Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.014%

Price spread now: Bybit against Orderly−0.100%7-day average −0.001% · you buy dearer than you sell

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

Long on Orderly Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 4 days (all we have)+0.035%+$4 · spread now −0.100%, 7d avg −0.001%

Together, before fees+0.012%+$1 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: Bybit is 0.099% cheaper against Orderly than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_WIF_USDC	0.2504	0.0100	pay 0.0050% / 4h	1h 05m	$5K	$1.0M	10x
Short	Bybit WIFUSDT	0.2501	0.0100	get 0.0050% / 4h	1h 05m	$16.8M	$47.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Orderly. 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 OrderlybpFee BybitbpOrdersPrice spread, now −0.100%Rate

Funding earned: $0
Price spread: −0.100% → −0.001%: −$9.88
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$26.88
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bybit: live order book, 3 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 Orderly no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	2.00 bp	12.5 bp −$13	32.0 bp −$320	195.6 bp −$19.6K	doesn't fit

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 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
Injective WIF/USDC PERP	−0.0467%	1h	0.2462	−1.677%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2505	+0.040%	$984K	$947K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2503	−0.059%	$14K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2504	+0.006%	—	—	150x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0018% / S +0.0191%	1h	0.2503	−0.053%	$16K	—	100x	as long as short
Backpack WIF_USDC_PERP	+0.0021%	1h	0.2504	−0.008%	$75K	$297K	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2505	+0.040%	$144K	$703K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2505	+0.040%	$53K	$572K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2506	+0.084%	$8.7M	$6.5M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2503	−0.040%	$30K	$352K	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	0.2503	−0.028%	$78K	$70K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2503	−0.040%	$19.0M	$144.7M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2501	−0.100%	$16.8M	$47.6M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2502	−0.080%	$5.6M	$42.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2502	−0.080%	$1.2M	$9.2M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2503	−0.040%	$22.6M	$12.3M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2505	+0.040%	$4.4M	$16.7M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2504	0.000%	$7.6M	$15.8M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2502	−0.080%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2490	−0.558%	$73K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2503	−0.022%	$287K	$2.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2502	−0.080%	$46K	$634K	25x	as long as short
Orderly PERP_WIF_USDClong	+0.0100%	4h	0.2504	long leg	$5K	$1.0M	10x
SunX WIF-USDT	+0.0100%	4h	0.2500	−0.160%	$2K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2503	−0.056%	$571	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2503	−0.040%	$155K	$942K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2502	−0.068%	$10K	$176K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2502	−0.065%	$83K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0149%	1h	0.2503	−0.040%	$33K	$274K	25x	as long as short
Kraken Futures PF_WIFUSD	+0.0341%	1h	0.2506	+0.067%	$650K	$2.7M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0384%	1h	0.2505	+0.040%	$331K	$3.3M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2505	+0.024%	$1	—	15x	as long as short