WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0380%/8h= +41.6% APRnext payment +$0.47 per $10,000 · paid last 24h +0.177%

Price spread now: Kraken Futures against Backpack+0.032%7-day average +0.123% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$630.632% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.246%+$25 on $10k

Price spread, last 3 days (all we have)+0.138%+$14 · spread now +0.032%, 7d avg +0.123%

Together, before fees+0.384%+$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.091% cheaper against Backpack than usual: you would sell low and buy high (spread +0.032% now, against its 7-day average of +0.123%). If the spread goes back, that is −$9 on $10k: about 19 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.246% in total) that is about 2.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.246% in total (about 12.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.47 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2493	−0.0341	get 0.0043% / 1h	32m 01s	$76K	$255K	10x
Short	Kraken Futures PF_WIFUSD	0.2494	0.0039	get 0.0005% / 1h	32m 01s	$658K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.032%Rate

Funding earned: $79.71
Price spread: +0.032% → +0.123%: −$9.08
Slippage, 4 orders: −$43.19
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $7.44
Costs to cover: 0.632%
Break-even: 6.3 days

Slippage from Backpack: live order book, 41 min ago; Kraken Futures: 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, 41 min ago	0.21 bp	8.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	10.05 bp	21.2 bp −$21	47.4 bp −$474	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	−0.0341%	1h	0.2493	long leg	$76K	$255K	10x
Gate WIF_USDT	−0.0080%	4h	0.2492	−0.028%	$1.3M	$7.1M	50x	as long as short
KuCoin WIFUSDTM	−0.0010%	4h	0.2495	+0.092%	$4.4M	$12.1M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2480	−0.525%	$19K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2490	−0.108%	$49K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2487	−0.248%	$12K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.911%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSDshort	+0.0039%	1h	0.2494	+0.032%	$658K	$2.2M	50x
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2488	−0.189%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2492	−0.020%	$143K	$588K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex WIFUSDT	+0.0096%	1h	0.2482	−0.429%	$56K	$484K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2491	−0.054%	$25K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2482	−0.423%	$77K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2496	+0.132%	$19.2M	$107.1M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2494	+0.068%	$17.1M	$36.8M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2497	+0.173%	$6.0M	$33.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2497	+0.173%	$22.5M	$11.0M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2498	+0.213%	$7.8M	$12.0M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2491	−0.068%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2488	−0.184%	$74K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2497	+0.176%	$280K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2466	−1.071%	$43K	$632K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2482	−0.429%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2491	−0.068%	$566	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2482	−0.429%	$170K	$746K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2495	+0.112%	$11K	$151K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2489	−0.163%	$83K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2487	−0.222%	$7K	—	100x	as long as short
Hyperliquid WIF	+0.0204%	1h	0.2499	+0.241%	$8.0M	$4.3M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0288%	1h	0.2494	+0.052%	$335K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2484	−0.349%	$989K	$744K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2484	−0.364%	$0	—	15x	as long as short