Funding arb · Price arb /

IWM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Bitget+0.014%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1421.420% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.185%−$19 · spread now +0.014%, 7d avg −0.039%

Together, before fees−0.185%−$19 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: Phemex is 0.053% dearer against Bitget than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IWMUSDT	287.39	0	get 0.0000% / 8h	4h 50m	$446K	$18K	20x
Short	Phemex IWMUSDT	287.43	0	get 0.0000% / 8h	4h 50m	$772K	$87K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.014%Rate

Funding earned: $0
Price spread: +0.014% → −0.039%: $5.31
Slippage, 4 orders: −$118.03
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$136.72
Costs to cover: 1.420%
Break-even: never at this rate

Slippage from Bitget: live order book, 48 min ago; Phemex: live order book, 55 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 Bitget live order book, 48 min ago	4.70 bp	12.4 bp −$12	22.0 bp −$220	doesn't fit	doesn't fit
Sell Phemex live order book, 55 min ago	4.18 bp	53.7 bp −$54	doesn't fit	doesn't fit	doesn't fit

IWM on 17 exchanges

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
Aster IWMUSDT	0.0000%	8h	287.33	−0.021%	$2K	$221	20x	as long as short
Bybit IWMUSDT	0.0000%	8h	287.31	−0.028%	$571K	$76K	25x	as long as short
OKX IWM-USDT-SWAP	0.0000%	8h	287.34	−0.017%	$399K	$235K	20x	as long as short
Gate IWM_USDT	0.0000%	8h	287.30	−0.031%	$604K	$157K	20x	as long as short
Bitget IWMUSDTlong	0.0000%	8h	287.39	long leg	$446K	$18K	20x
Variational Omni IWM	0.0000%	8h	287.26	−0.046%	$171K	$205K	—	as long as short
SunX IWM-USDT	0.0000%	8h	287.40	+0.003%	$905	$461K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	286.88	−0.177%	$405	$38K	20x	as long as short
Phemex IWMUSDTshort	0.0000%	8h	287.43	+0.014%	$772K	$87K	10x
BloFin IWM-USDT	+0.0011%	8h	287.48	+0.031%	$66K	$38K	20x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance IWMUSDT	+0.0027%	8h	287.41	+0.007%	$1.1M	$1.2M	20x	as long as short
MEXC IWM_USDT	+0.0027%	8h	287.33	−0.021%	$888K	$83K	50x	as long as short
Lighter IWM	+0.0032%	1h	287.81	+0.146%	$75K	$3K	10x	as long as short
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	287.16	−0.080%	$512K	$384K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	287.17	−0.077%	—	$1K	25x	as long as short
GRVT IWM_USDT_Perp	+0.0074%	8h	287.34	−0.017%	$776	$107K	10x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	287.55	+0.056%	$163K	$1.1M	20x	as long as short