Funding you earn now, next payment 22:00 UTC−0.0884%/8h= −96.8% APRnext payment −$1.10 per $10,000 · paid last 24h −0.027%
Price spread now: Backpack against Lighter−0.305%54s7-day average −0.113% · you buy dearer than you sell
Net, funding: paid 7d − costs−$43as 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−$370.372% of the position
Funding, last 7 days−0.057%−$6 on $10k
+Price spread, last 4 days (all we have)−0.082%−$8 · spread now −0.305%, 7d avg −0.113%
=Together, before fees−0.139%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Backpack is 0.192% cheaper against Lighter than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.113%). Swap the legs. The two prices were read 54 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 -0.057% in total (about -3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.10 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 | Lighter WLD | 0.4559 | 0.0984 | pay 0.0123% / 1h | 20m 19s | $5.1M | $2.0M | 10x |
| Short | Backpack WLD_USDC_PERP | 0.4545 | 0.0100 | get 0.0013% / 1h | 20m 19s | $129K | $272K | 10x |
Lighter WLD
Backpack WLD_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. 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
- −$185.64
- Price spread: −0.305% → −0.113%
- −$19.22
- Slippage, 4 orders
- −$27.17
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$242.03
- Costs to cover
- 0.372%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 8 min ago; Backpack: live order book, 3 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 Lighter live order book, 8 min ago | 1.64 bp | 5.9 bp −$6 | 26.1 bp −$261 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 3 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 | −0.0442% | 8h | 0.4546 | −0.287% | $45K | $3.8M | 1.7x | as long as short |
| Orderly PERP_WLD_USDC | −0.0021% | 8h | 0.4546 | −0.287% | $28K | $917K | 10x | as long as short |
| Variational Omni WLD | −0.0004% | 8h | 0.4542 | −0.370% | $2.1M | $1.6M | — | as long as short |
| dYdX WLD-USD | 0.0000% | 1h | 0.4546 | −0.282% | $155K | $6K | 10x | as long as short |
| Deribit WLD_USDC-PERPETUAL | 0.0000% | 1h | 0.4551 | −0.178% | $127K | $904K | 25x | as long as short |
| gTrade (Gains Network) WLD/USD | L +0.0003% / S −0.0003% | 1h | 0.4547 | −0.265% | $57K | — | 150x | as long as short |
| KuCoin WLDUSDTM | +0.0007% | 8h | 0.4541 | −0.397% | $7.0M | $10.7M | 50x | as long as short |
| Nado WLD-PERP | +0.0033% | 1h | 0.4543 | −0.353% | $271K | $168K | 5x | as long as short |
| Phoenix WLD | +0.0052% | 1h | 0.4553 | −0.143% | $5K | $52K | 10x | as long as short |
| OKX WLD-USDT-SWAP | +0.0073% | 8h | 0.4549 | −0.222% | $34.0M | $138.4M | 50x | as long as short |
Kalshi KXWLDPERP
Orderly PERP_WLD_USDC
Variational Omni WLD
dYdX WLD-USD
Deribit WLD_USDC-PERPETUAL
gTrade (Gains Network) WLD/USD
KuCoin WLDUSDTM
Nado WLD-PERP
Phoenix WLD
OKX WLD-USDT-SWAPShow all 38 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC WLD_USDT | +0.0096% | 8h | 0.4546 | −0.287% | $53.7M | $47.5M | 300x | as long as short |
