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: Phemex against Variational Omni+0.052%7-day average +0.001% · you sell dearer than you buy

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.191%−$19 · spread now +0.052%, 7d avg +0.001%

Together, before fees−0.191%+ Points / potential airdropVariational Omni: Active · farm board−$19 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: Phemex is 0.051% dearer against Variational Omni than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IWM	284.92	0	get 0.0000% / 8h	7h 44m	$169K	$217K	—
Short	Phemex IWMUSDT	285.07	0	get 0.0000% / 8h	7h 44m	$764K	$84K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee PhemexbpOrdersPrice spread, now +0.052%Rate

Funding earned: $0
Price spread: +0.052% → +0.001%: $5.06
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$6.94
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 54 min ago; Phemex: live order book, 53 min ago. 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 Variational Omni RFQ quote, 54 min ago	2.94 bp	doesn't fit	81.4 bp −$814	doesn't fit	doesn't fit
Sell Phemex live order book, 53 min ago	1.58 bp	45.9 bp −$46	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	284.82	−0.035%	$2K	$221	20x	as long as short
Bybit IWMUSDT	0.0000%	8h	284.78	−0.050%	$560K	$73K	25x	as long as short
OKX IWM-USDT-SWAP	0.0000%	8h	284.90	−0.008%	$437K	$158K	20x	as long as short
Gate IWM_USDT	0.0000%	8h	285.02	+0.034%	$601K	$162K	20x	as long as short
Bitget IWMUSDT	0.0000%	8h	285.03	+0.038%	$441K	$15K	20x	as long as short
Variational Omni IWMlong	0.0000%	8h	284.92	long leg	$169K	$217K	—
GRVT IWM_USDT_Perp	0.0000%	8h	285.05	+0.046%	$687	$101K	10x	as long as short
SunX IWM-USDT	0.0000%	8h	285.07	+0.052%	$770	$461K	10x	as long as short
HTX IWM-USDT	0.0000%	8h	284.85	−0.026%	$595	$38K	20x	as long as short
Phemex IWMUSDTshort	0.0000%	8h	285.07	+0.052%	$764K	$84K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter IWM	+0.0032%	1h	284.86	−0.022%	$74K	$19K	10x	as long as short
Markets by Kinetiq mkts:SMALL2000	+0.0046%	1h	284.62	−0.106%	$564K	$358K	20x	as long as short
Vest IWM-USD-PERP	+0.0046%	1h	284.74	−0.064%	—	$1K	25x	as long as short
BloFin IWM-USDT	+0.0063%	8h	285.00	+0.027%	$67K	$33K	20x	as long as short
Binance IWMUSDT	+0.0080%	8h	284.86	−0.022%	$1.1M	$1.2M	20x	as long as short
MEXC IWM_USDT	+0.0081%	8h	284.98	+0.020%	$880K	$83K	50x	as long as short
KuCoin IWMUSDTM	+0.0100%	8h	285.03	+0.038%	$141K	$910K	20x	as long as short