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 Phemex−0.115%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$190as in the Funding arb table

Net, price: spread back to 7d avg − costs−$193as in the Price arb table

costs, in and out, $10k−$1881.877% of the position

Long on Phemex 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)+0.256%+$26 · spread now −0.115%, 7d avg −0.058%

Together, before fees+0.231%+$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: Bybit is 0.057% cheaper against Phemex than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex IWMUSDT	286.52	0	get 0.0000% / 8h	7h 01m	$769K	$87K	10x
Short	Bybit IWMUSDT	286.19	0	get 0.0000% / 8h	7h 01m	$567K	$73K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.115%Rate

Funding earned: $0
Price spread: −0.115% → −0.058%: −$5.68
Slippage, 4 orders: −$164.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$193.39
Costs to cover: 1.877%
Break-even: never at this rate

Slippage from Phemex: live order book, 31 min ago; Bybit: live order book, 24 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 Phemex live order book, 31 min ago	1.75 bp	54.5 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 24 min ago	2.11 bp	22.7 bp −$23	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	286.52	+0.001%	$2K	$221	20x	as long as short
Bybit IWMUSDTshort	0.0000%	8h	286.19	−0.115%	$567K	$73K	25x
OKX IWM-USDT-SWAP	0.0000%	8h	286.37	−0.052%	$440K	$172K	20x	as long as short
Gate IWM_USDT	0.0000%	8h	286.43	−0.031%	$603K	$171K	20x	as long as short
Bitget IWMUSDT	0.0000%	8h	286.23	−0.101%	$443K	$16K	20x	as long as short
Variational Omni IWM	0.0000%	8h	286.37	−0.053%	$170K	$217K	—	as long as short
SunX IWM-USDT	0.0000%	8h	286.47	−0.017%	$900	$467K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	286.79	+0.094%	$482	$38K	20x	as long as short
Phemex IWMUSDTlong	0.0000%	8h	286.52	long leg	$769K	$87K	10x
Lighter IWM	+0.0032%	1h	286.59	+0.024%	$75K	$19K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	286.20	−0.112%	$526K	$380K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	286.17	−0.122%	—	$1K	25x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	286.32	−0.070%	$139K	$956K	20x	as long as short
MEXC IWM_USDT	+0.0121%	8h	286.38	−0.049%	$885K	$86K	50x	as long as short
Binance IWMUSDT	+0.0122%	8h	286.52	−0.001%	$1.1M	$1.2M	20x	as long as short
BloFin IWM-USDT	+0.0147%	8h	286.49	−0.010%	$67K	$34K	20x	as long as short
GRVT IWM_USDT_Perp	+0.0502%	8h	286.39	−0.047%	$458	$103K	10x	as long as short