Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.007%

Price spread now: OKX against Backpack−0.124%46s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

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

costs, in and out, $10k−$320.320% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now −0.124%, 7d avg −0.049%

Together, before fees+0.106%+$11 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: OKX is 0.075% cheaper against Backpack than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.049%. The two prices were read 46 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	Backpack WLD_USDC_PERP	0.4586	0.0100	pay 0.0013% / 1h	49m 30s	$137K	$301K	10x
Short	OKX WLD-USDT-SWAP	0.4580	0.0100	get 0.0100% / 8h	3h 49m	$34.5M	$151.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Backpack. 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 BackpackbpFee OKXbpOrdersPrice spread, now −0.124%Rate

Funding earned: $0
Price spread: −0.124% → −0.049%: −$7.49
Slippage, 4 orders: −$12.03
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$39.51
Costs to cover: 0.320%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; OKX: live order book, 5 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 Backpack live order book, 4 min ago	0.43 bp	6.5 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.09 bp	8.2 bp −$8	16.6 bp −$166	227.6 bp −$22.8K	doesn't fit

WLD on 38 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
Nado WLD-PERP	−0.0010%	1h	0.4582	−0.092%	$243K	$205K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4583	−0.065%	$156K	$33K	10x	as long as short
Kalshi KXWLDPERP	0.0000%	8h	0.4583	−0.059%	$50K	$4.7M	1.7x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4584	−0.037%	$124K	$959K	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4582	−0.085%	$66K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0017%	8h	0.4580	−0.124%	$6.9M	$11.7M	50x	as long as short
Polymarket Perps WLD-USD	+0.0060%	1h	0.4580	−0.120%	$40K	$2.1M	10x	as long as short
Orderly PERP_WLD_USDC	+0.0099%	8h	0.4581	−0.102%	$28K	$884K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4584	−0.041%	$210K	$1.1M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4584	−0.037%	$49K	$524K	5x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WLDUSDT	+0.0100%	8h	0.4581	−0.102%	$87.1M	$329.4M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4580	−0.124%	$65.3M	$89.8M	50x	as long as short
OKX WLD-USDT-SWAPshort	+0.0100%	8h	0.4580	−0.124%	$34.5M	$151.2M	50x
Gate WLD_USDT	+0.0100%	8h	0.4580	−0.124%	$7.3M	$36.2M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4581	−0.102%	$43.3M	$54.3M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4581	−0.102%	$30.3M	$30.2M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4581	−0.102%	—	$67.6M	—	as long as short
Backpack WLD_USDC_PERPlong	+0.0100%	1h	0.4586	long leg	$137K	$301K	10x
Variational Omni WLD	+0.0100%	8h	0.4604	+0.392%	$2.2M	$1.6M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4604	+0.404%	$27K	$319K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4614	+0.610%	$607K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4612	+0.574%	$44K	$237K	50x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4596	+0.225%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4585	−0.015%	$206	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4583	−0.059%	$838K	$1.8M	50x	as long as short
Phemex WLDUSDT	+0.0100%	8h	0.4587	+0.028%	$1.8M	$3.7M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4578	−0.174%	$221K	$981K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4585	−0.018%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4580	−0.135%	—	—	20x	as long as short
Injective WLD/USDC PERP	+0.0142%	1h	0.4564	−0.473%	$6K	$185K	5.5x	as long as short
Phoenix WLD	+0.0157%	1h	0.4597	+0.255%	$5K	$52K	10x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4600	+0.312%	$4.8M	$835K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0229% / S −0.1268%	1h	0.4582	−0.089%	$5K	—	100x	as long as short
01 Exchange WLDUSD	+0.0312%	1h	0.4585	−0.017%	$328	$55	5x	as long as short
Hyperliquid WLD	+0.0467%	1h	0.4587	+0.033%	$50.4M	$43.4M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0518%	1h	0.4588	+0.053%	$885K	$2.8M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0560%	1h	0.4609	+0.508%	$271K	$1.7M	50x	as long as short
Lighter WLD	+0.0928%	1h	0.4593	+0.164%	$5.2M	$2.6M	10x	as long as short