Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Phemex against Backpack+0.004%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1051.048% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 4 days (all we have)+0.687%+$69 · spread now +0.004%, 7d avg −0.011%

Together, before fees+0.715%+$71 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WLD_USDC_PERP	0.4637	0.0100	pay 0.0013% / 1h	32m 40s	$137K	$290K	10x
Short	Phemex WLDUSDT	0.4637	0.0100	get 0.0100% / 8h	5h 32m	$1.8M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.004%Rate

Funding earned: $0
Price spread: +0.004% → −0.011%: $1.57
Slippage, 4 orders: −$82.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$103.27
Costs to cover: 1.048%
Break-even: never at this rate

Slippage from Backpack: live order book, 31 min ago; Phemex: live order book, 6 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, 31 min ago	0.86 bp	6.5 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	10.84 bp	42.3 bp −$42	doesn't fit	doesn't fit	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
Kalshi KXWLDPERP	−0.0134%	8h	0.4632	−0.104%	$57K	$4.5M	1.7x	as long as short
KuCoin WLDUSDTM	−0.0039%	8h	0.4632	−0.104%	$7.1M	$11.6M	50x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4635	−0.048%	$165K	$26K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4636	−0.017%	$120K	$923K	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4636	−0.023%	$56K	—	150x	as long as short
Nado WLD-PERP	+0.0026%	1h	0.4633	−0.082%	$268K	$187K	5x	as long as short
Orderly PERP_WLD_USDC	+0.0073%	8h	0.4636	−0.017%	$28K	$893K	10x	as long as short
01 Exchange WLDUSD	+0.0088%	1h	0.4635	−0.047%	$332	$80	5x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4636	−0.021%	$174K	$1.0M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4636	−0.024%	$49K	$511K	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	0.4634	−0.068%	$88.0M	$324.9M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4634	−0.060%	$66.2M	$87.9M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4634	−0.060%	$35.0M	$149.1M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4633	−0.082%	$7.2M	$36.8M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4633	−0.082%	$45.9M	$54.3M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4635	−0.039%	$30.6M	$29.5M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4634	−0.060%	—	$67.1M	—	as long as short
Backpack WLD_USDC_PERPlong	+0.0100%	1h	0.4637	long leg	$137K	$290K	10x
Variational Omni WLD	+0.0100%	8h	0.4633	−0.091%	$2.1M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4635	−0.034%	$28K	$319K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4634	−0.060%	$609K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4643	+0.134%	$51K	$236K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4636	−0.017%	$54K	$2.0M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4640	+0.069%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4636	−0.017%	$290	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4641	+0.091%	$848K	$1.9M	50x	as long as short
Phemex WLDUSDTshort	+0.0100%	8h	0.4637	+0.004%	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4632	−0.100%	$213K	$927K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4635	−0.036%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4636	−0.024%	—	—	20x	as long as short
Phoenix WLD	+0.0172%	1h	0.4625	−0.263%	$5K	$57K	10x	as long as short
Lighter WLD	+0.0200%	1h	0.4640	+0.063%	$5.0M	$2.3M	10x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4638	+0.026%	$5.0M	$805K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0230% / S −0.1268%	1h	0.4636	−0.023%	$5K	—	100x	as long as short
Coinbase International WLD-PERP-INTX	+0.0480%	1h	0.4624	−0.276%	$274K	$1.7M	50x	as long as short
Hyperliquid WLD	+0.0489%	1h	0.4643	+0.134%	$51.7M	$42.9M	10x	as long as short
Injective WLD/USDC PERP	+0.0677%	1h	0.4616	−0.449%	$6K	$185K	5.5x	as long as short
Kraken Futures PF_WLDUSD	+0.0893%	1h	0.4639	+0.053%	$902K	$2.9M	50x	as long as short