| Binance WLDUSDT | +0.0096% | 8h | 0.4549 | −0.222% | $85.5M | $292.8M | 75x | as long as short |
| Hyperliquid WLD | +0.0100% | 1h | 0.4548 | −0.241% | $46.6M | $41.2M | 10x | as long as short |
| Aster WLDUSDT | +0.0100% | 8h | 0.4547 | −0.268% | $215K | $982K | 50x | as long as short |
| Pacifica WLD | +0.0100% | 1h | 0.4544 | −0.331% | $51K | $483K | 5x | as long as short |
| Bybit WLDUSDT | +0.0100% | 8h | 0.4549 | −0.222% | $64.9M | $80.3M | 50x | as long as short |
| Gate WLD_USDT | +0.0100% | 8h | 0.4546 | −0.287% | $7.4M | $34.7M | 75x | as long as short |
| Bitget WLDUSDT | +0.0100% | 8h | 0.4545 | −0.309% | $30.1M | $25.2M | 75x | as long as short |
| BingX WLD-USDT | +0.0100% | 8h | 0.4546 | −0.287% | — | $68.0M | — | as long as short |
| Backpack WLD_USDC_PERPshort | +0.0100% | 1h | 0.4545 | −0.305% | $129K | $272K | 10x | |
| edgeX WLDUSDC | +0.0100% | 4h | 0.4557 | −0.051% | $27K | $315K | 20x | as long as short |
| GRVT WLD_USDT_Perp | +0.0100% | 8h | 0.4550 | −0.200% | $610K | $1.9M | 10x | as long as short |
| ApeX Omni WLDUSDT | +0.0100% | 1h | 0.4556 | −0.068% | $55K | $226K | 50x | as long as short |
| Polymarket Perps WLD-USD | +0.0100% | 1h | 0.4545 | −0.316% | $52K | $1.7M | 10x | as long as short |
| SunX WLD-USDT | +0.0100% | 8h | 0.4549 | −0.222% | $23K | $1.5M | 50x | as long as short |
| SoDEX WLD-USD | +0.0100% | 1h | 0.4547 | −0.265% | $196 | $5K | 10x | as long as short |
| HTX WLD-USDT | +0.0100% | 8h | 0.4545 | −0.309% | $857K | $1.8M | 50x | as long as short |
| Phemex WLDUSDT | +0.0100% | 8h | 0.4549 | −0.222% | $1.8M | $3.7M | 50x | as long as short |
| Extended WLD-USD | +0.0104% | 1h | 0.4546 | −0.287% | $133K | $745K | 10x | as long as short |
| Aevo WLD-PERP | +0.0104% | 1h | 0.4549 | −0.226% | $31K | $5K | 3x | as long as short |
| Reya WLDRUSDPERP | +0.0134% | 1h | 0.4545 | −0.315% | — | — | 20x | as long as short |
| BloFin WLD-USDT | +0.0216% | 8h | 0.4538 | −0.463% | $4.9M | $807K | 75x | as long as short |
| GMX WLD/USD [ETH-USDC] | L +0.0217% / S −0.0307% | 1h | 0.4547 | −0.258% | $12K | — | 100x | as long as short |
| 01 Exchange WLDUSD | +0.0360% | 1h | 0.4543 | −0.349% | $325 | $77 | 5x | as long as short |
| Injective WLD/USDC PERP | +0.0374% | 1h | 0.4622 | +1.380% | $6K | $139K | 5.5x | as long as short |
| Coinbase International WLD-PERP-INTX | +0.0400% | 1h | 0.4549 | −0.222% | $279K | $1.6M | 50x | as long as short |
| Lighter WLDlong | +0.0984% | 1h | 0.4559 | long leg | $5.1M | $2.0M | 10x | |
| Kraken Futures PF_WLDUSD | +0.1096% | 1h | 0.4551 | −0.170% | $921K | $2.6M | 50x | as long as short |
MEXC WLD_USDT
Binance WLDUSDT
Hyperliquid WLD
Aster WLDUSDT
Pacifica WLD
Bybit WLDUSDT
Gate 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
Reya WLDRUSDPERP
BloFin WLD-USDT
GMX WLD/USD [ETH-USDC]
01 Exchange WLDUSD
Injective WLD/USDC PERP
Coinbase International WLD-PERP-INTX
Kraken Futures PF_WLDUSD