Funding arb · Price arb /

IWM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter against Phemex−0.007%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex IWMUSDT	284.88	0	get 0.0000% / 8h	7h 43m	$764K	$84K	10x
Short	Lighter IWM	284.86	0.0032	get 0.0004% / 1h	43m 28s	$74K	$19K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.007%Rate

Funding earned: $6.72
Price spread: −0.007% → 0.000%: −$0.7
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$5.98
Costs to cover: 0.120%
Break-even: 13.2 days

Slippage unknown: Phemex: live order book, 54 min ago; Lighter: no order-book sample. Net counts fees only.

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, 54 min ago	1.58 bp	53.6 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell Lighter no order-book sample	—	—	—	—	—

Lighter: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	284.76	−0.043%	$2K	$221	20x	as long as short
Bybit IWMUSDT	0.0000%	8h	284.70	−0.063%	$563K	$73K	25x	as long as short
OKX IWM-USDT-SWAP	0.0000%	8h	284.82	−0.021%	$437K	$158K	20x	as long as short
Gate IWM_USDT	0.0000%	8h	284.89	+0.004%	$601K	$163K	20x	as long as short
Bitget IWMUSDT	0.0000%	8h	284.72	−0.056%	$440K	$15K	20x	as long as short
Variational Omni IWM	0.0000%	8h	284.92	+0.015%	$169K	$217K	—	as long as short
GRVT IWM_USDT_Perp	0.0000%	8h	285.06	+0.063%	$687	$101K	10x	as long as short
SunX IWM-USDT	0.0000%	8h	285.07	+0.067%	$790	$461K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	284.85	−0.011%	$544	$38K	20x	as long as short
Phemex IWMUSDTlong	0.0000%	8h	284.88	long leg	$764K	$84K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter IWMshort	+0.0032%	1h	284.86	−0.007%	$74K	$19K	10x
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	284.56	−0.112%	$564K	$358K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	284.61	−0.095%	—	$1K	25x	as long as short
BloFin IWM-USDT	+0.0063%	8h	285.00	+0.042%	$67K	$33K	20x	as long as short
Binance IWMUSDT	+0.0078%	8h	284.80	−0.028%	$1.1M	$1.2M	20x	as long as short
MEXC IWM_USDT	+0.0079%	8h	284.79	−0.032%	$880K	$83K	50x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	284.91	+0.011%	$141K	$910K	20x	as long as short