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: Gate against Phemex+0.007%49s7-day average −0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$323as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$3233.233% of the position

Long on Phemex Short on Gate

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)+0.158%+$16 · spread now +0.007%, 7d avg −0.062%

Together, before fees+0.158%+$16 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: Gate is 0.069% dearer against Phemex than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.062%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex IWMUSDT	284.98	0	get 0.0000% / 8h	7h 46m	$764K	$83K	10x
Short	Gate IWM_USDT	285.00	0	get 0.0000% / 8h	7h 46m	$601K	$161K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.007%Rate

Funding earned: $0
Price spread: +0.007% → −0.062%: $6.87
Slippage, 4 orders: −$296.34
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$316.47
Costs to cover: 3.233%
Break-even: never at this rate

Slippage from Phemex: live order book, 51 min ago; Gate: live order book, 50 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, 51 min ago	1.58 bp	53.6 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 50 min ago	7.70 bp	206.9 bp −$207	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	284.86	−0.043%	$2K	$221	20x	as long as short
Bybit IWMUSDT	0.0000%	8h	284.84	−0.049%	$560K	$70K	25x	as long as short
OKX IWM-USDT-SWAP	0.0000%	8h	284.96	−0.007%	$437K	$158K	20x	as long as short
Gate IWM_USDTshort	0.0000%	8h	285.00	+0.007%	$601K	$161K	20x
Bitget IWMUSDT	0.0000%	8h	284.90	−0.028%	$441K	$15K	20x	as long as short
Variational Omni IWM	0.0000%	8h	284.97	−0.004%	$169K	$217K	—	as long as short
GRVT IWM_USDT_Perp	0.0000%	8h	285.05	+0.026%	$687	$101K	10x	as long as short
SunX IWM-USDT	0.0000%	8h	284.86	−0.042%	$752	$461K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	285.15	+0.060%	$542	$38K	20x	as long as short
Phemex IWMUSDTlong	0.0000%	8h	284.98	long leg	$764K	$83K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter IWM	+0.0032%	1h	284.93	−0.018%	$74K	$19K	10x	as long as short
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	284.72	−0.091%	$564K	$358K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	284.79	−0.067%	—	$1K	25x	as long as short
Binance IWMUSDT	+0.0081%	8h	284.97	−0.003%	$1.1M	$1.2M	20x	as long as short
MEXC IWM_USDT	+0.0082%	8h	284.96	−0.007%	$880K	$83K	50x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.07	+0.032%	$141K	$910K	20x	as long as short
BloFin IWM-USDT	+0.0101%	8h	284.89	−0.032%	$67K	$33K	20x	as long as short