Funding arb · Price arb /

WLFI

all WLFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.006%

Price spread now: Hyperliquid against Backpack−0.059%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.059%, 7d avg −0.016%

Together, before fees+0.272%+ Points / potential airdropHyperliquid: Season 2 · farm board+$27 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: Hyperliquid is 0.042% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WLFI_USDC_PERP	0.05775	0.0100	pay 0.0013% / 1h	25m 10s	$240K	$27K	10x
Short	Hyperliquid WLFI	0.05772	0.0100	get 0.0013% / 1h	25m 10s	$10.5M	$1.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.059%Rate

Funding earned: $0
Price spread: −0.059% → −0.016%: −$4.25
Slippage, 4 orders: −$18.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$41.69
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Backpack: live order book, 43 min ago; Hyperliquid: live order book, 7 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, 43 min ago	0.87 bp	8.8 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.87 bp	7.6 bp −$8	doesn't fit	doesn't fit	doesn't fit

WLFI on 31 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
Kraken Futures PF_WLFIUSD	−0.0328%	1h	0.05776	+0.011%	$74K	$48K	20x	as long as short
Lighter WLFI	−0.0088%	1h	0.05769	−0.104%	$1.0M	$408K	5x	as long as short
Coinbase International WLFI-PERP-INTX	−0.0032%	1h	0.05737	−0.658%	$32K	$15K	50x	as long as short
dYdX WLFI-USD	0.0000%	1h	0.05759	−0.277%	$11K	$970	5x	as long as short
Reya WLFIRUSDPERP	0.0000%	1h	0.06046	+4.687%	—	—	—	as long as short
gTrade (Gains Network) WLFI/USD	L +0.0005% / S −0.0005%	1h	0.05774	−0.016%	$316	—	150x	as long as short
Injective WLFI/USDC PERP	+0.0033%	1h	0.05716	−1.022%	$6K	$77K	5.5x	as long as short
Aster WLFIUSDT	+0.0047%	4h	0.05775	+0.008%	$1.6M	$589K	20x	as long as short
Paradex WLFI-USD-PERP	+0.0079%	8h	0.05763	−0.206%	$2K	$118	5x	as long as short
01 Exchange WLFIUSD	+0.0080%	1h	0.05771	−0.069%	$4K	$319	3x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado WLFI-PERP	+0.0100%	1h	0.05764	−0.182%	$80K	$23K	5x	as long as short
Hyperliquid WLFIshort	+0.0100%	1h	0.05772	−0.059%	$10.5M	$1.3M	5x
Pacifica WLFI	+0.0100%	1h	0.05766	−0.163%	$247K	$13K	5x	as long as short
Binance WLFIUSDT	+0.0100%	4h	0.05774	−0.014%	$138.5M	$39.7M	75x	as long as short
Bybit WLFIUSDT	+0.0100%	4h	0.05768	−0.121%	$21.1M	$17.5M	75x	as long as short
OKX WLFI-USDT-SWAP	+0.0100%	4h	0.05771	−0.069%	$7.7M	$12.7M	50x	as long as short
Arcus WLFI-USD	+0.0100%	1h	0.05772	−0.061%	$1K	$753	5x	as long as short
Gate WLFI_USDT	+0.0100%	4h	0.05773	−0.035%	$3.5M	$2.8M	75x	as long as short
MEXC WLFI_USDT	+0.0100%	4h	0.05772	−0.052%	$15.0M	$21.7M	100x	as long as short
KuCoin WLFIUSDTM	+0.0100%	4h	0.05774	−0.017%	$3.3M	$1.1M	75x	as long as short
Bitget WLFIUSDT	+0.0100%	4h	0.05769	−0.104%	$8.0M	$3.2M	75x	as long as short
BingX WLFI-USDC	+0.0100%	4h	0.05772	−0.052%	—	$2.3M	—	as long as short
Backpack WLFI_USDC_PERPlong	+0.0100%	1h	0.05775	long leg	$240K	$27K	10x
Variational Omni WLFI	+0.0100%	4h	0.05762	−0.233%	$450K	$41K	—	as long as short
GRVT WLFI_USDT_Perp	+0.0100%	4h	0.05754	−0.356%	$280K	$1.8M	10x	as long as short
ApeX Omni WLFIUSDT	+0.0100%	1h	0.05740	−0.606%	$33K	$41K	50x	as long as short
SunX WLFI-USDT	+0.0100%	4h	0.05780	+0.087%	$38K	$1.7M	20x	as long as short
SoDEX WLFI-USD	+0.0100%	1h	0.05776	+0.017%	$121	$5K	5x	as long as short
Extended WLFI-USD	+0.0104%	1h	0.05767	−0.131%	$133K	$490K	10x	as long as short
GMX WLFI/USD [ETH-USDC]	L +0.0252% / S −0.0496%	1h	0.05773	−0.036%	$3K	—	100x	as long as short
Deribit WLFI_USDC-PERPETUAL	+0.0269%	1h	0.05779	+0.069%	$525	$11K	10x	as long as short