Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h +3.845%

Price spread now: Orderly against GMX+0.047%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Orderly is 0.047% dearer against GMX than usual: you sell high and buy low (spread +0.047% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX WIF/USD [WBTC.b-USDC]	0.2492	L +0.0130% / S −0.0010%	pay 0.0016% / 1h	15m 01s	$8K	—	100x
Short	Orderly PERP_WIF_USDC	0.2493	0.0100	get 0.0050% / 4h	15m 01s	$5K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now +0.047%Rate

Funding earned: −$6.4
Price spread: +0.047% → 0.000%: $4.7
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$19.71
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and 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	−0.0186%	4h	0.2494	+0.087%	$1.0M	$833K	75x	as long as short
Backpack WIF_USDC_PERP	−0.0083%	1h	0.2490	−0.069%	$76K	$293K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2490	−0.091%	$19K	$597	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2491	−0.019%	$805	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.876%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2494	+0.079%	$138K	$631K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2490	−0.073%	$57K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2492	−0.008%	$33K	$284K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2489	−0.133%	$78K	$60K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2493	+0.036%	$18.8M	$119.1M	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit WIFUSDT	+0.0100%	4h	0.2490	−0.069%	$17.0M	$40.0M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2492	+0.007%	$6.0M	$36.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2491	−0.033%	$1.2M	$7.8M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2492	+0.007%	$23.0M	$11.4M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2491	−0.033%	$4.5M	$14.5M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2491	−0.033%	$7.6M	$13.3M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2487	−0.194%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2494	+0.090%	$86K	$79K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2496	+0.171%	$286K	$2.3M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2495	+0.127%	$46K	$625K	25x	as long as short
Orderly PERP_WIF_USDCshort	+0.0100%	4h	0.2493	+0.047%	$5K	$1.3M	10x
SunX WIF-USDT	+0.0100%	4h	0.2488	−0.154%	$2K	$2.9M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2492	+0.027%	$580	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2492	+0.007%	$166K	$701K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2491	−0.020%	$9K	$147K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2492	+0.013%	$83K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]long	L +0.0130% / S −0.0010%	1h	0.2492	long leg	$8K	—	100x
Deribit WIF_USDC-PERPETUAL	+0.0151%	1h	0.2493	+0.047%	$45K	$256K	25x	as long as short
Kraken Futures PF_WIFUSD	+0.0260%	1h	0.2493	+0.056%	$648K	$2.3M	50x	as long as short
Hyperliquid WIF	+0.0312%	1h	0.2496	+0.179%	$8.2M	$4.9M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0328%	1h	0.2489	−0.114%	$329K	$2.7M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2490	−0.090%	$0	—	15x	as long as short