IXOR ACADEMY ≈ 90 minutes Beginner to practical

Cross-exchange futures arbitrage — from signal to decision

A practical course on reading IXOR signals, validating liquidity, accounting for fees and funding, and managing two-leg execution risk.

Start with the terms View full course

00 · TERMS BEFORE START

Learn the exchange language through examples

Read this section first: every English term used later in the course is introduced here.

CEX: A centralized exchange such as Binance or Bybit. Example: funds and orders are held inside an exchange account.
Spot / Futures / Perpetual: Spot trades the asset itself; a future is a price contract; a perpetual is a future without expiry. Example: BTCUSDT Spot and BTCUSDT Perpetual are different markets.
Long / Short: A Long benefits from a rise; a Short benefits from a fall. Example: an IXOR route shorts the expensive market and goes long the cheaper market.
Bid / Ask: Bid is the best available buying quote; Ask is the best selling quote. Example: a market buy consumes the Ask and a market sell consumes the Bid.
Order book / Depth: The order book / depth is the set of price levels and available sizes. Example: if the best Ask has only two tokens, a larger order consumes deeper levels.
Spread / Gross spread: Spread is the relative price difference; gross spread is measured before fees. Example: Sell 102 and Buy 100 produce a 2% gross spread.
ROI: An IXOR estimate on the combined capital of both positions. Example: a 1.80% spread and 0.01% funding adjustment produce 0.905% ROI; this is not a promised outcome.
Funding rate / Δ funding: Funding rate is the periodic payment rate. Funding Δ is directional: Sell/Short minus Buy/Long. Example: +0.01% − (−0.01%) = +0.02%; a positive delta favors the selected route.
Countdown: Time until the next funding settlement on one exchange. Example: 00:05:00 means the position must remain open for another five minutes to participate in that settlement.
Maker / Taker: A maker adds a resting limit order; a taker consumes available liquidity. Example: a market order normally pays the taker fee.
Round-trip fee: The fee for the complete cycle: entry and exit on both exchanges. Example: four 0.05% taker fills total 0.20%.
Notional: Notional is the position value matched between Short and Long. Example: $1,000 on each side even when contract quantities differ.
Fill / Partial fill: A fill is an actual execution; a partial fill executes only part of an order. Example: 60 tokens filled from an order for 100 is a 60% partial fill.
Slippage: Slippage is the difference between the expected and average actual execution price. Example: an expected buy at 100 fills at an average of 100.7.
Margin / Leverage / Liquidation: Margin backs a position; leverage multiplies exposure; liquidation is forced closure when margin is insufficient. Example: higher leverage leaves a smaller liquidation buffer.
Mark / Index / Last price: Mark is the calculation price for PnL and liquidation, index is an external reference, and last is the latest trade. Example: all three can differ at the same moment.
Basis: The difference between related markets or contracts. Example: a perpetual can remain above spot without quickly converging.
Convergence: A reduction in the price gap between markets. Example: spread falls from 2% to 0.5%; this does not guarantee profit without actual fills.

01 · QUICK START

Read your first signal correctly

Five checks before you consider execution.

Understand the structure

Open a Short on the more expensive market and a Long on the cheaper one. Funds are already placed on both exchanges; transferring the asset is not part of the futures–futures workflow.

Validate the signal

Verify the token and contract type, exchanges, leg direction, data freshness, delisting warnings, and the next funding time.

Check executability

Compare top-of-book prices with average prices, available size, and limits. An attractive percentage without sufficient depth is not an executable opportunity.

Execute in tranches

Split the planned size into equal tranches and confirm both Short and Long after each one. Do not open the next tranche when price, time, or residual ROI breaches a predefined limit.

Record the outcome

Compare the estimated signal with actual entry and exit prices, fees, and funding. A journal turns isolated observations into a verifiable process.

IXOR is a market-monitoring and analytical tool. It does not open positions, guarantee convergence, or provide individual investment advice.

02 · SIGNAL ANATOMY

What each field actually means

The example is synthetic and exists only to explain the calculation.

