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: Bybit against OKX−0.049%7-day average −0.070% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1051.054% of the position

Long on OKX Short on Bybit

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)−0.074%−$7 · spread now −0.049%, 7d avg −0.070%

Together, before fees−0.099%−$10 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: Bybit is 0.021% dearer against OKX than usual: you sell high and buy low, +$2 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	OKX IWM-USDT-SWAP	284.96	0	get 0.0000% / 8h	7h 45m	$437K	$158K	20x
Short	Bybit IWMUSDT	284.82	0	get 0.0000% / 8h	7h 45m	$560K	$70K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now −0.049%Rate

Funding earned: $0
Price spread: −0.049% → −0.070%: $2.13
Slippage, 4 orders: −$84.42
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$103.29
Costs to cover: 1.054%
Break-even: never at this rate

Slippage from OKX: live order book, 50 min ago; Bybit: live order book, 45 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 OKX live order book, 50 min ago	7.00 bp	17.3 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 45 min ago	3.68 bp	42.3 bp −$42	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	284.85	−0.039%	$2K	$221	20x	as long as short
Bybit IWMUSDTshort	0.0000%	8h	284.82	−0.049%	$560K	$70K	25x
OKX IWM-USDT-SWAPlong	0.0000%	8h	284.96	long leg	$437K	$158K	20x
Gate IWM_USDT	0.0000%	8h	285.09	+0.046%	$601K	$162K	20x	as long as short
Bitget IWMUSDT	0.0000%	8h	284.87	−0.032%	$441K	$15K	20x	as long as short
Variational Omni IWM	0.0000%	8h	284.92	−0.013%	$169K	$217K	—	as long as short
GRVT IWM_USDT_Perp	0.0000%	8h	285.05	+0.033%	$687	$101K	10x	as long as short
SunX IWM-USDT	0.0000%	8h	284.90	−0.021%	$752	$462K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	284.85	−0.039%	$595	$38K	20x	as long as short
Phemex IWMUSDT	0.0000%	8h	285.01	+0.018%	$764K	$83K	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	285.00	+0.014%	$74K	$19K	10x	as long as short
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	284.71	−0.088%	$564K	$358K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	284.74	−0.077%	—	$1K	25x	as long as short
Binance IWMUSDT	+0.0080%	8h	285.04	+0.027%	$1.1M	$1.2M	20x	as long as short
MEXC IWM_USDT	+0.0081%	8h	284.96	0.000%	$880K	$83K	50x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.04	+0.028%	$141K	$910K	20x	as long as short
BloFin IWM-USDT	+0.0101%	8h	284.89	−0.025%	$67K	$33K	20x	as long as short