Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.090%

Price spread now: Orderly against Deribit−0.042%55s7-day average −0.016% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.625%+$62 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.042%, 7d avg −0.016%

Together, before fees+0.655%+$65 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.026% cheaper against Deribit than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of −0.016%). If the spread goes back, that is −$3 on $10k: about 21 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.625% in total) that is about 7 hours. The two prices were read 55 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	0.2382	0	get 0.0000% / 1h	29m 25s	$32K	$274K	25x
Short	Orderly PERP_WIF_USDC	0.2381	0.0100	get 0.0050% / 4h	2h 29m	$4K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.042%Rate

Funding earned: $21
Price spread: −0.042% → −0.016%: −$2.57
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $5.43
Costs to cover: 0.130%
Break-even: 5.2 days

Slippage unknown: Deribit: live order book, 19 min ago; Orderly: no order-book sample. Net counts fees only.

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, 19 min ago	6.12 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0140%	4h	0.2384	+0.084%	$994K	$888K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2379	−0.143%	$13K	$597	10x	as long as short
Deribit WIF_USDC-PERPETUALlong	0.0000%	1h	0.2382	long leg	$32K	$274K	25x
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2380	−0.066%	—	—	150x	as long as short
Backpack WIF_USDC_PERP	+0.0007%	1h	0.2381	−0.025%	$73K	$317K	10x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0091% / S +0.0033%	1h	0.2381	−0.058%	$8K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2381	−0.025%	$144K	$668K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2383	+0.042%	$51K	$570K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2384	+0.080%	$8.4M	$6.2M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2382	−0.019%	$29K	$330K	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	0.2380	−0.092%	$75K	$69K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2381	−0.037%	$18.4M	$138.5M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2379	−0.126%	$16.2M	$46.0M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2380	−0.084%	$5.4M	$39.2M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2381	−0.042%	$1.1M	$8.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2382	0.000%	$21.4M	$12.0M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2381	−0.042%	$3.9M	$15.9M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2380	−0.084%	$7.2M	$15.3M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2379	−0.126%	—	$27.1M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2382	+0.005%	$87K	$174K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2385	+0.121%	$263K	$2.7M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2384	+0.084%	$44K	$628K	25x	as long as short
Orderly PERP_WIF_USDCshort	+0.0100%	4h	0.2381	−0.042%	$4K	$1.1M	10x
SunX WIF-USDT	+0.0100%	4h	0.2380	−0.084%	$2K	$3.0M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2382	−0.013%	$550	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2380	−0.084%	$154K	$828K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2380	−0.090%	$8K	$161K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2381	−0.063%	$79K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0251%	1h	0.2383	+0.034%	$618K	$2.5M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0416%	1h	0.2386	+0.168%	$320K	$3.0M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2381	−0.036%	$0	—	15x	as long as short
Injective WIF/USDC PERP	+0.0707%	1h	0.2398	+0.672%	$10K	$10K	12x	as long as short