Funding arb · Price arb /

WLFI

all WLFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Backpack against Bybit+0.088%45s7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as 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−$480.476% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now +0.088%, 7d avg +0.006%

Together, before fees−0.267%−$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.082% dearer against Bybit than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.006%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit WLFIUSDT	0.05712	0.0100	pay 0.0050% / 4h	41m 20s	$20.8M	$18.4M	75x
Short	Backpack WLFI_USDC_PERP	0.05717	0.0100	get 0.0013% / 1h	41m 20s	$238K	$26K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.088%Rate

Funding earned: $0
Price spread: +0.088% → +0.006%: $8.17
Slippage, 4 orders: −$26.61
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$39.44
Costs to cover: 0.476%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 17 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 Bybit live order book, 2 min ago	0.88 bp	10.6 bp −$11	35.2 bp −$352	doesn't fit	doesn't fit
Sell Backpack live order book, 17 min ago	1.75 bp	13.8 bp −$14	doesn't fit	doesn't fit	doesn't fit

WLFI on 32 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
Lighter WLFI	−0.0080%	1h	0.05710	−0.035%	$1.0M	$437K	5x	as long as short
Aster WLFIUSDT	−0.0056%	4h	0.05713	+0.017%	$1.6M	$575K	20x	as long as short
Coinbase International WLFI-PERP-INTX	−0.0048%	1h	0.05737	+0.438%	$32K	$15K	50x	as long as short
dYdX WLFI-USD	0.0000%	1h	0.05716	+0.062%	$11K	$970	5x	as long as short
Reya WLFIRUSDPERP	0.0000%	1h	0.06046	+5.839%	—	—	—	as long as short
gTrade (Gains Network) WLFI/USD	L +0.0005% / S −0.0005%	1h	0.05718	+0.096%	$313	—	150x	as long as short
Injective WLFI/USDC PERP	+0.0033%	1h	0.05716	+0.070%	$6K	$77K	5.5x	as long as short
Paradex WLFI-USD-PERP	+0.0084%	8h	0.05713	+0.016%	$2K	$118	5x	as long as short
Deribit WLFI_USDC-PERPETUAL	+0.0100%	1h	0.05721	+0.158%	$519	$11K	10x	as long as short
Nado WLFI-PERP	+0.0100%	1h	0.05715	+0.052%	$81K	$24K	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid WLFI	+0.0100%	1h	0.05715	+0.047%	$10.4M	$1.3M	5x	as long as short
Pacifica WLFI	+0.0100%	1h	0.05715	+0.046%	$245K	$13K	5x	as long as short
Binance WLFIUSDT	+0.0100%	4h	0.05720	+0.140%	$137.7M	$40.7M	75x	as long as short
Bybit WLFIUSDTlong	+0.0100%	4h	0.05712	long leg	$20.8M	$18.4M	75x
OKX WLFI-USDT-SWAP	+0.0100%	4h	0.05714	+0.035%	$7.6M	$12.8M	50x	as long as short
Arcus WLFI-USD	+0.0100%	1h	0.05721	+0.158%	$1K	$753	5x	as long as short
Gate WLFI_USDT	+0.0100%	4h	0.05715	+0.053%	$3.4M	$3.0M	75x	as long as short
MEXC WLFI_USDT	+0.0100%	4h	0.05719	+0.123%	$13.7M	$21.1M	100x	as long as short
KuCoin WLFIUSDTM	+0.0100%	4h	0.05716	+0.070%	$3.3M	$1.1M	75x	as long as short
Bitget WLFIUSDT	+0.0100%	4h	0.05714	+0.035%	$7.9M	$3.3M	75x	as long as short
BingX WLFI-USDT	+0.0100%	4h	0.05715	+0.053%	—	$7.3M	—	as long as short
Backpack WLFI_USDC_PERPshort	+0.0100%	1h	0.05717	+0.088%	$238K	$26K	10x
Variational Omni WLFI	+0.0100%	4h	0.05708	−0.071%	$446K	$41K	—	as long as short
GRVT WLFI_USDT_Perp	+0.0100%	4h	0.05713	+0.022%	$274K	$1.8M	10x	as long as short
ApeX Omni WLFIUSDT	+0.0100%	1h	0.05710	−0.035%	$33K	$39K	50x	as long as short
SunX WLFI-USDT	+0.0100%	4h	0.05730	+0.315%	$38K	$1.7M	20x	as long as short
SoDEX WLFI-USD	+0.0100%	1h	0.05720	+0.140%	$110	$5K	5x	as long as short
Extended WLFI-USD	+0.0104%	1h	0.05713	+0.018%	$133K	$486K	10x	as long as short
01 Exchange WLFIUSD	+0.0112%	1h	0.05720	+0.140%	$4K	$319	3x	as long as short
Kraken Futures PF_WLFIUSD	+0.0149%	1h	0.05719	+0.127%	$99K	$87K	20x	as long as short
GMX WLFI/USD [ETH-USDC]	L +0.0252% / S −0.0496%	1h	0.05716	+0.063%	$3K	—	100x	as long as short
BloFin WLFI-USDT	+0.0340%	4h	0.05718	+0.105%	$4.8M	$84K	75x	as long as short