Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0748%/8h= +81.9% APRpaid last 24h +0.072%

Price spread now: Lighter against Phemex+0.169%7-day average +0.120% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1191.186% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 3 days (all we have)−0.180%−$18 · spread now +0.169%, 7d avg +0.120%

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

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Lighter is 0.049% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.120%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.072% in total (about 3.8% 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	Phemex WLDUSDT	0.4616	0.0100	pay 0.0100% / 8h	6h 40m	$1.8M	$3.7M	50x
Short	Lighter WLD	0.4624	0.0848	get 0.0106% / 1h	40m 13s	$5.3M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.169%Rate

Funding earned: $157.08
Price spread: +0.169% → +0.120%: $4.92
Slippage, 4 orders: −$106.64
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $43.36
Costs to cover: 1.186%
Break-even: 5.1 days

Slippage from Phemex: live order book, 3 min ago; Lighter: 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 Phemex live order book, 3 min ago	9.61 bp	41.4 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	6.54 bp	16.8 bp −$17	59.2 bp −$592	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
Injective WLD/USDC PERP	−0.0235%	1h	0.4675	+1.278%	$6K	$185K	5.5x	as long as short
Kalshi KXWLDPERP	−0.0163%	8h	0.4605	−0.238%	$44K	$4.3M	1.7x	as long as short
KuCoin WLDUSDTM	−0.0042%	8h	0.4612	−0.087%	$6.9M	$11.4M	50x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4603	−0.286%	$157K	$19K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4603	−0.282%	$129K	$909K	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S 0.0000%	1h	0.4595	−0.455%	$38K	—	150x	as long as short
Nado WLD-PERP	+0.0008%	1h	0.4590	−0.552%	$267K	$178K	5x	as long as short
ApeX Omni WLDUSDT	+0.0016%	1h	0.4681	+1.408%	$51K	$241K	50x	as long as short
Orderly PERP_WLD_USDC	+0.0055%	8h	0.4601	−0.325%	$28K	$898K	10x	as long as short
Gate WLD_USDT	+0.0061%	8h	0.4591	−0.542%	$7.3M	$37.0M	75x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix WLD	+0.0068%	1h	0.4673	+1.226%	$5K	$54K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4591	−0.542%	$175K	$1.0M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4606	−0.224%	$55K	$493K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4613	−0.067%	$88.1M	$322.5M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4606	−0.217%	$66.0M	$86.6M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4605	−0.238%	$34.8M	$150.2M	50x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4615	−0.022%	$46.4M	$55.2M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4605	−0.238%	$30.7M	$28.9M	75x	as long as short
BingX WLD-USDC	+0.0100%	8h	0.4600	−0.347%	—	$1.3M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4631	+0.331%	$140K	$289K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4629	+0.277%	$2.1M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4680	+1.394%	$28K	$316K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4683	+1.452%	$620K	$1.9M	10x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4597	−0.414%	$71K	$2.0M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4612	−0.087%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4607	−0.195%	$224	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4605	−0.238%	$872K	$1.9M	50x	as long as short
Phemex WLDUSDTlong	+0.0100%	8h	0.4616	long leg	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4604	−0.251%	$212K	$888K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4605	−0.231%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4589	−0.589%	—	—	20x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4719	+2.231%	$5.0M	$878K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0239% / S −0.1538%	1h	0.4593	−0.505%	$6K	—	100x	as long as short
01 Exchange WLDUSD	+0.0288%	1h	0.4603	−0.284%	$329	$77	5x	as long as short
Coinbase International WLD-PERP-INTX	+0.0456%	1h	0.4614	−0.043%	$273K	$1.7M	50x	as long as short
Hyperliquid WLD	+0.0615%	1h	0.4597	−0.401%	$51.4M	$44.7M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0649%	1h	0.4614	−0.053%	$904K	$2.8M	50x	as long as short
Lighter WLDshort	+0.0848%	1h	0.4624	+0.169%	$5.3M	$2.1M	10x