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: OKX against Phemex−0.070%7-day average +0.012% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

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

Long on Phemex Short on OKX

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)+0.209%+$21 · spread now −0.070%, 7d avg +0.012%

Together, before fees+0.209%+$21 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: OKX is 0.082% cheaper against Phemex than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex IWMUSDT	285.95	0	get 0.0000% / 8h	2h 49m	$766K	$79K	10x
Short	OKX IWM-USDT-SWAP	285.75	0	get 0.0000% / 8h	2h 49m	$400K	$117K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.070%Rate

Funding earned: $0
Price spread: −0.070% → +0.012%: −$8.17
Slippage, 4 orders: −$122.66
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$152.83
Costs to cover: 1.447%
Break-even: never at this rate

Slippage from Phemex: live order book, 63 min ago; OKX: live order book, 61 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, 63 min ago	1.22 bp	68.1 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 61 min ago	2.80 bp	17.5 bp −$17	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
BloFin IWM-USDT	−0.0020%	8h	285.95	0.000%	$65K	$32K	20x	as long as short
Aster IWMUSDT	0.0000%	8h	285.68	−0.093%	$2K	$221	20x	as long as short
Bybit IWMUSDT	0.0000%	8h	285.55	−0.140%	$554K	$61K	25x	as long as short
OKX IWM-USDT-SWAPshort	0.0000%	8h	285.75	−0.070%	$400K	$117K	20x
Gate IWM_USDT	0.0000%	8h	285.90	−0.017%	$609K	$159K	20x	as long as short
Bitget IWMUSDT	0.0000%	8h	285.87	−0.028%	$443K	$14K	20x	as long as short
Variational Omni IWM	0.0000%	8h	285.94	−0.004%	$160K	$207K	—	as long as short
SunX IWM-USDT	0.0000%	8h	285.96	+0.003%	$1K	$467K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	285.96	+0.003%	$532	$37K	20x	as long as short
Phemex IWMUSDTlong	0.0000%	8h	285.95	long leg	$766K	$79K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC IWM_USDT	+0.0001%	8h	285.74	−0.073%	$886K	$82K	50x	as long as short
Binance IWMUSDT	+0.0003%	8h	285.96	+0.005%	$1.1M	$1.1M	20x	as long as short
Lighter IWM	+0.0032%	1h	285.75	−0.070%	$75K	$19K	10x	as long as short
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	285.42	−0.185%	$566K	$371K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	285.41	−0.189%	—	—	25x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.90	−0.017%	$138K	$853K	20x	as long as short
GRVT IWM_USDT_Perp	+0.0643%	8h	285.93	−0.009%	$286	$108K	10x	as long as short