Funding arb · Price arb /

EWJ

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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 +0.121%

Price spread now: GRVT against Bybit−0.030%110s7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1181.176% of the position

Long on Bybit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.206%+$21 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now −0.030%, 7d avg +0.006%

Together, before fees+0.227%+ Points / potential airdropGRVT: Active · farm board+$23 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: GRVT is 0.036% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.006%. The two prices were read 110 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit EWJUSDT	98.140	0	get 0.0000% / 8h	6h 19m	$213K	$59K	25x
Short	GRVT EWJ_USDT_Perp	98.110	0	get 0.0000% / 8h	6h 19m	$629K	$423K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Bybit. 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 BybitbpFee GRVTbpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → +0.006%: −$3.59
Slippage, 4 orders: −$97.62
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$121.21
Costs to cover: 1.176%
Break-even: never at this rate

Slippage from Bybit: live order book, 26 min ago; GRVT: live order book, 31 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 Bybit live order book, 26 min ago	8.66 bp	46.0 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 31 min ago	2.55 bp	22.9 bp −$23	71.9 bp −$719	doesn't fit	doesn't fit

EWJ on 16 exchanges

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 EWJ-USDT	−0.0009%	8h	98.210	+0.071%	$44K	$69K	20x	as long as short
Aster EWJUSDT	0.0000%	8h	98.106	−0.034%	$15K	$1K	20x	as long as short
Binance EWJUSDT	0.0000%	8h	98.081	−0.060%	$1.1M	$907K	20x	as long as short
Bybit EWJUSDTlong	0.0000%	8h	98.140	long leg	$213K	$59K	25x
OKX EWJ-USDT-SWAP	0.0000%	8h	98.130	−0.010%	$298K	$115K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	98.040	−0.102%	$339K	$186K	25x	as long as short
MEXC EWJ_USDT	0.0000%	8h	98.100	−0.041%	$906K	$189K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	98.140	0.000%	$737K	$144K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	98.100	−0.041%	$117K	$30K	—	as long as short
GRVT EWJ_USDT_Perpshort	0.0000%	8h	98.110	−0.030%	$629K	$423K	10x

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX EWJ-USDT	0.0000%	8h	98.029	−0.113%	$1K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.957	−0.186%	$8K	$38K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0085%	1h	98.097	−0.044%	$1.5M	$562K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	98.020	−0.122%	$151K	$1.1M	20x	as long as short
edgeX EWJUSDC	+0.0256%	4h	98.156	+0.016%	$598K	$232K	20x	as long as short
Hotstuff EWJ-PERP	+0.0936%	1h	98.120	−0.020%	$34K	—	20x	as long as short