Funding arb · Price arb /

IWM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.009%

Price spread now: Phemex against Markets by Kinetiq+0.186%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1241.238% of the position

Long on Markets by Kinetiq Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 4 days (all we have)−0.256%−$26 · spread now +0.186%, 7d avg +0.035%

Together, before fees−0.423%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.151% dearer against Markets by Kinetiq than usual: you sell high and buy low (spread +0.186% now, against its 7-day average of +0.035%): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Markets by Kinetiq mkts:SMALL2000	285.42	0.0046	pay 0.0006% / 1h	45m 40s	$566K	$371K	20x
Short	Phemex IWMUSDT	285.95	0	get 0.0000% / 8h	2h 45m	$766K	$79K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Markets by Kinetiq. 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 Markets by KinetiqbpFee PhemexbpOrdersPrice spread, now +0.186%Rate

Funding earned: −$9.59
Price spread: +0.186% → +0.035%: $15.12
Slippage, 4 orders: −$110.13
Fee Markets by Kinetiq: 0.81 bp × 2 orders: −$1.62
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$118.22
Costs to cover: 1.238%
Break-even: never at this rate

Slippage from Markets by Kinetiq: live order book, 30 min ago; Phemex: live order book, 2 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 Markets by Kinetiq live order book, 30 min ago	2.80 bp	5.9 bp −$6	42.0 bp −$420	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.10 bp	49.4 bp −$49	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	285.69	+0.096%	$2K	$221	20x	as long as short
Bybit IWMUSDT	0.0000%	8h	285.58	+0.056%	$554K	$61K	25x	as long as short
OKX IWM-USDT-SWAP	0.0000%	8h	285.77	+0.123%	$400K	$117K	20x	as long as short
Gate IWM_USDT	0.0000%	8h	285.92	+0.175%	$609K	$159K	20x	as long as short
Bitget IWMUSDT	0.0000%	8h	285.86	+0.154%	$443K	$14K	20x	as long as short
Variational Omni IWM	0.0000%	8h	285.90	+0.168%	$160K	$207K	—	as long as short
SunX IWM-USDT	0.0000%	8h	285.96	+0.189%	$1K	$467K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	286.22	+0.280%	$552	$37K	20x	as long as short
Phemex IWMUSDTshort	0.0000%	8h	285.95	+0.186%	$766K	$79K	10x
MEXC IWM_USDT	+0.0007%	8h	285.81	+0.137%	$886K	$82K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin IWM-USDT	+0.0009%	8h	285.95	+0.186%	$65K	$32K	20x	as long as short
Binance IWMUSDT	+0.0010%	8h	285.96	+0.190%	$1.1M	$1.1M	20x	as long as short
Lighter IWM	+0.0032%	1h	285.75	+0.116%	$75K	$19K	10x	as long as short
Markets by Kinetiq mkts:SMALL2000long	+0.0046%	1h	285.42	long leg	$566K	$371K	20x
Vest IWM-USD-PERP	+0.0046%	1h	285.44	+0.007%	—	—	25x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.89	+0.165%	$138K	$853K	20x	as long as short
GRVT IWM_USDT_Perp	+0.0650%	8h	285.93	+0.179%	$297	$108K	10x	as long as short