Funding arb · Price arb /

IWM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: Phemex against Lighter−0.150%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 Phemex

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.150% cheaper against Lighter than usual: you would sell low and buy high (−$15 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	286.29	0.0032	pay 0.0004% / 1h	47m 02s	$75K	$19K	10x
Short	Phemex IWMUSDT	285.86	0	get 0.0000% / 8h	3h 47m	$764K	$73K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$6.72
Price spread: −0.150% → 0.000%: −$15.02
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$33.74
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Lighter: no order-book sample; Phemex: live order book, 5 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 Phemex live order book, 5 min ago	1.22 bp	46.3 bp −$46	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	285.70	−0.206%	$2K	$221	20x	as long as short
Binance IWMUSDT	0.0000%	8h	285.92	−0.129%	$1.0M	$1.1M	20x	as long as short
Bybit IWMUSDT	0.0000%	8h	285.59	−0.245%	$553K	$60K	25x	as long as short
OKX IWM-USDT-SWAP	0.0000%	8h	285.65	−0.224%	$399K	$114K	20x	as long as short
Gate IWM_USDT	0.0000%	8h	285.73	−0.196%	$611K	$156K	20x	as long as short
MEXC IWM_USDT	0.0000%	8h	285.71	−0.203%	$885K	$86K	50x	as long as short
Bitget IWMUSDT	0.0000%	8h	285.83	−0.161%	$443K	$14K	20x	as long as short
Variational Omni IWM	0.0000%	8h	285.78	−0.176%	$153K	$201K	—	as long as short
SunX IWM-USDT	0.0000%	8h	285.77	−0.182%	$2K	$422K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	285.77	−0.182%	$446	$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 IWMUSDTshort	0.0000%	8h	285.86	−0.150%	$764K	$73K	10x
BloFin IWM-USDT	+0.0025%	8h	285.94	−0.122%	$65K	$32K	20x	as long as short
Lighter IWMlong	+0.0032%	1h	286.29	long leg	$75K	$19K	10x
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	285.56	−0.255%	$566K	$370K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	285.45	−0.293%	—	—	25x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.95	−0.119%	$138K	$859K	20x	as long as short
GRVT IWM_USDT_Perp	+0.0559%	8h	285.84	−0.157%	$289	$114K	10x	as long as short