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: OKX against Bybit+0.035%7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

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

costs, in and out, $10k−$1101.100% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 4 days (all we have)+0.088%+$9 · spread now +0.035%, 7d avg +0.070%

Together, before fees+0.113%+$11 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: OKX is 0.035% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IWMUSDT	284.53	0	get 0.0000% / 8h	7h 25m	$564K	$74K	25x
Short	OKX IWM-USDT-SWAP	284.63	0	get 0.0000% / 8h	7h 25m	$436K	$158K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.035%Rate

Funding earned: $0
Price spread: +0.035% → +0.070%: −$3.53
Slippage, 4 orders: −$89.03
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$113.55
Costs to cover: 1.100%
Break-even: never at this rate

Slippage from Bybit: live order book, 65 min ago; OKX: live order book, 5 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, 65 min ago	3.68 bp	33.3 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	5.62 bp	23.5 bp −$23	doesn't fit	doesn't fit	doesn't fit

IWM on 17 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
Aster IWMUSDT	0.0000%	8h	284.62	+0.032%	$2K	$221	20x	as long as short
Bybit IWMUSDTlong	0.0000%	8h	284.53	long leg	$564K	$74K	25x
OKX IWM-USDT-SWAPshort	0.0000%	8h	284.63	+0.035%	$436K	$158K	20x
Gate IWM_USDT	0.0000%	8h	284.73	+0.070%	$600K	$165K	20x	as long as short
Bitget IWMUSDT	0.0000%	8h	284.62	+0.032%	$440K	$16K	20x	as long as short
Variational Omni IWM	0.0000%	8h	284.68	+0.054%	$169K	$217K	—	as long as short
SunX IWM-USDT	0.0000%	8h	284.70	+0.060%	$811	$463K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	284.76	+0.081%	$729	$38K	20x	as long as short
Phemex IWMUSDT	0.0000%	8h	284.78	+0.088%	$764K	$85K	10x	as long as short
GRVT IWM_USDT_Perp	+0.0001%	8h	284.77	+0.086%	$1K	$100K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter IWM	+0.0032%	1h	284.81	+0.098%	$74K	$19K	10x	as long as short
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	284.51	−0.007%	$564K	$359K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	284.47	−0.021%	—	$1K	25x	as long as short
BloFin IWM-USDT	+0.0058%	8h	284.71	+0.063%	$67K	$34K	20x	as long as short
Binance IWMUSDT	+0.0062%	8h	284.75	+0.077%	$1.1M	$1.2M	20x	as long as short
MEXC IWM_USDT	+0.0063%	8h	284.66	+0.046%	$880K	$84K	50x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	284.79	+0.091%	$141K	$932K	20x	as long as short