Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.128%

Price spread now: Backpack against KuCoin−0.208%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$640.635% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.285%−$29 on $10k

Price spread, last 4 days (all we have)+0.212%+$21 · spread now −0.208%, 7d avg −0.049%

Together, before fees−0.073%−$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.158% cheaper against KuCoin than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin WIFUSDTM	0.2506	0.0100	pay 0.0050% / 4h	3h 25m	$3.9M	$18.1M	75x
Short	Backpack WIF_USDC_PERP	0.2501	0.0100	get 0.0013% / 1h	25m 56s	$81K	$354K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.208%Rate

Funding earned: $0
Price spread: −0.208% → −0.049%: −$15.85
Slippage, 4 orders: −$41.53
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$79.37
Costs to cover: 0.635%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Backpack: live order book, 8 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 KuCoin live order book, 3 min ago	4.02 bp	22.6 bp −$23	70.1 bp −$701	doesn't fit	doesn't fit
Sell Backpack live order book, 8 min ago	0.20 bp	6.8 bp −$7	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
GMX WIF/USD [WBTC.b-USDC]	L −0.0437% / S +0.0328%	1h	0.2503	−0.138%	$19K	—	100x	as long as short
Gate WIF_USDT	−0.0350%	4h	0.2507	+0.040%	$1.3M	$11.6M	50x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2503	−0.120%	$1.0M	$1.0M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2504	−0.060%	$14K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2504	−0.080%	$33K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2494	−0.483%	$4K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2503	−0.120%	$6K	$1.1M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2504	−0.068%	$145K	$834K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2505	−0.040%	$54K	$580K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2503	−0.120%	$10.1M	$9.2M	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	0.2509	+0.135%	$40K	$411K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2503	−0.104%	$77K	$90K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2512	+0.220%	$19.9M	$166.7M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2514	+0.315%	$17.5M	$56.0M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2513	+0.279%	$5.9M	$48.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2510	+0.160%	$24.2M	$15.4M	50x	as long as short
KuCoin WIFUSDTMlong	+0.0100%	4h	0.2506	long leg	$3.9M	$18.1M	75x
Bitget WIFUSDT	+0.0100%	4h	0.2506	0.000%	$7.6M	$18.3M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2507	+0.040%	—	$2.3M	—	as long as short
Backpack WIF_USDC_PERPshort	+0.0100%	1h	0.2501	−0.208%	$81K	$354K	10x
Variational Omni WIF	+0.0100%	4h	0.2488	−0.715%	$76K	$368K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2484	−0.896%	$286K	$3.1M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2489	−0.678%	$35K	$654K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2500	−0.239%	$2K	$3.3M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2502	−0.140%	$579	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2503	−0.120%	$154K	$947K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2506	−0.009%	$12K	$212K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2501	−0.211%	$83K	—	3x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2508	+0.080%	$355K	$3.9M	50x	as long as short
Injective WIF/USDC PERP	+0.0323%	1h	0.2509	+0.120%	$10K	$28K	12x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2502	−0.156%	$1	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0739%	1h	0.2504	−0.072%	$641K	$3.0M	50x	as long as short