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: Bybit against Lighter−0.070%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.070% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

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	12m 40s	$75K	$19K	10x
Short	Bybit IWMUSDT	285.55	0	get 0.0000% / 8h	2h 12m	$556K	$62K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$6.72
Price spread: −0.070% → 0.000%: −$7
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.72
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Lighter: no order-book sample; Bybit: live order book, 27 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 Bybit live order book, 27 min ago	1.05 bp	83.5 bp −$83	doesn't fit	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	285.71	−0.014%	$2K	$221	20x	as long as short
Bybit IWMUSDTshort	0.0000%	8h	285.55	−0.070%	$556K	$62K	25x
OKX IWM-USDT-SWAP	0.0000%	8h	285.74	−0.003%	$400K	$120K	20x	as long as short
Gate IWM_USDT	0.0000%	8h	285.91	+0.056%	$610K	$162K	20x	as long as short
Bitget IWMUSDT	0.0000%	8h	285.81	+0.021%	$443K	$15K	20x	as long as short
Variational Omni IWM	0.0000%	8h	285.88	+0.047%	$160K	$207K	—	as long as short
SunX IWM-USDT	0.0000%	8h	286.03	+0.098%	$1K	$459K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	286.08	+0.115%	$704	$37K	20x	as long as short
Phemex IWMUSDT	0.0000%	8h	285.95	+0.070%	$766K	$80K	10x	as long as short
Lighter IWMlong	+0.0032%	1h	285.75	long leg	$75K	$19K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin IWM-USDT	+0.0039%	8h	285.92	+0.059%	$65K	$32K	20x	as long as short
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	285.41	−0.119%	$566K	$363K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	285.49	−0.091%	—	—	25x	as long as short
MEXC IWM_USDT	+0.0061%	8h	285.84	+0.031%	$886K	$84K	50x	as long as short
Binance IWMUSDT	+0.0062%	8h	285.98	+0.080%	$1.1M	$1.2M	20x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.96	+0.073%	$138K	$850K	20x	as long as short
GRVT IWM_USDT_Perp	+0.0686%	8h	285.93	+0.063%	$292	$107K	10x	as long as short