Funding you earn now, next payment 22:00 UTC−0.0324%/8h= −35.5% APRnext payment −$0.41 per $10,000 · paid last 24h −0.044%
Price spread now: Backpack against Coinbase International+0.168%52s7-day average −0.035% · you sell dearer than you buy
Net, funding: paid 7d − costs−$71as 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−$680.682% of the position
Funding, last 7 days−0.028%−$3 on $10k
+Price spread, last 3 days (all we have)−0.247%−$25 · spread now +0.168%, 7d avg −0.035%
=The price spread pays, funding is against you. Backpack is 0.203% dearer against Coinbase International than usual: you sell high and buy low (spread +0.168% now, against its 7-day average of −0.035%): +$20 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.028% in total) that is about 50 days. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.028% in total (about -1.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.41 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International WLD-PERP-INTX | 0.4579 | 0.0424 | pay 0.0053% / 1h | 34m 14s | $270K | $1.6M | 50x |
| Short | Backpack WLD_USDC_PERP | 0.4587 | 0.0100 | get 0.0013% / 1h | 34m 14s | $127K | $269K | 10x |
Coinbase International WLD-PERP-INTX
Backpack WLD_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Coinbase International. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$68.04
- Price spread: +0.168% → −0.035%
- $20.3
- Slippage, 4 orders
- −$48.24
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$115.98
- Costs to cover
- 0.682%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 4 min ago; Backpack: live order book, 49 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 Coinbase International live order book, 4 min ago | 7.59 bp | 25.1 bp −$25 | 30.6 bp −$306 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 49 min ago | 0.44 bp | 13.6 bp −$14 | 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 | −0.0369% | 8h | 0.4584 | +0.109% | $44K | $3.8M | 1.7x | as long as short |
| Injective WLD/USDC PERP | −0.0079% | 1h | 0.4623 | +0.961% | $6K | $185K | 5.5x | as long as short |
| KuCoin WLDUSDTM | −0.0004% | 8h | 0.4568 | −0.240% | $7.0M | $10.7M | 50x | as long as short |
| Orderly PERP_WLD_USDC | −0.0003% | 8h | 0.4575 | −0.087% | $28K | $914K | 10x | as long as short |
| dYdX WLD-USD | 0.0000% | 1h | 0.4576 | −0.056% | $163K | $13K | 10x | as long as short |
| Deribit WLD_USDC-PERPETUAL | 0.0000% | 1h | 0.4578 | −0.022% | $108K | $894K | 25x | as long as short |
| gTrade (Gains Network) WLD/USD | L +0.0003% / S −0.0003% | 1h | 0.4576 | −0.058% | $57K | — | 150x | as long as short |
| Variational Omni WLD | +0.0056% | 8h | 0.4588 | +0.196% | $2.1M | $1.6M | — | as long as short |
| Nado WLD-PERP | +0.0070% | 1h | 0.4569 | −0.218% | $275K | $169K | 5x | as long as short |
| Aster WLDUSDT | +0.0100% | 8h | 0.4572 | −0.152% | $215K | $988K | 50x | as long as short |
Kalshi KXWLDPERP
Injective WLD/USDC PERP
KuCoin WLDUSDTM
Orderly PERP_WLD_USDC
dYdX WLD-USD
Deribit WLD_USDC-PERPETUAL
gTrade (Gains Network) WLD/USD
Variational Omni WLD
Nado WLD-PERP
