Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.025%

Price spread now: Bybit against Popdex−0.424%52s7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2122.121% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.424%, 7d avg −0.047%

Together, before fees+0.118%+$12 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 0.376% cheaper against Popdex than usual: you would sell low and buy high, −$38 on $10k if it goes back to its 7-day average of −0.047%. The two prices were read 52 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	Popdex WIFUSDT	0.2525	0.0096	pay 0.0012% / 1h	54m 35s	$54K	$634K	20x
Short	Bybit WIFUSDT	0.2514	0.0100	get 0.0050% / 4h	1h 54m	$17.3M	$58.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Popdex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PopdexbpFee BybitbpOrdersPrice spread, now −0.424%Rate

Funding earned: $0.84
Price spread: −0.424% → −0.047%: −$37.64
Slippage, 4 orders: −$194.66
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$248.86
Costs to cover: 2.121%
Break-even: 2080.8 days

Slippage from Popdex: live order book, 57 min ago; Bybit: 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 Popdex live order book, 57 min ago	29.09 bp	64.9 bp −$65	306.1 bp −$3,061	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.97 bp	13.5 bp −$13	30.3 bp −$303	112.3 bp −$11.2K	doesn't fit

WIF on 32 exchanges

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	−0.0389%	1h	0.2559	+1.347%	$10K	$28K	12x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0147%	1h	0.2520	−0.198%	$33K	$255K	25x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2527	+0.079%	$1.1M	$1.1M	75x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L −0.0117% / S +0.0179%	1h	0.2519	−0.225%	$9K	—	100x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2514	−0.426%	$13K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2535	+0.398%	$4K	—	150x	as long as short
Backpack WIF_USDC_PERP	+0.0090%	1h	0.2519	−0.238%	$90K	$359K	10x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2521	−0.158%	$5K	$1.0M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2518	−0.261%	$140K	$878K	10x	as long as short
Popdex WIFUSDTlong	+0.0096%	1h	0.2525	long leg	$54K	$634K	20x

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid WIF	+0.0100%	1h	0.2518	−0.289%	$9.9M	$9.5M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2517	−0.325%	$32K	$418K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2516	−0.352%	$78K	$97K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2516	−0.368%	$20.2M	$172.8M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2514	−0.424%	$17.3M	$58.5M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2516	−0.356%	$6.2M	$51.2M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2516	−0.356%	$1.2M	$12.6M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2515	−0.396%	$22.4M	$15.0M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2515	−0.396%	$3.8M	$18.5M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2516	−0.356%	$7.6M	$19.5M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2516	−0.356%	—	$27.6M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2525	−0.006%	$77K	$366K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2533	+0.325%	$284K	$3.3M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2537	+0.475%	$36K	$646K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2519	−0.238%	$1K	$3.2M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2520	−0.186%	$3K	$6K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2521	−0.158%	$156K	$1.0M	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2515	−0.409%	$9K	$263K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2521	−0.171%	$84K	—	3x	as long as short
Coinbase International WIF-PERP-INTX	+0.0552%	1h	0.2527	+0.079%	$344K	$4.0M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2524	−0.044%	$1	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0569%	1h	0.2522	−0.135%	$648K	$3.0M	50x	as long as short