Funding arb · Price arb /

EWJ

RWAall EWJ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0112%/8h= +12.3% APRpaid last 24h +0.044%

Price spread now: tradeXYZ against Bybit+0.044%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$1011.009% of the position

Long on Bybit Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 4 days (all we have)−0.078%−$8 · spread now +0.044%, 7d avg −0.008%

Together, before fees+0.068%+ Points / potential airdroptradeXYZ: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and tradeXYZ is 0.052% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit EWJUSDT	97.550	0	get 0.0000% / 8h	7h 36m	$191K	$24K	25x
Short	tradeXYZ xyz:EWJ	97.593	0.0112	get 0.0014% / 1h	36m 47s	$1.4M	$545K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.044%Rate

Funding earned: $23.62
Price spread: +0.044% → −0.008%: $5.22
Slippage, 4 orders: −$71.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$72.06
Costs to cover: 1.009%
Break-even: 28.4 days

Slippage from Bybit: live order book, 43 min ago; tradeXYZ: live order book, 10 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, 43 min ago	12.80 bp	35.0 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 10 min ago	2.66 bp	18.0 bp −$18	29.8 bp −$298	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	−0.0104%	1h	97.590	+0.041%	$34K	—	20x	as long as short
Aster EWJUSDT	0.0000%	8h	97.632	+0.084%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.610	+0.062%	$1.1M	$860K	20x	as long as short
Bybit EWJUSDTlong	0.0000%	8h	97.550	long leg	$191K	$24K	25x
OKX EWJ-USDT-SWAP	0.0000%	8h	97.670	+0.123%	$296K	$113K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	97.580	+0.031%	$341K	$179K	25x	as long as short
MEXC EWJ_USDT	0.0000%	8h	97.590	+0.041%	$403K	$105K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.610	+0.062%	$739K	$143K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	97.584	+0.035%	$109K	$23K	—	as long as short
GRVT EWJ_USDT_Perp	0.0000%	8h	97.611	+0.062%	$626K	$406K	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	97.545	−0.005%	$1K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.468	−0.084%	$8K	$38K	20x	as long as short
BloFin EWJ-USDT	+0.0017%	8h	97.570	+0.021%	$43K	$68K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.560	+0.010%	$150K	$1.0M	20x	as long as short
tradeXYZ xyz:EWJshort	+0.0112%	1h	97.593	+0.044%	$1.4M	$545K	20x
edgeX EWJUSDC	+0.0288%	4h	97.584	+0.035%	$595K	$232K	20x	as long as short