WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h −0.071%

Price spread now: Backpack against Deribit−0.032%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.255%+$25 on $10k

Price spread, last 4 days (all we have)−0.319%−$32 · spread now −0.032%, 7d avg −0.062%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.030% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit WIF_USDC-PERPETUAL	0.2495	0	get 0.0000% / 1h	49m 36s	$33K	$274K	25x
Short	Backpack WIF_USDC_PERP	0.2494	0.0100	get 0.0013% / 1h	49m 36s	$84K	$333K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now −0.032%Rate

Funding earned: $21
Price spread: −0.032% → −0.062%: $2.98
Slippage, 4 orders: −$17.34
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$10.37
Costs to cover: 0.343%
Break-even: 10.5 days

Slippage from Deribit: live order book, 49 min ago; Backpack: live order book, 49 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 Deribit live order book, 49 min ago	5.95 bp	9.4 bp −$9	20.7 bp −$207	doesn't fit	doesn't fit
Sell Backpack live order book, 49 min ago	0.20 bp	7.4 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
Gate WIF_USDT	−0.0468%	4h	0.2502	+0.281%	$1.4M	$11.3M	50x	as long as short
ApeX Omni WIFUSDT	−0.0439%	1h	0.2490	−0.200%	$35K	$653K	25x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L −0.0312% / S +0.0303%	1h	0.2494	−0.028%	$19K	—	100x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2507	+0.481%	$1.0M	$1.0M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2504	+0.361%	$14K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUALlong	0.0000%	1h	0.2495	long leg	$33K	$274K	25x
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2507	+0.499%	$4K	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2505	+0.409%	$146K	$809K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2506	+0.441%	$54K	$580K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2495	0.000%	$6K	$1.1M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid WIF	+0.0100%	1h	0.2502	+0.301%	$10.0M	$9.0M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2502	+0.281%	$42K	$410K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2503	+0.335%	$77K	$87K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2506	+0.425%	$19.9M	$165.2M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2505	+0.421%	$17.3M	$55.4M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2505	+0.401%	$5.8M	$48.2M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2506	+0.441%	$24.5M	$15.3M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2503	+0.321%	$3.9M	$18.0M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2507	+0.481%	$7.6M	$18.2M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2496	+0.040%	—	$2.3M	—	as long as short
Backpack WIF_USDC_PERPshort	+0.0100%	1h	0.2494	−0.032%	$84K	$333K	10x
Variational Omni WIF	+0.0100%	4h	0.2507	+0.484%	$74K	$364K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2482	−0.528%	$279K	$3.0M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2491	−0.160%	$1K	$3.3M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2495	−0.020%	$577	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2491	−0.160%	$154K	$943K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2506	+0.436%	$10K	$211K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2497	+0.080%	$83K	—	3x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2498	+0.120%	$334K	$3.8M	50x	as long as short
Injective WIF/USDC PERP	+0.0323%	1h	0.2509	+0.561%	$10K	$28K	12x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2494	−0.036%	$0	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0741%	1h	0.2496	+0.027%	$643K	$2.9M	50x	as long as short