Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.011%

Price spread now: Popdex against Orderly−0.040%7-day average +0.042% · you buy dearer than you sell

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

Long on Orderly Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now −0.040%, 7d avg +0.042%

Together, before fees+0.016%+$2 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: Popdex is 0.083% cheaper against Orderly than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_WIF_USDC	0.2473	0.0100	pay 0.0050% / 4h	1h 23m	$5K	$1.1M	10x
Short	Popdex WIFUSDT	0.2472	0.0096	get 0.0012% / 1h	23m 14s	$53K	$571K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$0.84
Price spread: −0.040% → +0.042%: −$8.29
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$21.53
Costs to cover: 0.124%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Popdex: live order book, 21 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 Popdex live order book, 21 min ago	6.11 bp	55.1 bp −$55	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
Injective WIF/USDC PERP	−0.0467%	1h	0.2462	−0.445%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2470	−0.121%	$979K	$935K	75x	as long as short
Backpack WIF_USDC_PERP	−0.0038%	1h	0.2470	−0.101%	$73K	$293K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2476	+0.103%	$13K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2473	0.000%	$33K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2473	+0.008%	—	—	150x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0034% / S +0.0255%	1h	0.2473	−0.008%	$21K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2473	+0.004%	$143K	$702K	10x	as long as short
Popdex WIFUSDTshort	+0.0096%	1h	0.2472	−0.040%	$53K	$571K	20x
Hyperliquid WIF	+0.0100%	1h	0.2475	+0.085%	$8.6M	$6.4M	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	0.2473	+0.009%	$31K	$351K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2475	+0.062%	$78K	$70K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2472	−0.040%	$18.8M	$144.0M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2470	−0.109%	$16.7M	$47.4M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2471	−0.081%	$5.5M	$41.7M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2473	0.000%	$1.1M	$9.2M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2471	−0.081%	$22.3M	$12.2M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2472	−0.040%	$4.1M	$16.4M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2472	−0.040%	$7.5M	$15.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2472	−0.040%	—	$27.1M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2473	+0.003%	$73K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2460	−0.526%	$283K	$2.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2460	−0.526%	$45K	$631K	25x	as long as short
Orderly PERP_WIF_USDClong	+0.0100%	4h	0.2473	long leg	$5K	$1.1M	10x
SunX WIF-USDT	+0.0100%	4h	0.2468	−0.202%	$2K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2472	−0.040%	$564	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2472	−0.040%	$142K	$908K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2472	−0.045%	$10K	$150K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2473	−0.013%	$83K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0345%	1h	0.2474	+0.048%	$641K	$2.7M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0384%	1h	0.2474	+0.040%	$325K	$3.2M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2471	−0.066%	$0	—	15x	as long as short