Funding arb · Price arb /

IWM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against OKX+0.074%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$1451.447% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.229%−$23 · spread now +0.074%, 7d avg −0.013%

Together, before fees−0.229%−$23 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: Phemex is 0.087% dearer against OKX than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IWM-USDT-SWAP	285.65	0	get 0.0000% / 8h	3h 46m	$399K	$114K	20x
Short	Phemex IWMUSDT	285.86	0	get 0.0000% / 8h	3h 46m	$764K	$73K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.074%Rate

Funding earned: $0
Price spread: +0.074% → −0.013%: $8.67
Slippage, 4 orders: −$122.66
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$136
Costs to cover: 1.447%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Phemex: live order book, 6 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, 4 min ago	2.80 bp	12.8 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	1.22 bp	46.3 bp −$46	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	285.68	+0.011%	$2K	$221	20x	as long as short
Binance IWMUSDT	0.0000%	8h	285.92	+0.095%	$1.0M	$1.1M	20x	as long as short
Bybit IWMUSDT	0.0000%	8h	285.58	−0.025%	$553K	$60K	25x	as long as short
OKX IWM-USDT-SWAPlong	0.0000%	8h	285.65	long leg	$399K	$114K	20x
Gate IWM_USDT	0.0000%	8h	285.73	+0.028%	$611K	$156K	20x	as long as short
MEXC IWM_USDT	0.0000%	8h	285.72	+0.025%	$885K	$86K	50x	as long as short
Bitget IWMUSDT	0.0000%	8h	285.83	+0.063%	$443K	$14K	20x	as long as short
Variational Omni IWM	0.0000%	8h	285.78	+0.047%	$153K	$201K	—	as long as short
SunX IWM-USDT	0.0000%	8h	285.77	+0.042%	$2K	$422K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	285.77	+0.042%	$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	+0.074%	$764K	$73K	10x
BloFin IWM-USDT	+0.0025%	8h	285.94	+0.102%	$65K	$32K	20x	as long as short
Lighter IWM	+0.0032%	1h	286.27	+0.217%	$75K	$19K	10x	as long as short
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	285.56	−0.032%	$566K	$370K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	285.45	−0.070%	—	—	25x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.95	+0.105%	$138K	$859K	20x	as long as short
GRVT IWM_USDT_Perp	+0.0559%	8h	285.84	+0.067%	$289	$114K	10x	as long as short