Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.015%

Price spread now: Orderly against Hyperliquid−0.306%7-day average −0.080% · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 3 days (all we have)+0.314%+$31 · spread now −0.306%, 7d avg −0.080%

Together, before fees+0.230%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.225% cheaper against Hyperliquid than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid WIF	0.2486	0.0220	pay 0.0027% / 1h	22m 47s	$8.0M	$4.7M	5x
Short	Orderly PERP_WIF_USDC	0.2478	0.0100	get 0.0050% / 4h	2h 22m	$5K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.306%Rate

Funding earned: −$25.18
Price spread: −0.306% → −0.080%: −$22.54
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$62.72
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 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 Hyperliquid live order book, 9 min ago	2.22 bp	12.1 bp −$12	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 31 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	−0.0783%	1h	0.2470	−0.628%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2480	−0.237%	$643K	$2.3M	50x	as long as short
Gate WIF_USDT	−0.0030%	4h	0.2479	−0.266%	$1.2M	$7.4M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2486	−0.004%	$19K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2478	−0.306%	$49K	$276K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2478	−0.290%	$801	—	150x	as long as short
Backpack WIF_USDC_PERP	+0.0029%	1h	0.2475	−0.406%	$81K	$273K	10x	as long as short
KuCoin WIFUSDTM	+0.0048%	4h	0.2480	−0.225%	$4.5M	$13.1M	75x	as long as short
Lighter WIF	+0.0096%	1h	0.2482	−0.145%	$139K	$624K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2482	−0.145%	$57K	$497K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_WIF_USDCshort	+0.0100%	4h	0.2478	−0.306%	$5K	$1.3M	10x
Aster WIFUSDT	+0.0100%	4h	0.2480	−0.220%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2484	−0.054%	$77K	$54K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2481	−0.174%	$18.9M	$112.6M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2479	−0.266%	$17.0M	$38.2M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2480	−0.225%	$5.9M	$34.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2481	−0.185%	$22.3M	$11.1M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2481	−0.185%	$7.5M	$12.5M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2482	−0.145%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2486	+0.020%	$76K	$70K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2480	−0.206%	$280K	$2.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2486	+0.016%	$43K	$628K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2480	−0.225%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2478	−0.306%	$566	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2478	−0.306%	$167K	$732K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2480	−0.212%	$8K	$158K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2478	−0.322%	$83K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0172% / S −0.0038%	1h	0.2477	−0.358%	$8K	—	100x	as long as short
Hyperliquid WIFlong	+0.0220%	1h	0.2486	long leg	$8.0M	$4.7M	5x
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2481	−0.185%	$327K	$2.5M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2480	−0.242%	$0	—	15x	as long as short