h −0.201%

Price spread now: Backpack against OKX+0.253%7-day average −0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.422%−$42 on $10k

Price spread, last 4 days (all we have)−0.198%−$20 · spread now +0.253%, 7d avg −0.080%

Together, before fees−0.621%−$62 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.333% dearer against OKX than usual: you sell high and buy low (spread +0.253% now, against its 7-day average of −0.080%): +$33 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 7 days (−0.422% in total) that is about 5.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX WIF-USDT-SWAP	0.2491	0.0100	pay 0.0050% / 4h	3h 34m	$6.0M	$33.8M	50x
Short	Backpack WIF_USDC_PERP	0.2497	−0.0346	pay 0.0043% / 1h	34m 35s	$76K	$255K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.253%Rate

Funding earned: −$93.59
Price spread: +0.253% → −0.080%: $33.28
Slippage, 4 orders: −$23.63
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$103.94
Costs to cover: 0.436%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Backpack: live order book, 39 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 OKX live order book, 4 min ago	2.04 bp	14.3 bp −$14	41.7 bp −$417	doesn't fit	doesn't fit
Sell Backpack live order book, 39 min ago	0.21 bp	8.2 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	−0.0346%	1h	0.2497	+0.253%	$76K	$255K	10x
Gate WIF_USDT	−0.0092%	4h	0.2493	+0.080%	$1.3M	$7.1M	50x	as long as short
KuCoin WIFUSDTM	−0.0006%	4h	0.2497	+0.241%	$4.4M	$12.0M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2496	+0.185%	$19K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2495	+0.161%	$49K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2494	+0.101%	$16K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.843%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	+0.0039%	1h	0.2497	+0.233%	$662K	$2.2M	50x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2495	+0.161%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2497	+0.233%	$143K	$588K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex WIFUSDT	+0.0096%	1h	0.2493	+0.080%	$56K	$484K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2500	+0.356%	$25K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2497	+0.225%	$77K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2495	+0.174%	$19.2M	$106.8M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2492	+0.032%	$17.1M	$36.8M	50x	as long as short
OKX WIF-USDT-SWAPlong	+0.0100%	4h	0.2491	long leg	$6.0M	$33.8M	50x
MEXC WIF_USDT	+0.0100%	4h	0.2493	+0.080%	$22.5M	$10.9M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2493	+0.080%	$7.7M	$12.0M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2492	+0.040%	—	$65.8M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2488	−0.116%	$74K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2450	−1.645%	$275K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2466	−1.004%	$43K	$632K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2490	−0.040%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2495	+0.145%	$568	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2492	+0.040%	$172K	$746K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2491	+0.020%	$11K	$151K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2494	+0.108%	$83K	$85	3x	as long as short
Hyperliquid WIF	+0.0184%	1h	0.2502	+0.434%	$8.0M	$4.3M	5x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2493	+0.068%	$7K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0288%	1h	0.2496	+0.201%	$336K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2498	+0.281%	$1.0M	$748K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2492	+0.025%	$0	—	15x	as long as short