Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0223%/8h= −24.5% APRpaid last 24h +0.048%

Price spread now: BingX against Injective−0.518%72s7-day average — · you buy dearer than you sell

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

Long on Injective Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BingX is 0.518% cheaper against Injective than usual: you would sell low and buy high (−$52 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 72 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	Injective WIF/USDC PERP	0.2509	0.0323	pay 0.0040% / 1h	38m 13s	$10K	$28K	12x
Short	BingX WIF-USDC	0.2496	0.0100	get 0.0050% / 4h	3h 38m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. 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 InjectivebpFee BingXbpOrdersPrice spread, now −0.518%Rate

Funding earned: −$46.9
Price spread: −0.518% → 0.000%: −$51.81
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$108.74
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BingX: live order book, 10 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 Injective no order-book sample	—	—	—	—	—
Sell BingX live order book, 10 min ago	4.01 bp	20.4 bp −$20	52.8 bp −$528	407.8 bp −$40.8K	838.4 bp −$419.2K

Injective: 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
Gate WIF_USDT	−0.0394%	4h	0.2499	−0.399%	$1.3M	$11.4M	50x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L −0.0374% / S +0.0315%	1h	0.2498	−0.439%	$19K	—	100x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2494	−0.598%	$1.0M	$1.0M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2498	−0.455%	$14K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2498	−0.438%	$4K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2498	−0.438%	$6K	$1.1M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2503	−0.239%	$145K	$826K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2498	−0.438%	$54K	$580K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2503	−0.247%	$10.0M	$9.1M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2501	−0.327%	$40K	$411K	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	0.2494	−0.599%	$77K	$88K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2501	−0.319%	$19.8M	$165.9M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2500	−0.343%	$17.4M	$55.8M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2503	−0.239%	$5.9M	$48.4M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2501	−0.319%	$24.4M	$15.4M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2499	−0.399%	$3.9M	$18.0M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2501	−0.319%	$7.6M	$18.2M	50x	as long as short
BingX WIF-USDCshort	+0.0100%	4h	0.2496	−0.518%	—	$2.3M	—
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2501	−0.299%	$85K	$334K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2493	−0.634%	$76K	$366K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2494	−0.598%	$281K	$3.1M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2497	−0.478%	$35K	$652K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2493	−0.638%	$1K	$3.3M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2499	−0.395%	$578	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2496	−0.518%	$153K	$944K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2498	−0.444%	$12K	$216K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2499	−0.383%	$83K	—	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0150%	1h	0.2500	−0.359%	$33K	$274K	25x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2502	−0.279%	$341K	$3.8M	50x	as long as short
Injective WIF/USDC PERPlong	+0.0323%	1h	0.2509	long leg	$10K	$28K	12x
Reya WIFRUSDPERP	+0.0558%	1h	0.2498	−0.434%	$0	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0739%	1h	0.2502	−0.266%	$642K	$3.0M	50x	as long as short