Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0354%/8h= −38.7% APRpaid last 24h −0.186%

Price spread now: Backpack against SunX+1.255%49s7-day average +0.112% · you sell dearer than you buy

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.431%−$43 on $10k

Price spread, last 4 days (all we have)−1.270%−$127 · spread now +1.255%, 7d avg +0.112%

Together, before fees−1.702%−$170 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 1.143% dearer against SunX than usual: you sell high and buy low (spread +1.255% now, against its 7-day average of +0.112%): +$114 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 11 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX WIF-USDT	0.2439	0.0100	pay 0.0050% / 4h	43m 14s	$2K	$2.9M	50x
Short	Backpack WIF_USDC_PERP	0.2470	−0.0254	pay 0.0032% / 1h	43m 14s	$81K	$280K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +1.255%Rate

Funding earned: −$74.24
Price spread: +1.255% → +0.112%: $114.27
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $22.03
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: SunX: live order book, 4 min ago; Backpack: live order book, 15 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 SunX live order book, 4 min ago	503.13 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 15 min ago	0.81 bp	11.6 bp −$12	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	−0.0254%	1h	0.2470	+1.255%	$81K	$280K	10x
BloFin WIF-USDT	−0.0185%	4h	0.2443	+0.164%	$1.0M	$812K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2447	+0.309%	$18K	$597	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2446	+0.302%	$791	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	+1.271%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2445	+0.238%	$137K	$629K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2446	+0.287%	$56K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2446	+0.273%	$34K	$284K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2448	+0.381%	$76K	$57K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2446	+0.303%	$18.9M	$117.5M	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	0.2444	+0.189%	$16.8M	$39.3M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2445	+0.246%	$5.9M	$35.1M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2445	+0.246%	$1.2M	$7.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2447	+0.328%	$22.1M	$11.1M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2446	+0.287%	$4.3M	$14.0M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2443	+0.164%	$7.5M	$13.2M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2447	+0.328%	—	$23.5M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2471	+1.314%	$75K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2451	+0.492%	$277K	$2.2M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2477	+1.558%	$45K	$624K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2445	+0.246%	$5K	$1.3M	10x	as long as short
SunX WIF-USDTlong	+0.0100%	4h	0.2439	long leg	$2K	$2.9M	50x
SoDEX WIF-USD	+0.0100%	1h	0.2444	+0.185%	$564	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2443	+0.164%	$164K	$695K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2442	+0.138%	$8K	$149K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2442	+0.126%	$81K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0139% / S −0.0016%	1h	0.2446	+0.272%	$8K	—	100x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0159%	1h	0.2444	+0.205%	$44K	$260K	25x	as long as short
Kraken Futures PF_WIFUSD	+0.0265%	1h	0.2443	+0.168%	$638K	$2.3M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0328%	1h	0.2447	+0.328%	$330K	$2.7M	50x	as long as short
Hyperliquid WIF	+0.0391%	1h	0.2449	+0.414%	$8.0M	$4.8M	5x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2447	+0.321%	$0	—	15x	as long as short