Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0360%/8h= +39.4% APRpaid last 24h +0.097%

Price spread now: Hotstuff against Bybit−0.020%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Hotstuff is 0.020% cheaper against Bybit than usual: you would sell low and buy high (spread −0.020% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 5 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit EWJUSDT	97.700	0	get 0.0000% / 8h	1h 06m	$191K	$24K	25x
Short	Hotstuff EWJ-PERP	97.680	0.0360	get 0.0045% / 1h	6m 47s	$34K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.020%Rate

Funding earned: $75.6
Price spread: −0.020% → 0.000%: −$2.05
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $57.55
Costs to cover: 0.160%
Break-even: 1.7 days

Slippage unknown: Bybit: live order book, 18 min ago; Hotstuff: no order-book sample. 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 Bybit live order book, 18 min ago	8.71 bp	53.4 bp −$53	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

EWJ on 16 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
Gate EWJ_USDT	−0.0084%	8h	97.690	−0.010%	$345K	$201K	25x	as long as short
BloFin EWJ-USDT	−0.0015%	8h	97.710	+0.010%	$43K	$69K	20x	as long as short
Aster EWJUSDT	0.0000%	8h	97.651	−0.051%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.700	0.000%	$1.1M	$857K	20x	as long as short
Bybit EWJUSDTlong	0.0000%	8h	97.700	long leg	$191K	$24K	25x
OKX EWJ-USDT-SWAP	0.0000%	8h	97.700	0.000%	$296K	$113K	20x	as long as short
MEXC EWJ_USDT	0.0000%	8h	97.700	0.000%	$403K	$106K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.670	−0.031%	$746K	$142K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	97.632	−0.070%	$110K	$22K	—	as long as short
GRVT EWJ_USDT_Perp	0.0000%	8h	97.646	−0.055%	$626K	$401K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX EWJ-USDT	0.0000%	8h	97.657	−0.044%	$1K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.470	−0.235%	$8K	$37K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0050%	1h	97.717	+0.017%	$1.5M	$545K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.550	−0.154%	$151K	$1.0M	20x	as long as short
edgeX EWJUSDC	+0.0116%	4h	97.639	−0.062%	$595K	$232K	20x	as long as short
Hotstuff EWJ-PERPshort	+0.0360%	1h	97.680	−0.020%	$34K	—	20x