Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.004%

Price spread now: Bybit against dYdX−0.120%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.120% cheaper against dYdX than usual: you would sell low and buy high (spread −0.120% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX WIF-USD	0.2490	0	get 0.0000% / 1h	3m 35s	$14K	$587	10x
Short	Bybit WIFUSDT	0.2487	0.0100	get 0.0050% / 4h	1h 03m	$16.7M	$47.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.120%Rate

Funding earned: $21
Price spread: −0.120% → 0.000%: −$12.05
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.05
Costs to cover: 0.210%
Break-even: 11.0 days

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 5 min ago. 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 dYdX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	2.00 bp	12.5 bp −$13	32.0 bp −$320	195.6 bp −$19.6K	doesn't fit

dYdX: 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
Injective WIF/USDC PERP	−0.0467%	1h	0.2462	−1.124%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2497	+0.281%	$982K	$944K	75x	as long as short
dYdX WIF-USDlong	0.0000%	1h	0.2490	long leg	$14K	$587	10x
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2492	+0.080%	$33K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2493	+0.131%	—	—	150x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0015% / S +0.0236%	1h	0.2492	+0.092%	$19K	—	100x	as long as short
Backpack WIF_USDC_PERP	+0.0017%	1h	0.2490	+0.016%	$75K	$298K	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2493	+0.116%	$143K	$703K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2489	−0.040%	$53K	$572K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2493	+0.108%	$8.7M	$6.5M	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	0.2490	−0.017%	$30K	$351K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2491	+0.047%	$78K	$70K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2489	−0.055%	$19.0M	$144.9M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2487	−0.120%	$16.7M	$47.6M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2486	−0.161%	$5.6M	$42.1M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2489	−0.040%	$1.2M	$9.2M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2490	0.000%	$22.3M	$12.3M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2491	+0.040%	$4.4M	$16.7M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2490	0.000%	$7.5M	$15.8M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2494	+0.161%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2502	+0.484%	$74K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2496	+0.234%	$286K	$2.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2500	+0.402%	$46K	$635K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2494	+0.161%	$5K	$1.0M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2489	−0.040%	$2K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2492	+0.072%	$569	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2486	−0.161%	$153K	$946K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2489	−0.028%	$12K	$181K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2492	+0.062%	$83K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0342%	1h	0.2493	+0.133%	$647K	$2.7M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0384%	1h	0.2501	+0.442%	$330K	$3.3M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2492	+0.064%	$0	—	15x	as long as short