Training signal

ABCUSDT

FUTURES ↔ FUTURES

ROI 0.9050%

Spread 1.8000%

SELL / SHORT Exchange A

102.00

BUY / LONG Exchange B

100.00

Funding rates: +0.01% / −0.01%
Funding Δ: +0.02%
Until settlement: 00:05 / 03:00
Full fee: 0.20%
Funding adjustment: 0.01%

ROI 0.9050%

Estimate on total two-leg capital

In IXOR this is half of the fee-adjusted spread plus the current funding adjustment. It is an estimate, not guaranteed profit.

Spread 1.8000%

Price dislocation after fees

Gross spread is calculated from the sell price relative to the buy price. Full entry-and-exit taker fees for both legs are deducted; funding is not included in this field.

Legs Short / Long

Sell higher, buy lower

For futures–futures, “Sell” means a Short on the more expensive exchange, while “Buy” means a Long on the cheaper exchange.

Prices 102.00 / 100.00

Current execution boundary

The calculation uses the relevant legs’ available bid/ask prices. The actual fill price can change between calculation and execution.

Average prices Depth context

Volume impact check

Depth-weighted average prices are shown separately to assess slippage. They do not replace ROI and must be checked against the intended position size.

Funding +0.01% / −0.01%

Payment depends on direction and timing

The rate may change before settlement. Check the sign, payment direction, countdown, and exchange-specific intervals; funding does not guarantee price convergence.

Volume Both sides

The weaker leg limits the trade

Use the smaller executable size. 24-hour turnover is market context, not a guarantee of depth at the current moment.

Chart Spread history

Route behavior over time

History helps distinguish a short spike from a persistent dislocation. Prior convergence does not guarantee another one.

03 · MATH

The formulas used by IXOR

The academy follows the current production calculation contract.

Gross spread

(Sell price − Buy price) × 100 / Buy price

Difference between the relevant top-of-book prices before fees.

IXOR spread

Gross spread − total round-trip taker fee

Total fee includes entry and exit on both exchanges.

Funding adjustment

(Sell price × Sell funding − Buy price × Buy funding) / (Sell price + Buy price)

The current price-weighted adjustment used by the signal calculation.

ROI

(IXOR spread + funding adjustment) / 2

Division by two reflects the combined capital of two comparable legs.

Worked example

From 2% gross spread to 0.905% ROI

Gross spread = (102 − 100) × 100 / 100 = 2.00%

IXOR spread = 2.00 − 0.20 = 1.80%

Funding adjustment = 0.01%

ROI = (1.80 + 0.01) / 2 = 0.905%

ESTIMATED ROI 0.9050% Before slippage and actual fills

04 · FULL COURSE

Ten modules from basics to review

Open a lesson and read it to the end — completion is recorded automatically.

01 What IXOR actually detects START Understand how an analytical signal differs from a trade instruction. 6 min

Inside this module

Price fragmentation across independent exchange order books
Futures–futures: Short the expensive market and Long the cheaper market
Why two legs reduce directional exposure but do not eliminate every risk

02 Why spreads appear and disappear BASICS Understand the source of a dislocation instead of treating every deviation as an opportunity. 7 min

Inside this module

Different liquidity, order flow, and market-maker behavior
A short-lived spike versus a persistent dislocation
Basis, mark price, index price, and the absence of guaranteed convergence in perpetuals

03 How to read an IXOR signal PRODUCT Review fields in the right order instead of looking only at ROI. 8 min

Inside this module

Token, contract identity, exchanges, and market types
Sell/Buy direction, prices, sizes, and order-book average prices
For Spot → Futures — matching withdrawal/deposit networks and asset verification
Fees, funding, countdown, warnings, and the chart link

04 Spread, fees, funding, and ROI MATH Understand the exact semantics of the numbers shown by IXOR. 10 min

Inside this module

Gross spread and spread after the full round-trip taker fee
Price-weighted funding adjustment
Why ROI is divided across the combined capital of both legs
Why actual results differ due to fills, slippage, and changing rates

