Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0198%/8h= +21.7% APRpaid last 24h +0.138%

Price spread now: Variational Omni against Backpack+0.290%49s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Variational Omni is 0.290% dearer against Backpack than usual: you sell high and buy low: +$29 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2454	−0.0098	get 0.0012% / 1h	38m 27s	$77K	$280K	10x
Short	Variational Omni WIF	0.2462	0.0100	get 0.0050% / 4h	1h 38m	$75K	$69K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.290%Rate

Funding earned: $41.61
Price spread: +0.290% → 0.000%: $29.01
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $60.62
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 25 min ago; Variational Omni: no order-book sample. Net counts fees only.

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, 25 min ago	0.20 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2459	+0.187%	$1.0M	$818K	75x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0157%	1h	0.2456	+0.065%	$46K	$258K	25x	as long as short
Backpack WIF_USDC_PERPlong	−0.0098%	1h	0.2454	long leg	$77K	$280K	10x
dYdX WIF-USD	0.0000%	1h	0.2463	+0.330%	$18K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2459	+0.202%	$795	—	150x	as long as short
Gate WIF_USDT	+0.0020%	4h	0.2458	+0.147%	$1.2M	$7.5M	50x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	+0.636%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2466	+0.460%	$139K	$627K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2461	+0.269%	$56K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2463	+0.369%	$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	0.2464	+0.388%	$76K	$56K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2460	+0.241%	$18.7M	$114.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2458	+0.143%	$16.9M	$38.3M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2459	+0.187%	$5.9M	$34.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2459	+0.187%	$22.2M	$11.0M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2459	+0.187%	$4.4M	$13.5M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2460	+0.228%	$7.4M	$12.7M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2458	+0.147%	—	$2.3M	—	as long as short
Variational Omni WIFshort	+0.0100%	4h	0.2462	+0.290%	$75K	$69K	—
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2477	+0.918%	$282K	$2.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2471	+0.676%	$42K	$630K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2460	+0.228%	$5K	$1.3M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2455	+0.024%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2457	+0.122%	$566	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2452	−0.098%	$165K	$691K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2458	+0.140%	$11K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2459	+0.199%	$82K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0138%	1h	0.2458	+0.155%	$644K	$2.3M	50x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0157% / S −0.0028%	1h	0.2460	+0.209%	$8K	—	100x	as long as short
Hyperliquid WIF	+0.0282%	1h	0.2464	+0.395%	$7.9M	$4.7M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2458	+0.147%	$328K	$2.6M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2458	+0.150%	$0	—	15x	as long as short