Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.135%

Price spread now: KuCoin against Backpack−0.044%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$600.604% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

Price spread, last 4 days (all we have)+0.026%+$3 · spread now −0.044%, 7d avg +0.053%

Together, before fees+0.309%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.096% cheaper against Backpack than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.053%). If the spread goes back, that is −$10 on $10k: about 5.1 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.283% in total) that is about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2510	0.0037	pay 0.0005% / 1h	18m 20s	$75K	$309K	10x
Short	KuCoin WIFUSDTM	0.2509	0.0100	get 0.0050% / 4h	18m 20s	$4.2M	$17.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.044%Rate

Funding earned: $13.26
Price spread: −0.044% → +0.053%: −$9.65
Slippage, 4 orders: −$38.45
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$56.84
Costs to cover: 0.604%
Break-even: 37.0 days

Slippage from Backpack: live order book, 20 min ago; KuCoin: 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, 20 min ago	0.20 bp	8.0 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	3.99 bp	16.4 bp −$16	53.9 bp −$539	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
GMX WIF/USD [WBTC.b-USDC]	L −0.0167% / S +0.0273%	1h	0.2509	−0.059%	$20K	—	100x	as long as short
Injective WIF/USDC PERP	−0.0161%	1h	0.2462	−1.916%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2499	−0.442%	$1.0M	$946K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2510	−0.023%	$14K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2510	−0.004%	$33K	$275K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2509	−0.028%	$4K	—	150x	as long as short
Backpack WIF_USDC_PERPlong	+0.0037%	1h	0.2510	long leg	$75K	$309K	10x
Lighter WIF	+0.0096%	1h	0.2511	+0.056%	$144K	$711K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2509	−0.044%	$54K	$576K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2510	+0.012%	$8.7M	$6.9M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2509	−0.027%	$31K	$352K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2510	−0.018%	$78K	$74K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2509	−0.041%	$19.2M	$149.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2507	−0.124%	$16.7M	$49.1M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2507	−0.124%	$5.7M	$43.6M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2508	−0.084%	$1.2M	$9.4M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2509	−0.044%	$22.5M	$12.5M	50x	as long as short
KuCoin WIFUSDTMshort	+0.0100%	4h	0.2509	−0.044%	$4.2M	$17.1M	75x
Bitget WIFUSDT	+0.0100%	4h	0.2508	−0.084%	$7.6M	$16.3M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2507	−0.124%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2502	−0.320%	$74K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2497	−0.530%	$281K	$3.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2505	−0.203%	$45K	$641K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2509	−0.044%	$6K	$1.1M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2504	−0.243%	$1K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2508	−0.084%	$577	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2507	−0.124%	$159K	$910K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2507	−0.129%	$10K	$181K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2509	−0.064%	$84K	$85	3x	as long as short
Coinbase International WIF-PERP-INTX	+0.0352%	1h	0.2513	+0.116%	$333K	$3.4M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2507	−0.119%	$1	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0806%	1h	0.2514	+0.154%	$659K	$2.7M	50x	as long as short