IWM perps: where to trade Russell 2000 ETF perpetual futures
10 tracked venues list IWM perps.
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The cheapest place to trade IWM perps right now is Binance (IWMUSDT): 7.67 bps all-in for a $10,000 market buy at the standard taker fee, measured 01:32 UTC on 2026-10-03.
The next two venues are OKX 10.13 bps and Bybit 20.39 bps. 6 of 10 IWM markets gave a measured cost.
The Binance fee in this cost is a promotion for every account. Binance can end it.
Promo rate for eligible accounts: MEXC (IWM_USDT) shows 5.54 bps at a 0.000% taker fee that only some accounts get (MEXC: stock futures listing notice, checked 2026-09-25). MEXC does not state the IWM fee for other accounts, so this cost is not ranked.
IWM perps list on 10 tracked venues: 6 centralized exchanges, 1 Hyperliquid HIP-3 deployment, 3 other decentralized venues. Gains Network (IWM/USD) fills at an oracle price, with no public IWM book to measure.
Maximum IWM leverage runs from 4x on Gains Network (IWM/USD) to 50x on MEXC (IWM_USDT).
IWM funding and open interest
Funding now runs from -2.7% a year on Bybit to 8.5% on Markets.xyz, across 9 IWM markets. A positive rate means that longs pay shorts.
9 IWM markets report open interest, $4.1 million in total. MEXC holds 25% of it ($1.0 million).
Measured IWM cost for a $10,000 buy
- Binance7.67
- OKX10.13
- Bybit20.39
- Bitget28.78
- Gate35.73
- Lighter52.07
Where to trade Russell 2000 ETF perpetual futures
| Venue | Market | Max leverage | Funding now | Annual rate now | 7-day mean, annual | Open interest | Book cost (bps) | Taker fee | All-in (bps) | Promo rate, eligible accounts |
|---|---|---|---|---|---|---|---|---|---|---|
| Binance | IWMUSDT | 20x | 0.0000% / 8 h | 0.0% | 0.0% | $884K | 3.67 | 0.040% (docs, promotion for all accounts) | 7.67 | — |
| OKX | IWM-USDT-SWAP | 20x | 0.0000% / 8 h | 0.0% | 0.0% | $439K | 5.13 | 0.050% (docs) | 10.13 | — |
| Bybit | IWMUSDT | 25x | −0.0025% / 8 h | −2.7% | −1.4% | $922K | 17.64 | 0.028% (docs, promotion for all accounts) | 20.39 | — |
| Bitget | IWMUSDT | 20x | 0.0000% / 8 h | 0.0% | 0.0% | $372K | 22.78 | 0.060% (API) | 28.78 | — |
| Gate | IWM_USDT | 20x | 0.0000% / 8 h | 0.0% | −0.9% | $137K | 28.23 | 0.075% (API) | 35.73 | — |
| Lighter | IWM | 10x | +0.0004% / 1 h | +3.5% | — | $36K | 52.07 | 0.000% (API) | 52.07 | — |
| MEXC | IWM_USDT | 50x | 0.0000% / 8 h | 0.0% | 0.0% | $1.0M | 5.54 | Not stated for all accounts | — | 0.000% = 5.54 bps (eligible accounts, source, 2026-09-25) |
| Markets.xyz | mkts:SMALL2000 | 20x | +0.0010% / 1 h | +8.5% | +5.2% | $308K | 6.35 | Not stated | — | — |
| Aster | IWMUSDT | 20x | 0.0000% / 8 h | 0.0% | 0.0% | $638 | — | 0.013% (docs) | — | — |
| Gains Network | IWM/USD | 4x | — | — | — | — | No IWM book | Oracle model | — | — |
Method: a $10,000 IWM market buy fills against each public IWM book.
The IWM book cost is that fill price against the mid, in bps. The IWM all-in cost adds the standard taker fee that every new account gets.
A IWM promo rate that only eligible accounts get is shown in its own column and is never ranked.
A IWM book price does not prove that the venue accepts IWM orders at that time, so check the IWM hours table.
Annual IWM funding is the rate per hour times 8,760, with no compounding. The IWM markets come from venue APIs read on 2026-09-25.
IWM trading hours and price source by venue
| Venue | Market | Hours | Price source |
|---|---|---|---|
| Aster | IWMUSDT | 24/7, 5% band off-hours | Several, with Pyth |
| Binance | IWMUSDT | 24/7, book EWMA weekends | Unnamed data vendors |
| Bitget | IWMUSDT | 24/7, book EMA off-hours | Pyth, dxFeed, Massive, Intrinio |
| Bybit | IWMUSDT | 24/7 | Index with Pyth |
| Gains Network | IWM/USD | Mon–Fri 9:35–16:00 ET | Chainlink |
| Gate | IWM_USDT | Index holds last close | Paid feeds, crypto venues |
| Markets.xyz | mkts:SMALL2000 | 24/7, internal weekend price | Kaiko |
| Lighter | IWM | 24/7 | Pyth Pro (NVDA, TSLA) |
| MEXC | IWM_USDT | Varies, no trades closed | Not named in docs |
| OKX | IWM-USDT-SWAP | 24/7 book, anchored weekends | Several providers |
Find your liquidation price with the liquidation price calculator for IWM. Compare all tickers on the stock perps hub.
Where to Trade iShares Russell 2000 ETF (IWM) Perpetual Futures
Fees and leverage limits apply venue-wide; check IWM terms with the venue.
iShares Russell 2000 ETF (IWM) market overview
IWM tracks the Russell 2000 index of US small-cap stocks, representing the performance of smaller domestic companies more exposed to US economic conditions than large multinationals. IWM perpetual futures are useful for expressing views on US domestic economic health, with small-caps outperforming large-caps during strong US growth phases and underperforming during credit tightening cycles.
Frequently Asked Questions — iShares Russell 2000 ETF (IWM)
How does an iShares Russell 2000 ETF perpetual futures contract differ from the underlying asset?
An iShares Russell 2000 ETF perpetual tracks the iShares Russell 2000 ETF price, with no expiry date and no ownership of iShares Russell 2000 ETF.
Check each venue for iShares Russell 2000 ETF trading hours and the price source.
Category: ETF