Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0724%/8h= −79.3% APRpaid last 24h −0.082%

Price spread now: Phemex against Lighter−0.112%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1221.220% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.190%+$19 · spread now −0.112%, 7d avg −0.119%

Together, before fees+0.107%+ Points / potential airdropLighter: Season 3 · farm board+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.119%, so right now this pair is about funding alone: −$22 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.082% in total (about -4.3% a year). A funding rate is set anew for every payment. 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	0.4554	0.0824	pay 0.0103% / 1h	20m 11s	$5.2M	$2.6M	10x
Short	Phemex WLDUSDT	0.4549	0.0100	get 0.0100% / 8h	3h 20m	$1.8M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$152.04
Price spread: −0.112% → −0.119%: $0.7
Slippage, 4 orders: −$110.01
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$273.35
Costs to cover: 1.220%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 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 Lighter live order book, 3 min ago	5.63 bp	9.9 bp −$10	35.6 bp −$356	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	14.32 bp	50.8 bp −$51	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
Nado WLD-PERP	−0.0028%	1h	0.4549	−0.112%	$241K	$205K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4550	−0.097%	$155K	$33K	10x	as long as short
Kalshi KXWLDPERP	0.0000%	8h	0.4552	−0.046%	$75K	$4.7M	1.7x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4552	−0.050%	$66K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0031%	8h	0.4550	−0.090%	$6.9M	$11.7M	50x	as long as short
Orderly PERP_WLD_USDC	+0.0100%	8h	0.4551	−0.068%	$28K	$868K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4544	−0.232%	$208K	$1.1M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4549	−0.106%	$49K	$524K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4545	−0.200%	$86.6M	$330.9M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4544	−0.222%	$64.6M	$90.1M	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	0.4546	−0.178%	$34.3M	$151.3M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4546	−0.178%	$7.3M	$36.7M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4545	−0.200%	$40.2M	$55.2M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4542	−0.266%	$30.0M	$30.2M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4542	−0.266%	—	$67.8M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4546	−0.173%	$135K	$304K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4540	−0.316%	$2.1M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4532	−0.488%	$27K	$319K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4542	−0.259%	$601K	$2.0M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4533	−0.463%	$43K	$238K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4548	−0.123%	$39K	$2.1M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4556	+0.042%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4550	−0.090%	$203	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4544	−0.222%	$831K	$1.8M	50x	as long as short
Phemex WLDUSDTshort	+0.0100%	8h	0.4549	−0.112%	$1.8M	$3.6M	50x
Extended WLD-USD	+0.0104%	1h	0.4548	−0.128%	$216K	$984K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4551	−0.062%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4549	−0.117%	—	—	20x	as long as short
Injective WLD/USDC PERP	+0.0142%	1h	0.4576	+0.481%	$6K	$185K	5.5x	as long as short
Phoenix WLD	+0.0157%	1h	0.4526	−0.617%	$5K	$52K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	+0.0189%	1h	0.4553	−0.024%	$122K	$981K	25x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4537	−0.375%	$4.9M	$881K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0229% / S −0.1268%	1h	0.4551	−0.064%	$5K	—	100x	as long as short
01 Exchange WLDUSD	+0.0288%	1h	0.4556	+0.042%	$326	$55	5x	as long as short
Hyperliquid WLD	+0.0362%	1h	0.4549	−0.105%	$49.9M	$43.4M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0521%	1h	0.4554	−0.005%	$883K	$2.9M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0560%	1h	0.4554	−0.002%	$267K	$1.6M	50x	as long as short
Lighter WLDlong	+0.0824%	1h	0.4554	long leg	$5.2M	$2.6M	10x