Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h +0.078%

Price spread now: OKX against Deribit−0.200%56s7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs+$25as 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−$430.434% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.687%+$69 on $10k

Price spread, last 4 days (all we have)−0.088%−$9 · spread now −0.200%, 7d avg +0.027%

Together, before fees+0.599%+$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.227% cheaper against Deribit than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.027%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.687%, so the current rate has only just turned against you. The two prices were read 56 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	Deribit WIF_USDC-PERPETUAL	0.2495	0.0151	pay 0.0019% / 1h	42m 18s	$33K	$274K	25x
Short	OKX WIF-USDT-SWAP	0.2490	0.0100	get 0.0050% / 4h	3h 42m	$5.8M	$48.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.200%Rate

Funding earned: −$10.7
Price spread: −0.200% → +0.027%: −$22.69
Slippage, 4 orders: −$26.44
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$76.83
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from Deribit: live order book, 56 min ago; OKX: live order book, 1 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, 56 min ago	5.95 bp	9.4 bp −$9	20.7 bp −$207	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	2.01 bp	11.6 bp −$12	28.6 bp −$286	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	−0.0464%	4h	0.2489	−0.240%	$1.4M	$11.4M	50x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L −0.0353% / S +0.0311%	1h	0.2492	−0.133%	$19K	—	100x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2496	+0.040%	$1.0M	$1.0M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2492	−0.136%	$14K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2491	−0.143%	$4K	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2493	−0.072%	$145K	$809K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2493	−0.080%	$54K	$580K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2492	−0.120%	$6K	$1.1M	10x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2492	−0.140%	$10.0M	$9.0M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2493	−0.088%	$40K	$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	0.2490	−0.206%	$77K	$87K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2492	−0.120%	$19.7M	$165.6M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2492	−0.132%	$17.4M	$55.7M	50x	as long as short
OKX WIF-USDT-SWAPshort	+0.0100%	4h	0.2490	−0.200%	$5.8M	$48.0M	50x
MEXC WIF_USDT	+0.0100%	4h	0.2492	−0.120%	$24.4M	$15.3M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2490	−0.200%	$3.9M	$18.0M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2491	−0.160%	$7.6M	$18.2M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2492	−0.120%	—	$2.3M	—	as long as short
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2492	−0.124%	$84K	$333K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2496	+0.044%	$74K	$364K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2500	+0.196%	$279K	$3.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2499	+0.160%	$35K	$653K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2490	−0.200%	$1K	$3.3M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2494	−0.052%	$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	0.2491	−0.166%	$12K	$216K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2492	−0.120%	$83K	—	3x	as long as short
Deribit WIF_USDC-PERPETUALlong	+0.0151%	1h	0.2495	long leg	$33K	$274K	25x
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2501	+0.240%	$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	0.2491	−0.156%	$0	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0742%	1h	0.2495	+0.007%	$642K	$3.0M	50x	as long as short