Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0110%/8h= −12.0% APRpaid last 24h −0.188%

Price spread now: Backpack against MEXC−0.036%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.383%−$38 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now −0.036%, 7d avg −0.046%

Together, before fees−0.402%−$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC WIF_USDT	0.2473	0.0100	pay 0.0050% / 4h	2h 01m	$22.0M	$11.2M	50x
Short	Backpack WIF_USDC_PERP	0.2472	−0.0010	pay 0.0001% / 1h	1m 42s	$81K	$273K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$23.05
Price spread: −0.036% → −0.046%: $1.01
Slippage, 4 orders: −$25.23
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$61.28
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Backpack: live order book, 2 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 MEXC live order book, 2 min ago	2.02 bp	8.5 bp −$9	17.6 bp −$176	104.2 bp −$10.4K	147.1 bp −$73.5K
Sell Backpack live order book, 2 min ago	0.20 bp	11.0 bp −$11	doesn't fit	doesn't fit	doesn't fit

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	−0.121%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2475	+0.081%	$642K	$2.3M	50x	as long as short
Backpack WIF_USDC_PERPshort	−0.0010%	1h	0.2472	−0.036%	$81K	$273K	10x
dYdX WIF-USD	0.0000%	1h	0.2470	−0.139%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2473	+0.017%	$799	—	150x	as long as short
Gate WIF_USDT	+0.0020%	4h	0.2473	0.000%	$1.2M	$7.5M	50x	as long as short
Lighter WIF	+0.0096%	1h	0.2472	−0.032%	$140K	$627K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2471	−0.081%	$57K	$496K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2475	+0.081%	$5K	$1.3M	10x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2474	+0.024%	$35K	$279K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WIF	+0.0100%	1h	0.2470	−0.108%	$76K	$55K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2475	+0.073%	$18.9M	$113.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2473	0.000%	$17.1M	$38.2M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2473	0.000%	$5.9M	$34.8M	50x	as long as short
MEXC WIF_USDTlong	+0.0100%	4h	0.2473	long leg	$22.0M	$11.2M	50x
KuCoin WIFUSDTM	+0.0100%	4h	0.2472	−0.040%	$4.5M	$13.3M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2473	0.000%	$7.5M	$12.6M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2471	−0.081%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2476	+0.104%	$75K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2470	−0.118%	$276K	$2.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2475	+0.081%	$43K	$628K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2467	−0.243%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2474	+0.040%	$565	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2468	−0.202%	$166K	$699K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2472	−0.054%	$8K	$152K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2474	+0.036%	$83K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0154%	1h	0.2474	+0.040%	$49K	$266K	25x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0165% / S −0.0033%	1h	0.2473	+0.004%	$8K	—	100x	as long as short
Hyperliquid WIF	+0.0224%	1h	0.2477	+0.142%	$8.0M	$4.7M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2475	+0.081%	$329K	$2.5M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2471	−0.077%	$0	—	15x	as long as short