Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0294%/8h= +32.2% APRpaid last 24h +0.065%

Price spread now: Backpack against Kalshi+0.066%7-day average +0.181% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$450.451% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.288%+$29 on $10k

Price spread, last 4 days (all we have)+0.733%+$73 · spread now +0.066%, 7d avg +0.181%

Together, before fees+1.021%+$102 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.116% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.066% now, against its 7-day average of +0.181%). If the spread goes back, that is −$12 on $10k: about 31 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.288% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXWLDPERP	0.4569	−0.0194	get 0.0194% / 8h	4h 21m	$64K	$3.9M	1.7x
Short	Backpack WLD_USDC_PERP	0.4572	0.0100	get 0.0013% / 1h	21m 41s	$129K	$272K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.066%Rate

Funding earned: $61.67
Price spread: +0.066% → +0.181%: −$11.56
Slippage, 4 orders: −$25.08
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $5.03
Costs to cover: 0.451%
Break-even: 6.4 days

Slippage from Kalshi: live order book, 2 min ago; Backpack: live order book, 57 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 Kalshi live order book, 2 min ago	6.57 bp	12.7 bp −$13	19.8 bp −$198	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	0.33 bp	8.5 bp −$8	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 KXWLDPERPlong	−0.0194%	8h	0.4569	long leg	$64K	$3.9M	1.7x
dYdX WLD-USD	0.0000%	1h	0.4567	−0.039%	$163K	$13K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4575	+0.131%	$113K	$886K	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4574	+0.117%	$56K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0008%	8h	0.4566	−0.066%	$6.9M	$11.0M	50x	as long as short
Orderly PERP_WLD_USDC	+0.0031%	8h	0.4573	+0.088%	$28K	$907K	10x	as long as short
Nado WLD-PERP	+0.0041%	1h	0.4572	+0.066%	$275K	$169K	5x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4569	+0.002%	$191K	$1.0M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4567	−0.037%	$53K	$483K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4565	−0.083%	$86.1M	$302.0M	75x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit WLDUSDT	+0.0100%	8h	0.4566	−0.066%	$65.5M	$82.7M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4564	−0.109%	$34.1M	$142.5M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4566	−0.066%	$7.4M	$35.7M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4566	−0.066%	$45.3M	$53.2M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4563	−0.131%	$30.1M	$25.9M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4566	−0.066%	—	$67.1M	—	as long as short
Backpack WLD_USDC_PERPshort	+0.0100%	1h	0.4572	+0.066%	$129K	$272K	10x
Variational Omni WLD	+0.0100%	8h	0.4574	+0.109%	$2.0M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4563	−0.136%	$27K	$316K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4586	+0.379%	$618K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4562	−0.153%	$55K	$228K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4578	+0.193%	$45K	$1.6M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4577	+0.175%	$23K	$1.5M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4571	+0.044%	$212	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4570	+0.022%	$851K	$1.8M	50x	as long as short
Phemex WLDUSDT	+0.0100%	8h	0.4573	+0.088%	$1.8M	$3.7M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4564	−0.117%	$233K	$845K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4573	+0.098%	$31K	$5K	3x	as long as short
Phoenix WLD	+0.0104%	1h	0.4570	+0.018%	$5K	$53K	10x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4573	+0.086%	—	—	20x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4569	0.000%	$4.9M	$823K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0229% / S −0.1268%	1h	0.4575	+0.128%	$5K	—	100x	as long as short
01 Exchange WLDUSD	+0.0256%	1h	0.4570	+0.015%	$327	$77	5x	as long as short
Injective WLD/USDC PERP	+0.0373%	1h	0.4592	+0.503%	$6K	$185K	5.5x	as long as short
Coinbase International WLD-PERP-INTX	+0.0440%	1h	0.4575	+0.131%	$270K	$1.6M	50x	as long as short
Hyperliquid WLD	+0.0456%	1h	0.4572	+0.072%	$49.5M	$43.0M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0719%	1h	0.4573	+0.094%	$901K	$2.7M	50x	as long as short
Lighter WLD	+0.1392%	1h	0.4575	+0.131%	$5.2M	$2.0M	10x	as long as short