Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0131%/8h= −14.4% APRpaid last 24h −0.164%

Price spread now: Backpack against Bybit−0.300%45s7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as 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−$450.453% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.292%−$29 on $10k

Price spread, last 4 days (all we have)+0.850%+$85 · spread now −0.300%, 7d avg −0.038%

Together, before fees+0.557%+$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Backpack is 0.262% cheaper against Bybit than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.038%). Swap the legs. The two prices were read 45 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	Bybit WIFUSDT	0.2470	0.0100	pay 0.0050% / 4h	1h 35m	$17.0M	$38.4M	50x
Short	Backpack WIF_USDC_PERP	0.2463	−0.0031	pay 0.0004% / 1h	35m 25s	$77K	$280K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.300%Rate

Funding earned: −$27.54
Price spread: −0.300% → −0.038%: −$26.2
Slippage, 4 orders: −$24.32
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$99.06
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 28 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 Bybit live order book, 3 min ago	2.03 bp	12.4 bp −$12	29.2 bp −$292	175.6 bp −$17.6K	doesn't fit
Sell Backpack live order book, 28 min ago	0.20 bp	11.0 bp −$11	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
BloFin WIF-USDT	−0.0177%	4h	0.2465	−0.219%	$1.0M	$820K	75x	as long as short
Backpack WIF_USDC_PERPshort	−0.0031%	1h	0.2463	−0.300%	$77K	$280K	10x
dYdX WIF-USD	0.0000%	1h	0.2465	−0.239%	$18K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2473	+0.119%	$799	—	150x	as long as short
Gate WIF_USDT	+0.0032%	4h	0.2471	+0.024%	$1.2M	$7.5M	50x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.016%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2466	−0.190%	$139K	$627K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2471	+0.024%	$57K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2466	−0.166%	$34K	$283K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2465	−0.214%	$76K	$56K	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WIFUSDT	+0.0100%	4h	0.2475	+0.169%	$18.9M	$114.4M	75x	as long as short
Bybit WIFUSDTlong	+0.0100%	4h	0.2470	long leg	$17.0M	$38.4M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2473	+0.105%	$5.9M	$34.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2470	−0.016%	$22.2M	$11.0M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2470	−0.016%	$4.4M	$13.5M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2472	+0.065%	$7.5M	$12.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2473	+0.105%	—	$65.9M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2463	−0.299%	$75K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2461	−0.391%	$283K	$2.1M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2465	−0.219%	$42K	$629K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2473	+0.105%	$5K	$1.3M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2468	−0.097%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2466	−0.178%	$568	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2455	−0.623%	$165K	$691K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2467	−0.125%	$11K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2472	+0.062%	$82K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0138%	1h	0.2466	−0.160%	$646K	$2.3M	50x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0155%	1h	0.2472	+0.065%	$46K	$258K	25x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0156% / S −0.0027%	1h	0.2474	+0.148%	$8K	—	100x	as long as short
Hyperliquid WIF	+0.0290%	1h	0.2475	+0.194%	$8.0M	$4.7M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2463	−0.300%	$329K	$2.6M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2471	+0.017%	$0	—	15x	as long as short