Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0262%/8h= +28.7% APRpaid last 24h +0.174%

Price spread now: Bybit against Backpack−0.092%45s7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.423% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.287%+$29 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.092%, 7d avg +0.037%

Together, before fees+0.292%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.130% cheaper against Backpack than usual: you would sell low and buy high (spread −0.092% now, against its 7-day average of +0.037%). If the spread goes back, that is −$13 on $10k: about 40 hours of funding at the current rate (+$8 a day). The two prices were read 45 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	Backpack WIF_USDC_PERP	0.2490	−0.0162	get 0.0020% / 1h	11m 18s	$76K	$255K	10x
Short	Bybit WIFUSDT	0.2488	0.0100	get 0.0050% / 4h	3h 11m	$17.1M	$37.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.092%Rate

Funding earned: $55.12
Price spread: −0.092% → +0.037%: −$12.98
Slippage, 4 orders: −$21.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$0.21
Costs to cover: 0.423%
Break-even: 7.0 days

Slippage from Backpack: live order book, 62 min ago; Bybit: live order book, 2 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, 62 min ago	0.21 bp	8.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.00 bp	11.9 bp −$12	27.5 bp −$275	207.6 bp −$20.8K	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
Gate WIF_USDT	−0.0218%	4h	0.2488	−0.092%	$1.3M	$7.2M	50x	as long as short
Backpack WIF_USDC_PERPlong	−0.0162%	1h	0.2490	long leg	$76K	$255K	10x
Deribit WIF_USDC-PERPETUAL	−0.0151%	1h	0.2493	+0.108%	$49K	$289K	25x	as long as short
KuCoin WIFUSDTM	−0.0064%	4h	0.2486	−0.173%	$4.4M	$12.2M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2493	+0.092%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2489	−0.033%	$12K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.815%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	+0.0039%	1h	0.2495	+0.195%	$653K	$2.3M	50x	as long as short
Lighter WIF	+0.0096%	1h	0.2493	+0.108%	$148K	$595K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2492	+0.068%	$57K	$496K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_WIF_USDC	+0.0098%	4h	0.2488	−0.092%	$5K	$1.3M	10x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2492	+0.078%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2493	+0.094%	$77K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2489	−0.041%	$19.1M	$108.2M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2488	−0.092%	$17.1M	$37.2M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2486	−0.173%	$6.0M	$33.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2488	−0.092%	$22.6M	$11.1M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2488	−0.092%	$7.6M	$12.2M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2485	−0.213%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2487	−0.129%	$74K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2496	+0.228%	$283K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2511	+0.831%	$43K	$631K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2489	−0.052%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2493	+0.108%	$567	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2492	+0.068%	$171K	$745K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2489	−0.035%	$10K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2489	−0.064%	$83K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0187% / S −0.0048%	1h	0.2489	−0.056%	$8K	—	100x	as long as short
Hyperliquid WIF	+0.0203%	1h	0.2492	+0.084%	$8.0M	$4.2M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0288%	1h	0.2495	+0.189%	$336K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2499	+0.349%	$1.0M	$706K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2488	−0.088%	$0	—	15x	as long as short