Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.026%

Price spread now: Phemex against dYdX+0.161%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$163as in the Price arb table

costs, in and out, $10k−$1801.796% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.201%+$20 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now +0.161%, 7d avg −0.007%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.168% dearer against dYdX than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX WLD-USD	0.4516	0	get 0.0000% / 1h	29m 44s	$154K	$33K	10x
Short	Phemex WLDUSDT	0.4523	0.0100	get 0.0100% / 8h	1h 29m	$1.8M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.161%Rate

Funding earned: $21
Price spread: +0.161% → −0.007%: $16.75
Slippage, 4 orders: −$157.57
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$141.81
Costs to cover: 1.796%
Break-even: 54.3 days

Slippage from dYdX: live order book, 14 min ago; Phemex: live order book, 4 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 dYdX live order book, 14 min ago	47.32 bp	53.4 bp −$53	69.9 bp −$699	100.3 bp −$10.0K	203.2 bp −$101.6K
Sell Phemex live order book, 4 min ago	6.63 bp	37.4 bp −$37	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
dYdX WLD-USDlong	0.0000%	1h	0.4516	long leg	$154K	$33K	10x
Kalshi KXWLDPERP	0.0000%	8h	0.4516	+0.006%	$55K	$4.8M	1.7x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4517	+0.027%	$65K	—	150x	as long as short
Nado WLD-PERP	+0.0018%	1h	0.4514	−0.027%	$238K	$170K	5x	as long as short
KuCoin WLDUSDTM	+0.0088%	8h	0.4520	+0.095%	$6.7M	$11.8M	50x	as long as short
Orderly PERP_WLD_USDC	+0.0099%	8h	0.4518	+0.050%	$27K	$786K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4522	+0.137%	$226K	$1.1M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4521	+0.117%	$50K	$537K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4522	+0.148%	$86.2M	$338.4M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4521	+0.117%	$64.6M	$90.7M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4522	+0.139%	$34.2M	$153.3M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4522	+0.139%	$7.1M	$36.3M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4522	+0.139%	$39.9M	$57.4M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4521	+0.117%	$29.8M	$31.1M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4522	+0.139%	—	$70.0M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4521	+0.117%	$134K	$296K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4516	0.000%	$2.0M	$1.6M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4516	−0.001%	$27K	$321K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4521	+0.106%	$604K	$2.1M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4521	+0.117%	$48K	$239K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4515	−0.027%	$47K	$2.6M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4521	+0.117%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4518	+0.050%	$220	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4515	−0.016%	$825K	$1.7M	50x	as long as short
Phemex WLDUSDTshort	+0.0100%	8h	0.4523	+0.161%	$1.8M	$3.6M	50x
Extended WLD-USD	+0.0104%	1h	0.4521	+0.126%	$208K	$1.0M	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4519	+0.071%	$31K	$500	3x	as long as short
Injective WLD/USDC PERP	+0.0132%	1h	0.4581	+1.445%	$6K	$185K	5.5x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4515	−0.026%	—	—	20x	as long as short
01 Exchange WLDUSD	+0.0136%	1h	0.4516	−0.001%	$323	$55	5x	as long as short
Lighter WLD	+0.0152%	1h	0.4526	+0.232%	$4.9M	$2.9M	10x	as long as short
Phoenix WLD	+0.0158%	1h	0.4525	+0.196%	$5K	$44K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	+0.0193%	1h	0.4519	+0.072%	$150K	$967K	25x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0219% / S −0.0967%	1h	0.4519	+0.077%	$4K	—	100x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4516	+0.006%	$4.8M	$918K	75x	as long as short
Coinbase International WLD-PERP-INTX	+0.0488%	1h	0.4525	+0.205%	$273K	$1.6M	50x	as long as short
Hyperliquid WLD	+0.0580%	1h	0.4527	+0.250%	$49.6M	$44.2M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.1047%	1h	0.4522	+0.130%	$868K	$2.9M	50x	as long as short