Funding arb · Price arb /

IWM

RWAall IWM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.009%

Price spread now: Markets by Kinetiq against Phemex−0.102%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1231.232% of the position

Long on Phemex Short on Markets by Kinetiq

What this pair did over the last

the charts below follow

Funding, last 7 days+0.166%+$17 on $10k

Price spread, last 4 days (all we have)+0.175%+$17 · spread now −0.102%, 7d avg −0.036%

Together, before fees+0.341%+$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. Markets by Kinetiq is 0.065% cheaper against Phemex than usual: you would sell low and buy high (spread −0.102% now, against its 7-day average of −0.036%). If the spread goes back, that is −$7 on $10k: about 21 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.166% in total) that is about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex IWMUSDT	285.70	0	get 0.0000% / 8h	1h 37m	$765K	$80K	10x
Short	Markets by Kinetiq mkts:SMALL2000	285.41	0.0010	get 0.0001% / 1h	37m 43s	$566K	$363K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Markets by Kinetiq 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 Markets by KinetiqbpOrdersPrice spread, now −0.102%Rate

Funding earned: $2.19
Price spread: −0.102% → −0.036%: −$6.52
Slippage, 4 orders: −$109.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Markets by Kinetiq: 0.81 bp × 2 orders: −$1.62
Net: −$127.49
Costs to cover: 1.232%
Break-even: 415.4 days

Slippage from Phemex: live order book, 5 min ago; Markets by Kinetiq: live order book, 28 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, 5 min ago	2.62 bp	63.4 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Markets by Kinetiq live order book, 28 min ago	0.88 bp	4.0 bp −$4	63.8 bp −$638	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	285.58	−0.042%	$2K	$221	20x	as long as short
Bybit IWMUSDT	0.0000%	8h	285.49	−0.074%	$557K	$60K	25x	as long as short
OKX IWM-USDT-SWAP	0.0000%	8h	285.32	−0.133%	$426K	$156K	20x	as long as short
Gate IWM_USDT	0.0000%	8h	285.64	−0.021%	$608K	$160K	20x	as long as short
Bitget IWMUSDT	0.0000%	8h	285.76	+0.021%	$442K	$15K	20x	as long as short
SunX IWM-USDT	0.0000%	8h	285.71	+0.004%	$1K	$455K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	286.31	+0.214%	$696	$37K	20x	as long as short
Phemex IWMUSDTlong	0.0000%	8h	285.70	long leg	$765K	$80K	10x
Markets by Kinetiq mkts:SMALL2000short	+0.0010%	1h	285.41	−0.102%	$566K	$363K	20x
Variational Omni IWM	+0.0017%	8h	285.91	+0.073%	$160K	$207K	—	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	286.09	+0.137%	$75K	$19K	10x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	285.42	−0.098%	—	—	25x	as long as short
Binance IWMUSDT	+0.0082%	8h	285.61	−0.032%	$1.1M	$1.2M	20x	as long as short
MEXC IWM_USDT	+0.0082%	8h	285.65	−0.018%	$885K	$82K	50x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.73	+0.011%	$138K	$847K	20x	as long as short
BloFin IWM-USDT	+0.0108%	8h	285.94	+0.084%	$65K	$33K	20x	as long as short
GRVT IWM_USDT_Perp	+0.0655%	8h	285.88	+0.063%	$286	$105K	10x	as long as short