Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0391%/8h= −42.8% APRpaid last 24h −0.173%

Price spread now: Backpack against Orderly−0.024%7-day average −0.052% · you buy dearer than you sell

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.341%−$34 on $10k

Price spread, last 4 days (all we have)−0.134%−$13 · spread now −0.024%, 7d avg −0.052%

Together, before fees−0.476%−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.028% dearer against Orderly than usual: you sell high and buy low (spread −0.024% now, against its 7-day average of −0.052%): +$3 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.341% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_WIF_USDC	0.2459	0.0100	pay 0.0050% / 4h	41m 15s	$5K	$1.3M	10x
Short	Backpack WIF_USDC_PERP	0.2458	−0.0291	pay 0.0036% / 1h	41m 15s	$80K	$280K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$82.03
Price spread: −0.024% → −0.052%: $2.76
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$95.27
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 17 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 17 min ago	0.81 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit

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_PERPshort	−0.0291%	1h	0.2458	−0.024%	$80K	$280K	10x
BloFin WIF-USDT	−0.0184%	4h	0.2458	−0.041%	$1.0M	$817K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2455	−0.181%	$18K	$597	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2457	−0.067%	$794	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	+0.447%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2462	+0.110%	$138K	$629K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2456	−0.122%	$56K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2456	−0.131%	$32K	$284K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2455	−0.171%	$76K	$57K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2459	−0.009%	$19.0M	$117.6M	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	0.2460	+0.045%	$16.8M	$39.4M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2463	+0.163%	$5.9M	$35.4M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2461	+0.081%	$1.2M	$7.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2461	+0.081%	$22.6M	$11.2M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2458	−0.041%	$5.0M	$14.2M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2462	+0.122%	$7.5M	$13.2M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2458	−0.041%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2471	+0.490%	$75K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2451	−0.325%	$277K	$2.2M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2477	+0.732%	$45K	$624K	25x	as long as short
Orderly PERP_WIF_USDClong	+0.0100%	4h	0.2459	long leg	$5K	$1.3M	10x
SunX WIF-USDT	+0.0100%	4h	0.2451	−0.325%	$2K	$2.9M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2457	−0.061%	$569	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2449	−0.407%	$164K	$695K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2457	−0.087%	$8K	$149K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2457	−0.102%	$82K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0139% / S −0.0016%	1h	0.2457	−0.087%	$8K	—	100x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0157%	1h	0.2459	0.000%	$44K	$260K	25x	as long as short
Kraken Futures PF_WIFUSD	+0.0264%	1h	0.2459	−0.013%	$642K	$2.3M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0328%	1h	0.2456	−0.122%	$329K	$2.7M	50x	as long as short
Hyperliquid WIF	+0.0365%	1h	0.2465	+0.264%	$8.0M	$4.9M	5x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2455	−0.160%	$0	—	15x	as long as short