Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0747%/8h= +81.7% APRpaid last 24h +0.207%

Price spread now: OKX against Backpack+0.076%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.403%+$40 on $10k

Price spread, last 4 days (all we have)−0.374%−$37 · spread now +0.076%, 7d avg +0.082%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.082%, so right now this pair is about funding alone: +$22 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.403% in total (about 21.0% a year). A funding rate is set anew for every payment. 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	0.2365	−0.0647	get 0.0081% / 1h	11m 36s	$73K	$235K	10x
Short	OKX WIF-USDT-SWAP	0.2367	0.0100	get 0.0050% / 4h	2h 11m	$6.0M	$30.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.076%Rate

Funding earned: $156.77
Price spread: +0.076% → +0.082%: −$0.64
Slippage, 4 orders: −$20.37
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $115.77
Costs to cover: 0.404%
Break-even: 1.8 days

Slippage from Backpack: live order book, 12 min ago; OKX: 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, 12 min ago	0.21 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	2.11 bp	9.0 bp −$9	11.1 bp −$111	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	−0.0647%	1h	0.2365	long leg	$73K	$235K	10x
Deribit WIF_USDC-PERPETUAL	−0.0594%	1h	0.2367	+0.076%	$46K	$289K	25x	as long as short
Injective WIF/USDC PERP	−0.0321%	1h	0.2395	+1.260%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTM	−0.0190%	4h	0.2364	−0.051%	$4.1M	$11.2M	75x	as long as short
Kraken Futures PF_WIFUSD	−0.0077%	1h	0.2369	+0.178%	$627K	$2.1M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2368	+0.112%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2368	+0.114%	$14K	—	150x	as long as short
Variational Omni WIF	+0.0006%	4h	0.2370	+0.220%	$76K	$56K	—	as long as short
Aster WIFUSDT	+0.0041%	4h	0.2365	−0.008%	$23K	$254K	10x	as long as short
Gate WIF_USDT	+0.0042%	4h	0.2366	+0.034%	$1.2M	$6.9M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT WIF_USDT_Perp	+0.0052%	4h	0.2370	+0.204%	$272K	$1.8M	10x	as long as short
Orderly PERP_WIF_USDC	+0.0091%	4h	0.2367	+0.076%	$4K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2367	+0.076%	$131K	$540K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2366	+0.034%	$52K	$482K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2370	+0.188%	$7.4M	$4.0M	5x	as long as short
Pacifica WIF	+0.0100%	1h	0.2367	+0.056%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2366	+0.034%	$17.5M	$99.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2365	−0.008%	$16.5M	$34.6M	50x	as long as short
OKX WIF-USDT-SWAPshort	+0.0100%	4h	0.2367	+0.076%	$6.0M	$30.1M	50x
MEXC WIF_USDT	+0.0100%	4h	0.2365	−0.008%	$21.1M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2367	+0.076%	$7.2M	$11.5M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2364	−0.051%	—	$2.3M	—	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2374	+0.372%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2362	−0.135%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2366	+0.013%	$539	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2364	−0.051%	$164K	$719K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2366	+0.045%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2366	+0.034%	$79K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0158% / S −0.0808%	1h	0.2367	+0.097%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0272%	1h	0.2380	+0.626%	$312K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2368	+0.118%	$968K	$684K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2365	+0.012%	$0	—	15x	as long as short