Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.196%

Price spread now: Backpack against Bitget−0.817%49s7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$460.456% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.430%−$43 on $10k

Price spread, last 4 days (all we have)+0.704%+$70 · spread now −0.817%, 7d avg −0.114%

Together, before fees+0.275%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.702% cheaper against Bitget than usual: you would sell low and buy high (−$70 if the spread goes back to its 7-day average of −0.114%). Swap the legs. 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	Bitget WIFUSDT	0.2486	0.0100	pay 0.0050% / 4h	2h 28m	$7.5M	$12.4M	50x
Short	Backpack WIF_USDC_PERP	0.2466	0.0067	get 0.0008% / 1h	28m 21s	$79K	$273K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.817%Rate

Funding earned: −$6.98
Price spread: −0.817% → −0.114%: −$70.24
Slippage, 4 orders: −$23.64
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$122.86
Costs to cover: 0.456%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Backpack: live order book, 40 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 Bitget live order book, 5 min ago	2.03 bp	12.0 bp −$12	27.1 bp −$271	109.6 bp −$11.0K	doesn't fit
Sell Backpack live order book, 40 min ago	0.41 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit

WIF on 31 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
Injective WIF/USDC PERP	−0.0783%	1h	0.2470	−0.644%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2487	+0.045%	$645K	$2.3M	50x	as long as short
Gate WIF_USDT	−0.0070%	4h	0.2483	−0.121%	$1.2M	$7.4M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2475	−0.458%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2486	+0.017%	$804	—	150x	as long as short
KuCoin WIFUSDTM	+0.0032%	4h	0.2482	−0.161%	$4.5M	$13.0M	75x	as long as short
Backpack WIF_USDC_PERPshort	+0.0067%	1h	0.2466	−0.817%	$79K	$273K	10x
Lighter WIF	+0.0096%	1h	0.2473	−0.531%	$139K	$624K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2477	−0.362%	$56K	$496K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2488	+0.080%	$5K	$1.3M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2475	−0.446%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2473	−0.507%	$77K	$54K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2485	−0.058%	$18.9M	$112.5M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2485	−0.056%	$17.0M	$38.1M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2486	0.000%	$5.9M	$34.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2484	−0.080%	$22.3M	$11.1M	50x	as long as short
Bitget WIFUSDTlong	+0.0100%	4h	0.2486	long leg	$7.5M	$12.4M	50x
BingX WIF-USDT	+0.0100%	4h	0.2486	0.000%	—	$65.8M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2470	−0.639%	$75K	$70K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2463	−0.922%	$279K	$2.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2472	−0.563%	$43K	$628K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2482	−0.161%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2485	−0.020%	$568	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2475	−0.442%	$169K	$727K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2485	−0.036%	$11K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2487	+0.056%	$83K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0152%	1h	0.2488	+0.080%	$49K	$276K	25x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0173% / S −0.0039%	1h	0.2486	−0.007%	$8K	—	100x	as long as short
Hyperliquid WIF	+0.0230%	1h	0.2487	+0.020%	$8.0M	$4.7M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2471	−0.603%	$324K	$2.5M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2483	−0.136%	$0	—	15x	as long as short