WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0980%/8h= −107.3% APRnext payment −$1.22 per $10,000 · paid last 24h −0.208%

Price spread now: Backpack against Hyperliquid−0.224%7-day average −0.130% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$430.431% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.400%−$40 on $10k

Price spread, last 4 days (all we have)+0.416%+$42 · spread now −0.224%, 7d avg −0.130%

Together, before fees+0.016%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and Backpack is 0.094% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.130%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.400% in total (about -20.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.22 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid WIF	0.2366	0.0100	pay 0.0013% / 1h	44m 32s	$7.4M	$4.0M	5x
Short	Backpack WIF_USDC_PERP	0.2361	−0.0880	pay 0.0110% / 1h	44m 32s	$72K	$233K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.224%Rate

Funding earned: −$205.74
Price spread: −0.224% → −0.130%: −$9.39
Slippage, 4 orders: −$24.1
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$258.23
Costs to cover: 0.431%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Backpack: live order book, 43 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 Hyperliquid live order book, 8 min ago	1.05 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 43 min ago	0.21 bp	11.1 bp −$11	doesn't fit	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
Backpack WIF_USDC_PERPshort	−0.0880%	1h	0.2361	−0.224%	$72K	$233K	10x
Injective WIF/USDC PERP	−0.0321%	1h	0.2395	+1.226%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTM	−0.0204%	4h	0.2361	−0.211%	$4.2M	$11.2M	75x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0173%	1h	0.2363	−0.127%	$46K	$289K	25x	as long as short
Variational Omni WIF	−0.0093%	4h	0.2361	−0.232%	$67K	$47K	—	as long as short
Kraken Futures PF_WIFUSD	−0.0077%	1h	0.2364	−0.091%	$619K	$2.1M	50x	as long as short
Gate WIF_USDT	−0.0062%	4h	0.2361	−0.211%	$1.2M	$6.9M	50x	as long as short
GRVT WIF_USDT_Perp	−0.0044%	4h	0.2360	−0.254%	$263K	$1.8M	10x	as long as short
Aster WIFUSDT	−0.0016%	4h	0.2362	−0.152%	$23K	$254K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2362	−0.169%	$18K	$582	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2364	−0.096%	$14K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0090%	4h	0.2361	−0.211%	$4K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2362	−0.169%	$131K	$540K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2362	−0.169%	$52K	$483K	20x	as long as short
Hyperliquid WIFlong	+0.0100%	1h	0.2366	long leg	$7.4M	$4.0M	5x
Pacifica WIF	+0.0100%	1h	0.2362	−0.173%	$74K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2363	−0.127%	$17.5M	$99.0M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2362	−0.169%	$16.5M	$34.6M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2364	−0.085%	$6.0M	$29.8M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2363	−0.127%	$21.1M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2363	−0.127%	$7.2M	$11.5M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2362	−0.169%	—	$65.0M	—	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2361	−0.211%	$41K	$618K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2358	−0.338%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2361	−0.190%	$533	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2361	−0.211%	$163K	$718K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2361	−0.201%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2362	−0.169%	$79K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0120% / S −0.0536%	1h	0.2364	−0.101%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0272%	1h	0.2363	−0.127%	$309K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2360	−0.254%	$977K	$687K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2362	−0.152%	$0	—	15x	as long as short