Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Phemex against Backpack−0.022%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1171.173% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 3 days (all we have)+0.227%+$23 · spread now −0.022%, 7d avg −0.012%

Together, before fees+0.261%+$26 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WLD_USDC_PERP	0.4578	0.0100	pay 0.0013% / 1h	19m 46s	$129K	$270K	10x
Short	Phemex WLDUSDT	0.4577	0.0100	get 0.0100% / 8h	1h 19m	$1.8M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Backpack. 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 BackpackbpFee PhemexbpOrdersPrice spread, now −0.022%Rate

Funding earned: $0
Price spread: −0.022% → −0.012%: −$0.98
Slippage, 4 orders: −$95.3
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$118.28
Costs to cover: 1.173%
Break-even: never at this rate

Slippage from Backpack: live order book, 64 min ago; Phemex: live order book, 4 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 Backpack live order book, 64 min ago	0.44 bp	6.4 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	7.65 bp	43.3 bp −$43	doesn't fit	doesn't fit	doesn't fit

WLD on 38 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
Kalshi KXWLDPERP	−0.0315%	8h	0.4578	0.000%	$61K	$3.8M	1.7x	as long as short
Injective WLD/USDC PERP	−0.0079%	1h	0.4623	+0.983%	$6K	$185K	5.5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4579	+0.031%	$163K	$13K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4578	0.000%	$108K	$900K	25x	as long as short
Orderly PERP_WLD_USDC	+0.0002%	8h	0.4576	−0.044%	$28K	$913K	10x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4579	+0.012%	$57K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0005%	8h	0.4575	−0.066%	$7.0M	$10.8M	50x	as long as short
Nado WLD-PERP	+0.0051%	1h	0.4577	−0.011%	$276K	$169K	5x	as long as short
Variational Omni WLD	+0.0084%	8h	0.4578	−0.002%	$2.1M	$1.6M	—	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4580	+0.045%	$201K	$998K	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WLD	+0.0100%	1h	0.4577	−0.013%	$53K	$481K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4577	−0.032%	$86.6M	$297.4M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4576	−0.044%	$65.5M	$82.1M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4575	−0.066%	$34.2M	$141.2M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4577	−0.022%	$7.4M	$35.3M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4576	−0.044%	$49.0M	$52.0M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4573	−0.109%	$30.1M	$25.5M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4578	0.000%	—	$67.8M	—	as long as short
Backpack WLD_USDC_PERPlong	+0.0100%	1h	0.4578	long leg	$129K	$270K	10x
edgeX WLDUSDC	+0.0100%	4h	0.4585	+0.145%	$27K	$315K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4592	+0.301%	$617K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4588	+0.218%	$55K	$227K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4579	+0.028%	$47K	$1.6M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4583	+0.109%	$23K	$1.5M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4576	−0.044%	$202	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4578	0.000%	$864K	$1.8M	50x	as long as short
Phemex WLDUSDTshort	+0.0100%	8h	0.4577	−0.022%	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4577	−0.020%	$240K	$855K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4577	−0.011%	$31K	$5K	3x	as long as short
Phoenix WLD	+0.0124%	1h	0.4587	+0.201%	$5K	$53K	10x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4576	−0.035%	—	—	20x	as long as short
Kraken Futures PF_WLDUSD	+0.0186%	1h	0.4580	+0.054%	$907K	$2.6M	50x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4579	+0.022%	$4.9M	$814K	75x	as long as short
01 Exchange WLDUSD	+0.0248%	1h	0.4583	+0.114%	$328	$77	5x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0260% / S −0.2221%	1h	0.4578	−0.005%	$9K	—	100x	as long as short
Coinbase International WLD-PERP-INTX	+0.0424%	1h	0.4586	+0.175%	$270K	$1.6M	50x	as long as short
Hyperliquid WLD	+0.0759%	1h	0.4584	+0.135%	$49.8M	$43.1M	10x	as long as short
Lighter WLD	+0.0968%	1h	0.4587	+0.203%	$5.2M	$2.1M	10x	as long as short