05 Executing two positions PRACTICE Prepare the execution sequence and contingency plan before entry. 10 min

Inside this module

Comparable notional rather than identical contract counts
Staged entry with both fills checked after every tranche
Timing, order types, and movement risk between fills
Partial fills and unhedged exposure
Exit conditions: partial target convergence, risk limit, funding, and exchange state

06 Funding without sign or timing mistakes FUNDING Correctly determine who pays, when settlement occurs, and what the signal already includes. 8 min

Inside this module

Positive and negative rates relative to Long and Short positions
Different intervals and countdowns across exchanges
Rate changes before the settlement moment
Funding as part of the outcome, not a guarantee of convergence

07 Liquidity and the real execution price ORDER BOOK Distinguish the top quote from the execution price for the intended size. 8 min

Inside this module

Bid/ask and average price across multiple levels
Slippage, market impact, and the weaker route leg
24h volume versus currently available depth
Order limits, contract size, and minimum increment

08 Two-exchange risk management RISK Define loss boundaries and infrastructure failure scenarios in advance. 10 min

Inside this module

Margin, leverage, liquidation price, and buffer on both positions
Further divergence and margin imbalance
Delisting, maintenance, trading halts, and API outages
Exchange, contract, stablecoin, and operational risk

09 IXOR and the Telegram bot IXOR Master the menu, notifications, manual review, charts, login, payment, and Referral. 12 min

Inside this module

Main menu, website login, and subscription management
Exchange, signal-type, and minimum-threshold selection
Current spreads, funding signals, and manual-view filters
Telegram signal constructor, fields, and preview
Card refresh, all token spreads, chart, and exchange links
Payment invoices, status checks, and the personal Referral program

10 Case reviews and journaling REVIEW Evaluate decision quality from actual data rather than isolated successful cases. 8 min

Inside this module

Expected versus actual spread/ROI
Four fill prices, fees, and funding
Entry rationale, exit rationale, and plan deviations
Recurring errors: late entry, size, leverage, and partial fills

05 · CASE REPLAY

A signal is a sequence, not one number

00:00

Signal detected

Sell 102.00, Buy 100.00, gross spread 2.00%. After round-trip fees, the IXOR spread is 1.80%.

00:15

Depth validated

Average prices for the intended size show acceptable impact; the contract and market type match.

00:30

Funding and risks checked

Funding adjustment is 0.01%, estimated ROI is 0.905%. Both leg sizes and the partial-fill response are defined.

После входа

Monitoring rather than prediction

The chart and current data are used to monitor the route. The spread may narrow, widen, or cross zero and widen with the opposite sign. Full convergence is not required: exit follows the predefined target and risk limit.

06 · RISK MAP

What a two-leg position does not remove

Execution

One leg fills late or only partially.

Slippage

The book changes and the actual fill is worse than estimated.

Divergence

The spread may widen instead of converging or cross zero and move with the opposite sign.

Liquidation

Uneven margin or high leverage brings one leg close to liquidation.

Funding

The sign, rate, or interval changes before settlement.

Contract

The same ticker represents different assets or contract specifications.

Exchange

An exchange halts trading, withdrawals, APIs, or position access.

Delisting

The market is at risk of removal or forced settlement.

Read the full IXOR risk disclosure →

07 · SELF-CHECK

Five questions before live signals

1Where is the Long opened in a futures–futures route?

Answer: On the cheaper exchange, provided the contract and notional are genuinely comparable.

2Gross spread is 2%, total fee is 0.2%, and funding adjustment is 0%. What ROI does the IXOR formula show?

Answer: (2 − 0.2) / 2 = 0.9%.

3Why can the depth-weighted average price not be replaced by a single top-of-book price?

Answer: Because the intended size may consume several levels and receive a different actual fill.

4What happens if only one leg fills?

Answer: It creates unhedged directional exposure that requires a predefined, bounded contingency response.

5Does prior convergence on the chart guarantee another convergence?

Answer: No. History provides context, but liquidity, funding, and exchange conditions change.

NEXT STEP

Practice on current market data

Open IXOR, pick one route, and explain every field before considering any action. Do not use the training example as a live recommendation.

Try IXOR

IXOR risk disclosure Binance Academy: perpetual futures OKX: funding fee mechanism