Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0218%/8h= −23.9% APRpaid last 24h +0.024%

Price spread now: Binance against Kraken Futures−0.262%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$760.765% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 3 days (all we have)+0.132%+$13 · spread now −0.262%, 7d avg −0.058%

Together, before fees+0.269%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Binance is 0.204% cheaper against Kraken Futures than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.058%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.136%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.136% in total (about 7.1% a year). A funding rate is set anew for every payment. 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	Kraken Futures PF_WIFUSD	0.2453	0.0318	pay 0.0040% / 1h	45m 57s	$642K	$2.2M	50x
Short	Binance WIFUSDT	0.2447	0.0100	get 0.0050% / 4h	45m 57s	$18.3M	$103.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.262%Rate

Funding earned: −$45.82
Price spread: −0.262% → −0.058%: −$20.36
Slippage, 4 orders: −$56.48
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$142.65
Costs to cover: 0.765%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Binance: live order book, 12 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 Kraken Futures live order book, 3 min ago	8.18 bp	24.7 bp −$25	87.9 bp −$879	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	2.04 bp	11.1 bp −$11	28.3 bp −$283	98.7 bp −$9,866	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_PERP	−0.0402%	1h	0.2448	−0.205%	$73K	$249K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2447	−0.275%	$18K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2452	−0.058%	$48K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2454	+0.005%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−2.381%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTM	+0.0034%	4h	0.2448	−0.221%	$4.3M	$11.4M	75x	as long as short
Orderly PERP_WIF_USDC	+0.0093%	4h	0.2452	−0.058%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2451	−0.095%	$138K	$562K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2452	−0.058%	$54K	$484K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2453	−0.017%	$7.6M	$4.0M	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	0.2449	−0.187%	$24K	$256K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2449	−0.195%	$76K	$51K	5x	as long as short
Binance WIFUSDTshort	+0.0100%	4h	0.2447	−0.262%	$18.3M	$103.2M	75x
Bybit WIFUSDT	+0.0100%	4h	0.2446	−0.299%	$16.8M	$35.9M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2447	−0.262%	$6.1M	$32.2M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2447	−0.262%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2447	−0.262%	$22.2M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2448	−0.221%	$7.5M	$11.8M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2443	−0.425%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2462	+0.357%	$73K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2448	−0.222%	$278K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2464	+0.431%	$43K	$621K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2449	−0.180%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2451	−0.099%	$561	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2447	−0.262%	$169K	$732K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2446	−0.300%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2450	−0.140%	$82K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2453	−0.005%	$6K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2453	−0.017%	$332K	$2.4M	50x	as long as short
Kraken Futures PF_WIFUSDlong	+0.0318%	1h	0.2453	long leg	$642K	$2.2M	50x
BloFin WIF-USDT	+0.0340%	4h	0.2446	−0.303%	$995K	$729K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2452	−0.051%	$0	—	15x	as long as short