Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0123%/8h= +13.4% APRpaid last 24h +0.180%

Price spread now: Gate against Backpack+0.215%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$730.727% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.330%+$33 on $10k

Price spread, last 4 days (all we have)−0.171%−$17 · spread now +0.215%, 7d avg +0.068%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Gate is 0.147% dearer against Backpack than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2462	−0.0113	get 0.0014% / 1h	40m 32s	$77K	$280K	10x
Short	Gate WIF_USDT	0.2467	0.0010	get 0.0005% / 4h	1h 40m	$1.2M	$7.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.215%Rate

Funding earned: $25.74
Price spread: +0.215% → +0.068%: $14.69
Slippage, 4 orders: −$47.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$32.25
Costs to cover: 0.727%
Break-even: 15.8 days

Slippage from Backpack: live order book, 23 min ago; Gate: live order book, 3 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, 23 min ago	0.20 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	4.04 bp	23.9 bp −$24	110.4 bp −$1,104	178.5 bp −$17.9K	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
BloFin WIF-USDT	−0.0177%	4h	0.2463	+0.053%	$1.0M	$819K	75x	as long as short
Backpack WIF_USDC_PERPlong	−0.0113%	1h	0.2462	long leg	$77K	$280K	10x
dYdX WIF-USD	0.0000%	1h	0.2467	+0.195%	$18K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2462	+0.012%	$46K	$258K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2464	+0.108%	$797	—	150x	as long as short
Gate WIF_USDTshort	+0.0010%	4h	0.2467	+0.215%	$1.2M	$7.5M	50x
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	+0.337%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2469	+0.276%	$140K	$627K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2470	+0.337%	$57K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2467	+0.206%	$34K	$283K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WIF	+0.0100%	1h	0.2467	+0.231%	$77K	$56K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2470	+0.323%	$18.8M	$114.2M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2466	+0.187%	$16.9M	$38.3M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2468	+0.256%	$5.9M	$34.8M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2467	+0.215%	$22.2M	$11.0M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2466	+0.175%	$4.4M	$13.5M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2467	+0.215%	$7.4M	$12.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2468	+0.256%	—	$65.9M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2462	−0.007%	$75K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2477	+0.619%	$282K	$2.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2471	+0.378%	$42K	$630K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2463	+0.053%	$5K	$1.3M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2460	−0.069%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2462	+0.032%	$567	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2458	−0.150%	$166K	$691K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2467	+0.207%	$11K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2462	+0.011%	$82K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0138%	1h	0.2464	+0.078%	$644K	$2.3M	50x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0158% / S −0.0029%	1h	0.2464	+0.080%	$8K	—	100x	as long as short
Hyperliquid WIF	+0.0287%	1h	0.2472	+0.406%	$8.0M	$4.7M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2471	+0.378%	$330K	$2.6M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2466	+0.157%	$0	—	15x	as long as short