Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.149%

Price spread now: Backpack against BingX+0.101%7-day average −0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$440.439% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.437%−$44 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.101%, 7d avg −0.086%

Together, before fees−0.533%−$53 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.187% dearer against BingX than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX WIF-USDT	0.2568	0.0100	pay 0.0050% / 4h	3h 17m	—	$27.5M	—
Short	Backpack WIF_USDC_PERP	0.2571	0.0100	get 0.0013% / 1h	17m 51s	$83K	$350K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.101%Rate

Funding earned: $0
Price spread: +0.101% → −0.086%: $18.7
Slippage, 4 orders: −$23.85
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$25.16
Costs to cover: 0.439%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Backpack: live order book, 16 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 BingX live order book, 6 min ago	1.98 bp	19.7 bp −$20	29.1 bp −$291	103.8 bp −$10.4K	468.3 bp −$234.2K
Sell Backpack live order book, 16 min ago	0.20 bp	6.8 bp −$7	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
GMX WIF/USD [WBTC.b-USDC]	L −0.0477% / S +0.0336%	1h	0.2567	−0.050%	$20K	—	100x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2531	−1.441%	$1.0M	$1.0M	75x	as long as short
Gate WIF_USDT	−0.0092%	4h	0.2565	−0.117%	$1.4M	$11.9M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2565	−0.131%	$14K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2567	−0.057%	$4K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2568	0.000%	$6K	$1.2M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2568	−0.004%	$152K	$839K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2566	−0.078%	$55K	$580K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2567	−0.051%	$10.3M	$9.2M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2566	−0.095%	$41K	$411K	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	0.2563	−0.203%	$79K	$90K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2565	−0.115%	$20.4M	$167.2M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2566	−0.078%	$17.8M	$56.3M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2567	−0.039%	$6.2M	$50.3M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2567	−0.039%	$24.1M	$15.6M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2567	−0.039%	$4.2M	$18.1M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2565	−0.117%	$7.8M	$18.4M	50x	as long as short
BingX WIF-USDTlong	+0.0100%	4h	0.2568	long leg	—	$27.5M	—
Backpack WIF_USDC_PERPshort	+0.0100%	1h	0.2571	+0.101%	$83K	$350K	10x
Variational Omni WIF	+0.0100%	4h	0.2535	−1.280%	$78K	$367K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2535	−1.278%	$291K	$3.1M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2533	−1.363%	$35K	$654K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2565	−0.117%	$2K	$3.3M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2569	+0.043%	$593	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2561	−0.273%	$166K	$973K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2565	−0.102%	$12K	$212K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2573	+0.194%	$86K	—	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0139%	1h	0.2569	+0.039%	$34K	$261K	25x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2566	−0.078%	$364K	$4.0M	50x	as long as short
Injective WIF/USDC PERP	+0.0323%	1h	0.2509	−2.298%	$10K	$28K	12x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2563	−0.189%	$1	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0720%	1h	0.2570	+0.085%	$671K	$3.0M	50x	as long as short