Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.090%

Price spread now: Deribit against Orderly+0.211%55s7-day average +0.016% · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.625%−$62 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now +0.211%, 7d avg +0.016%

Together, before fees−0.823%−$82 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.194% dearer against Orderly than usual: you sell high and buy low (spread +0.211% now, against its 7-day average of +0.016%): +$19 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.5 days. At the pace of the last 7 days (−0.625% in total) that is about 2.2 days. The two prices were read 55 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	Orderly PERP_WIF_USDC	0.2374	0.0100	pay 0.0050% / 4h	2h 27m	$4K	$1.1M	10x
Short	Deribit WIF_USDC-PERPETUAL	0.2379	0	get 0.0000% / 1h	27m 21s	$32K	$274K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.211%Rate

Funding earned: −$21
Price spread: +0.211% → +0.016%: $19.43
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$14.57
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 21 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 Deribit live order book, 21 min ago	6.12 bp	9.6 bp −$10	doesn't fit	doesn't fit	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
BloFin WIF-USDT	−0.0140%	4h	0.2381	+0.295%	$975K	$888K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2379	+0.194%	$13K	$597	10x	as long as short
Deribit WIF_USDC-PERPETUALshort	0.0000%	1h	0.2379	+0.211%	$32K	$274K	25x
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2375	+0.057%	—	—	150x	as long as short
Backpack WIF_USDC_PERP	+0.0015%	1h	0.2379	+0.211%	$73K	$317K	10x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0091% / S +0.0029%	1h	0.2378	+0.182%	$8K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2380	+0.244%	$144K	$669K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2378	+0.168%	$50K	$570K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2378	+0.185%	$8.4M	$6.2M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2376	+0.095%	$29K	$330K	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	0.2378	+0.155%	$75K	$69K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2376	+0.084%	$18.4M	$138.7M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2374	0.000%	$16.1M	$46.0M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2373	−0.042%	$5.4M	$39.1M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2375	+0.042%	$1.1M	$8.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2375	+0.042%	$21.4M	$12.0M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2376	+0.084%	$3.9M	$16.0M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2375	+0.042%	$7.2M	$15.3M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2377	+0.126%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2382	+0.342%	$87K	$174K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2378	+0.185%	$269K	$2.7M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2384	+0.421%	$44K	$629K	25x	as long as short
Orderly PERP_WIF_USDClong	+0.0100%	4h	0.2374	long leg	$4K	$1.1M	10x
SunX WIF-USDT	+0.0100%	4h	0.2375	+0.042%	$2K	$3.0M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2379	+0.219%	$549	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2378	+0.168%	$154K	$829K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2376	+0.077%	$8K	$161K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2379	+0.214%	$79K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0251%	1h	0.2380	+0.250%	$617K	$2.5M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0416%	1h	0.2386	+0.505%	$320K	$3.0M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2374	+0.006%	$0	—	15x	as long as short
Injective WIF/USDC PERP	+0.0707%	1h	0.2398	+1.011%	$10K	$10K	12x	as long as short