Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.032%

Price spread now: Deribit against Phemex+0.089%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$1021.023% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.187%−$19 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now +0.089%, 7d avg +0.025%

Together, before fees−0.222%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.064% dearer against Phemex than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of +0.025%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex WLDUSDT	0.4512	0.0100	pay 0.0100% / 8h	2h 48m	$1.8M	$3.7M	50x
Short	Deribit WLD_USDC-PERPETUAL	0.4516	0	get 0.0000% / 1h	48m 35s	$146K	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$21
Price spread: +0.089% → +0.025%: $6.38
Slippage, 4 orders: −$83.35
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$116.97
Costs to cover: 1.023%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Deribit: live order book, 5 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 Phemex live order book, 5 min ago	5.54 bp	46.4 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	4.43 bp	7.9 bp −$8	16.4 bp −$164	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
Nado WLD-PERP	−0.0032%	1h	0.4515	+0.066%	$244K	$207K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4514	+0.046%	$154K	$33K	10x	as long as short
Kalshi KXWLDPERP	0.0000%	8h	0.4511	−0.022%	$81K	$4.8M	1.7x	as long as short
Deribit WLD_USDC-PERPETUALshort	0.0000%	1h	0.4516	+0.089%	$146K	$1.0M	25x
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4516	+0.085%	$65K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0040%	8h	0.4510	−0.044%	$6.7M	$11.9M	50x	as long as short
01 Exchange WLDUSD	+0.0064%	1h	0.4519	+0.146%	$323	$55	5x	as long as short
Polymarket Perps WLD-USD	+0.0080%	1h	0.4513	+0.031%	$45K	$2.3M	10x	as long as short
Orderly PERP_WLD_USDC	+0.0098%	8h	0.4515	+0.066%	$28K	$853K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4517	+0.111%	$226K	$1.1M	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	0.4515	+0.072%	$50K	$541K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4516	+0.091%	$85.9M	$337.2M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4515	+0.066%	$64.2M	$91.8M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4516	+0.089%	$34.1M	$153.4M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4517	+0.111%	$7.3M	$36.8M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4518	+0.133%	$38.9M	$55.5M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4515	+0.066%	$29.8M	$30.9M	75x	as long as short
BingX WLD-USDC	+0.0100%	8h	0.4517	+0.111%	—	$1.3M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4514	+0.049%	$134K	$307K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4526	+0.304%	$2.0M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4514	+0.055%	$27K	$320K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4528	+0.363%	$594K	$2.0M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4523	+0.244%	$48K	$240K	50x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4516	+0.089%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4511	−0.022%	$207	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4511	−0.022%	$825K	$1.8M	50x	as long as short
Phemex WLDUSDTlong	+0.0100%	8h	0.4512	long leg	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4514	+0.039%	$221K	$999K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4514	+0.050%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4514	+0.050%	—	—	20x	as long as short
Phoenix WLD	+0.0142%	1h	0.4523	+0.244%	$5K	$52K	10x	as long as short
Injective WLD/USDC PERP	+0.0176%	1h	0.4519	+0.155%	$6K	$185K	5.5x	as long as short
Lighter WLD	+0.0200%	1h	0.4520	+0.180%	$4.9M	$2.9M	10x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0219% / S −0.0967%	1h	0.4516	+0.079%	$4K	—	100x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4511	−0.022%	$4.8M	$926K	75x	as long as short
Hyperliquid WLD	+0.0336%	1h	0.4517	+0.115%	$49.0M	$44.1M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0502%	1h	0.4514	+0.049%	$861K	$2.9M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0536%	1h	0.4521	+0.199%	$276K	$1.7M	50x	as long as short