Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.079%

Price spread now: Deribit against Orderly0.000%7-day average +0.016% · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.614%−$61 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now 0.000%, 7d avg +0.016%

Together, before fees−0.614%−$61 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_WIF_USDC	0.2542	0.0100	pay 0.0050% / 4h	13m 56s	$6K	$1.0M	10x
Short	Deribit WIF_USDC-PERPETUAL	0.2542	0	get 0.0000% / 1h	13m 56s	$34K	$275K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$21
Price spread: 0.000% → +0.016%: −$1.64
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$35.64
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 25 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 Deribit live order book, 25 min ago	5.95 bp	9.4 bp −$9	18.8 bp −$188	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
GMX WIF/USD [WBTC.b-USDC]	L −0.0182% / S +0.0276%	1h	0.2533	−0.335%	$20K	—	100x	as long as short
Injective WIF/USDC PERP	−0.0161%	1h	0.2462	−3.147%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2533	−0.354%	$1.0M	$960K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2536	−0.217%	$14K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUALshort	0.0000%	1h	0.2542	0.000%	$34K	$275K	25x
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2541	−0.059%	$4K	—	150x	as long as short
Backpack WIF_USDC_PERP	+0.0034%	1h	0.2540	−0.087%	$76K	$310K	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2543	+0.035%	$145K	$711K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2538	−0.157%	$55K	$576K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2545	+0.102%	$8.9M	$6.9M	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	0.2542	+0.001%	$30K	$352K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2537	−0.185%	$79K	$74K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2542	+0.001%	$19.5M	$149.6M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2540	−0.090%	$17.0M	$49.3M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2540	−0.079%	$5.7M	$44.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2540	−0.079%	$1.2M	$9.5M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2542	0.000%	$22.7M	$12.6M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2541	−0.039%	$4.3M	$17.2M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2541	−0.039%	$7.7M	$16.3M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2540	−0.079%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2517	−0.979%	$74K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2508	−1.340%	$283K	$3.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2513	−1.141%	$45K	$641K	25x	as long as short
Orderly PERP_WIF_USDClong	+0.0100%	4h	0.2542	long leg	$6K	$1.0M	10x
SunX WIF-USDT	+0.0100%	4h	0.2537	−0.197%	$1K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2541	−0.043%	$584	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2535	−0.275%	$161K	$912K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2540	−0.093%	$10K	$181K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2541	−0.033%	$85K	$85	3x	as long as short
Coinbase International WIF-PERP-INTX	+0.0352%	1h	0.2542	0.000%	$337K	$3.4M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2530	−0.486%	$1	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0798%	1h	0.2542	−0.005%	$661K	$2.7M	50x	as long as short