WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0365%/8h= +39.9% APRnext payment +$0.46 per $10,000 · paid last 24h +0.209%

Price spread now: Hyperliquid against Backpack+0.019%7-day average +0.126% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$490.494% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.408%+$41 on $10k

Price spread, last 4 days (all we have)−0.208%−$21 · spread now +0.019%, 7d avg +0.126%

Together, before fees+0.201%+ Points / potential airdropHyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.107% cheaper against Backpack than usual: you would sell low and buy high (spread +0.019% now, against its 7-day average of +0.126%). If the spread goes back, that is −$11 on $10k: about 23 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2430	−0.0265	get 0.0033% / 1h	12m 23s	$74K	$246K	10x
Short	Hyperliquid WIF	0.2430	0.0100	get 0.0013% / 1h	12m 23s	$7.5M	$4.0M	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 +0.019%Rate

Funding earned: $76.56
Price spread: +0.019% → +0.126%: −$10.7
Slippage, 4 orders: −$30.36
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $16.51
Costs to cover: 0.494%
Break-even: 5.5 days

Slippage from Backpack: live order book, 6 min ago; Hyperliquid: live order book, 10 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, 6 min ago	0.21 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	2.48 bp	12.3 bp −$12	doesn't fit	doesn't fit	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
Backpack WIF_USDC_PERPlong	−0.0265%	1h	0.2430	long leg	$74K	$246K	10x
KuCoin WIFUSDTM	−0.0032%	4h	0.2425	−0.202%	$4.1M	$11.2M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2432	+0.066%	$18K	$582	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2433	+0.128%	$48K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2429	−0.056%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−1.436%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDC	+0.0090%	4h	0.2427	−0.119%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2432	+0.070%	$136K	$550K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2427	−0.119%	$54K	$483K	20x	as long as short
Hyperliquid WIFshort	+0.0100%	1h	0.2430	+0.019%	$7.5M	$4.0M	5x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2428	−0.076%	$25K	$255K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2430	−0.012%	$77K	$49K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2427	−0.119%	$18.1M	$101.0M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2426	−0.165%	$16.8M	$35.2M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2425	−0.202%	$6.1M	$31.4M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2428	−0.078%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2426	−0.161%	$22.0M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2427	−0.119%	$7.5M	$11.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2427	−0.119%	—	$65.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2420	−0.399%	$71K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2419	−0.458%	$276K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2421	−0.366%	$43K	$619K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2423	−0.284%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2432	+0.066%	$556	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2429	−0.037%	$168K	$718K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2426	−0.181%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2431	+0.045%	$81K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0232% / S −0.1319%	1h	0.2428	−0.083%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2431	+0.045%	$320K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2430	+0.004%	$979K	$716K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0372%	1h	0.2433	+0.141%	$636K	$2.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2426	−0.174%	$0	—	15x	as long as short