Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.127%

Price spread now: Gate against Deribit−0.083%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$680.681% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.638%+$64 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now −0.083%, 7d avg +0.004%

Together, before fees+0.594%+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.087% cheaper against Deribit than usual: you would sell low and buy high (spread −0.083% now, against its 7-day average of +0.004%). If the spread goes back, that is −$9 on $10k: about 2.9 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.638% in total) that is about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit WIF_USDC-PERPETUAL	0.2409	0	get 0.0000% / 1h	25m 23s	$47K	$289K	25x
Short	Gate WIF_USDT	0.2407	0.0100	get 0.0050% / 4h	1h 25m	$1.2M	$7.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.083%Rate

Funding earned: $21
Price spread: −0.083% → +0.004%: −$8.7
Slippage, 4 orders: −$46.08
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$55.79
Costs to cover: 0.681%
Break-even: 25.6 days

Slippage from Deribit: live order book, 58 min ago; Gate: live order book, 3 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, 58 min ago	6.30 bp	9.8 bp −$10	18.7 bp −$187	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	4.18 bp	21.3 bp −$21	128.6 bp −$1,286	271.2 bp −$27.1K	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
Backpack WIF_USDC_PERP	−0.0295%	1h	0.2400	−0.386%	$73K	$246K	10x	as long as short
KuCoin WIFUSDTM	−0.0062%	4h	0.2404	−0.208%	$4.1M	$11.5M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2404	−0.222%	$18K	$582	10x	as long as short
Deribit WIF_USDC-PERPETUALlong	0.0000%	1h	0.2409	long leg	$47K	$289K	25x
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2409	0.000%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−0.581%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDC	+0.0092%	4h	0.2408	−0.042%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2409	+0.017%	$135K	$549K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2406	−0.125%	$54K	$483K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2409	+0.010%	$7.5M	$4.0M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2405	−0.147%	$25K	$255K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2403	−0.262%	$76K	$50K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2408	−0.041%	$17.9M	$100.9M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2408	−0.042%	$16.7M	$35.1M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2409	0.000%	$6.0M	$31.1M	50x	as long as short
Gate WIF_USDTshort	+0.0100%	4h	0.2407	−0.083%	$1.2M	$7.0M	50x
MEXC WIF_USDT	+0.0100%	4h	0.2406	−0.125%	$21.5M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2409	0.000%	$7.4M	$11.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2408	−0.042%	—	$65.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2401	−0.324%	$71K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2400	−0.374%	$266K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2397	−0.498%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2403	−0.249%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2409	+0.021%	$552	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2405	−0.166%	$167K	$718K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2410	+0.044%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2409	+0.021%	$80K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0215% / S −0.1208%	1h	0.2409	+0.015%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2411	+0.083%	$318K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2407	−0.083%	$981K	$707K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0375%	1h	0.2411	+0.096%	$631K	$2.2M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2406	−0.138%	$0	—	15x	as long as short