Funding arb · Price arb /

IWM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: Binance against Lighter+0.073%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Binance is 0.073% dearer against Lighter than usual: you sell high and buy low (spread +0.073% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter IWM	285.75	0.0032	pay 0.0004% / 1h	51m 52s	$75K	$19K	10x
Short	Binance IWMUSDT	285.96	0	get 0.0000% / 8h	2h 51m	$1.1M	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now +0.073%Rate

Funding earned: −$6.72
Price spread: +0.073% → 0.000%: $7.3
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$9.42
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Lighter: no order-book sample; Binance: live order book, 11 min ago. Net counts fees only.

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 Lighter no order-book sample	—	—	—	—	—
Sell Binance live order book, 11 min ago	0.70 bp	15.5 bp −$15	56.5 bp −$565	doesn't fit	doesn't fit

Lighter: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.021%	$2K	$221	20x	as long as short
Binance IWMUSDTshort	0.0000%	8h	285.96	+0.073%	$1.1M	$1.1M	20x
Bybit IWMUSDT	0.0000%	8h	285.55	−0.070%	$554K	$61K	25x	as long as short
OKX IWM-USDT-SWAP	0.0000%	8h	285.78	+0.010%	$401K	$117K	20x	as long as short
Gate IWM_USDT	0.0000%	8h	285.92	+0.059%	$609K	$159K	20x	as long as short
MEXC IWM_USDT	0.0000%	8h	285.82	+0.024%	$886K	$81K	50x	as long as short
Bitget IWMUSDT	0.0000%	8h	285.87	+0.042%	$443K	$14K	20x	as long as short
Variational Omni IWM	0.0000%	8h	285.91	+0.058%	$160K	$207K	—	as long as short
SunX IWM-USDT	0.0000%	8h	285.97	+0.077%	$1K	$467K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	285.83	+0.028%	$532	$37K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex IWMUSDT	0.0000%	8h	285.95	+0.070%	$766K	$79K	10x	as long as short
BloFin IWM-USDT	+0.0029%	8h	285.98	+0.080%	$65K	$32K	20x	as long as short
Lighter IWMlong	+0.0032%	1h	285.75	long leg	$75K	$19K	10x
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	285.43	−0.112%	$566K	$371K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	285.44	−0.108%	—	—	25x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.91	+0.056%	$138K	$852K	20x	as long as short
GRVT IWM_USDT_Perp	+0.0634%	8h	285.92	+0.059%	$297	$108K	10x	as long as short