Funding arb · Price arb /

EWJ

RWAall EWJ markets

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: OKX against Bybit+0.061%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1211.206% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now +0.061%, 7d avg +0.012%

Together, before fees−0.077%−$8 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: OKX is 0.049% dearer against Bybit than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit EWJUSDT	97.610	0	get 0.0000% / 8h	7h 43m	$191K	$24K	25x
Short	OKX EWJ-USDT-SWAP	97.670	0	get 0.0000% / 8h	7h 43m	$296K	$113K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.061%Rate

Funding earned: $0
Price spread: +0.061% → +0.012%: $4.93
Slippage, 4 orders: −$99.6
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$115.67
Costs to cover: 1.206%
Break-even: never at this rate

Slippage from Bybit: live order book, 36 min ago; OKX: live order book, 51 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, 36 min ago	12.80 bp	35.0 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 51 min ago	3.58 bp	27.6 bp −$28	doesn't fit	doesn't fit	doesn't fit

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
Hotstuff EWJ-PERP	−0.0264%	1h	97.630	+0.020%	$34K	—	20x	as long as short
Aster EWJUSDT	0.0000%	8h	97.693	+0.085%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.630	+0.020%	$1.1M	$858K	20x	as long as short
Bybit EWJUSDTlong	0.0000%	8h	97.610	long leg	$191K	$24K	25x
OKX EWJ-USDT-SWAPshort	0.0000%	8h	97.670	+0.061%	$296K	$113K	20x
Gate EWJ_USDT	0.0000%	8h	97.650	+0.041%	$341K	$178K	25x	as long as short
MEXC EWJ_USDT	0.0000%	8h	97.630	+0.020%	$403K	$104K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.610	0.000%	$741K	$142K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	97.623	+0.013%	$109K	$23K	—	as long as short
GRVT EWJ_USDT_Perp	0.0000%	8h	97.682	+0.074%	$627K	$405K	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	97.571	−0.040%	$1K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.421	−0.194%	$8K	$38K	20x	as long as short
BloFin EWJ-USDT	+0.0015%	8h	97.670	+0.061%	$43K	$68K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0084%	1h	97.647	+0.038%	$1.4M	$545K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.620	+0.010%	$151K	$1.0M	20x	as long as short
edgeX EWJUSDC	+0.0464%	4h	97.677	+0.069%	$595K	$233K	20x	as long as short