Aster WLDUSDTShow all 38 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica WLD | +0.0100% | 1h | 0.4578 | −0.016% | $51K | $480K | 5x | as long as short |
| Binance WLDUSDT | +0.0100% | 8h | 0.4573 | −0.131% | $86.7M | $296.2M | 75x | as long as short |
| Bybit WLDUSDT | +0.0100% | 8h | 0.4575 | −0.087% | $65.7M | $81.4M | 50x | as long as short |
| OKX WLD-USDT-SWAP | +0.0100% | 8h | 0.4574 | −0.109% | $34.2M | $140.9M | 50x | as long as short |
| Gate WLD_USDT | +0.0100% | 8h | 0.4572 | −0.153% | $7.5M | $35.1M | 75x | as long as short |
| MEXC WLD_USDT | +0.0100% | 8h | 0.4568 | −0.240% | $48.8M | $51.4M | 300x | as long as short |
| Bitget WLDUSDT | +0.0100% | 8h | 0.4577 | −0.044% | $30.2M | $25.4M | 75x | as long as short |
| BingX WLD-USDT | +0.0100% | 8h | 0.4576 | −0.066% | — | $67.9M | — | as long as short |
| Backpack WLD_USDC_PERPshort | +0.0100% | 1h | 0.4587 | +0.168% | $127K | $269K | 10x | |
| edgeX WLDUSDC | +0.0100% | 4h | 0.4589 | +0.216% | $27K | $315K | 20x | as long as short |
| GRVT WLD_USDT_Perp | +0.0100% | 8h | 0.4590 | +0.248% | $626K | $1.9M | 10x | as long as short |
| ApeX Omni WLDUSDT | +0.0100% | 1h | 0.4625 | +1.005% | $56K | $226K | 50x | as long as short |
| Polymarket Perps WLD-USD | +0.0100% | 1h | 0.4569 | −0.214% | $47K | $1.6M | 10x | as long as short |
| SunX WLD-USDT | +0.0100% | 8h | 0.4583 | +0.087% | $23K | $1.5M | 50x | as long as short |
| SoDEX WLD-USD | +0.0100% | 1h | 0.4577 | −0.044% | $203 | $5K | 10x | as long as short |
| HTX WLD-USDT | +0.0100% | 8h | 0.4579 | 0.000% | $864K | $1.8M | 50x | as long as short |
| Phemex WLDUSDT | +0.0100% | 8h | 0.4574 | −0.109% | $1.8M | $3.8M | 50x | as long as short |
| Extended WLD-USD | +0.0104% | 1h | 0.4575 | −0.083% | $239K | $855K | 10x | as long as short |
| Aevo WLD-PERP | +0.0104% | 1h | 0.4577 | −0.044% | $31K | $5K | 3x | as long as short |
| Phoenix WLD | +0.0124% | 1h | 0.4603 | +0.533% | $5K | $53K | 10x | as long as short |
| Reya WLDRUSDPERP | +0.0134% | 1h | 0.4566 | −0.274% | — | — | 20x | as long as short |
| Kraken Futures PF_WLDUSD | +0.0186% | 1h | 0.4582 | +0.075% | $912K | $2.6M | 50x | as long as short |
| BloFin WLD-USDT | +0.0220% | 8h | 0.4585 | +0.131% | $4.9M | $815K | 75x | as long as short |
| 01 Exchange WLDUSD | +0.0256% | 1h | 0.4571 | −0.175% | $327 | $77 | 5x | as long as short |
| GMX WLD/USD [ETH-USDC] | L +0.0260% / S −0.2221% | 1h | 0.4575 | −0.093% | $9K | — | 100x | as long as short |
| Coinbase International WLD-PERP-INTXlong | +0.0424% | 1h | 0.4579 | long leg | $270K | $1.6M | 50x | |
| Lighter WLD | +0.0904% | 1h | 0.4588 | +0.199% | $5.2M | $2.1M | 10x | as long as short |
| Hyperliquid WLD | +0.0994% | 1h | 0.4574 | −0.118% | $49.8M | $43.1M | 10x | as long as short |
Pacifica WLD
Binance WLDUSDT
Bybit WLDUSDT
OKX WLD-USDT-SWAP
Gate WLD_USDT
MEXC WLD_USDT
Bitget WLDUSDT
BingX WLD-USDT
edgeX WLDUSDC
GRVT WLD_USDT_Perp
ApeX Omni WLDUSDT
Polymarket Perps WLD-USD
SunX WLD-USDT
SoDEX WLD-USD
HTX WLD-USDT
Phemex WLDUSDT
Extended WLD-USD
Aevo WLD-PERP
Phoenix WLD
Reya WLDRUSDPERP
Kraken Futures PF_WLDUSD
BloFin WLD-USDT
01 Exchange WLDUSD
GMX WLD/USD [ETH-USDC]
Lighter WLD
Hyperliquid WLD