Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0520%/8h= +56.9% APRpaid last 24h −0.028%

Price spread now: Hotstuff against GRVT+0.027%7-day average — · you sell dearer than you buy

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

Long on GRVT 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 airdropGRVT: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Hotstuff is 0.027% dearer against GRVT than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT EWJ_USDT_Perp	97.684	0	get 0.0000% / 8h	23m 28s	$626K	$403K	10x
Short	Hotstuff EWJ-PERP	97.710	0.0520	get 0.0065% / 1h	23m 28s	$34K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against GRVT. 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 GRVTbpFee HotstuffbpOrdersPrice spread, now +0.027%Rate

Funding earned: $109.2
Price spread: +0.027% → 0.000%: $2.67
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $97.87
Costs to cover: 0.140%
Break-even: 0.7 days

Slippage unknown: GRVT: live order book, 14 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 GRVT live order book, 14 min ago	2.05 bp	27.6 bp −$28	1655.8 bp −$16.6K	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
edgeX EWJUSDC	−0.0660%	4h	97.668	−0.016%	$595K	$232K	20x	as long as short
Gate EWJ_USDT	−0.0146%	8h	97.650	−0.035%	$345K	$194K	25x	as long as short
Aster EWJUSDT	0.0000%	8h	97.686	+0.002%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.700	+0.016%	$1.1M	$866K	20x	as long as short
Bybit EWJUSDT	0.0000%	8h	97.700	+0.016%	$191K	$24K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	97.690	+0.006%	$296K	$113K	20x	as long as short
MEXC EWJ_USDT	0.0000%	8h	97.700	+0.016%	$403K	$105K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.720	+0.037%	$746K	$142K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	97.682	−0.002%	$110K	$22K	—	as long as short
GRVT EWJ_USDT_Perplong	0.0000%	8h	97.684	long leg	$626K	$403K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX EWJ-USDT	0.0000%	8h	97.656	−0.029%	$2K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.533	−0.155%	$8K	$38K	20x	as long as short
BloFin EWJ-USDT	+0.0021%	8h	97.700	+0.016%	$43K	$68K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0066%	1h	97.722	+0.039%	$1.5M	$545K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.610	−0.076%	$150K	$1.0M	20x	as long as short
Hotstuff EWJ-PERPshort	+0.0520%	1h	97.710	+0.027%	$34K	—	20x