Funding arb · Price arb /

EWJ

RWAall EWJ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.035%

Price spread now: Variational Omni against GRVT−0.015%7-day average +0.017% · you buy dearer than you sell

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

Long on GRVT Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.035%−$4 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.015%, 7d avg +0.017%

Together, before fees−0.023%+ Points / potential airdropGRVT: Active · Variational Omni: Active · farm board−$2 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: Variational Omni is 0.032% cheaper against GRVT than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT EWJ_USDT_Perp	97.646	0	get 0.0000% / 8h	1h 06m	$626K	$401K	10x
Short	Variational Omni EWJ	97.632	0	get 0.0000% / 8h	1h 06m	$110K	$22K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.015%Rate

Funding earned: $0
Price spread: −0.015% → +0.017%: −$3.18
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.18
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 36 min ago; Variational Omni: RFQ quote, 37 min ago. 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, 36 min ago	0.51 bp	31.8 bp −$32	12057.6 bp −$120.6K	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 37 min ago	2.62 bp	doesn't fit	82.9 bp −$829	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
Gate EWJ_USDT	−0.0084%	8h	97.690	+0.045%	$345K	$201K	25x	as long as short
BloFin EWJ-USDT	−0.0015%	8h	97.710	+0.065%	$43K	$69K	20x	as long as short
Aster EWJUSDT	0.0000%	8h	97.643	−0.003%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.700	+0.055%	$1.1M	$857K	20x	as long as short
Bybit EWJUSDT	0.0000%	8h	97.700	+0.055%	$191K	$24K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	97.700	+0.055%	$296K	$113K	20x	as long as short
MEXC EWJ_USDT	0.0000%	8h	97.690	+0.045%	$403K	$106K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.680	+0.035%	$746K	$142K	20x	as long as short
Variational Omni EWJshort	0.0000%	8h	97.632	−0.015%	$110K	$22K	—
GRVT EWJ_USDT_Perplong	0.0000%	8h	97.646	long leg	$626K	$401K	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	97.657	+0.011%	$1K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.470	−0.180%	$8K	$37K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0050%	1h	97.717	+0.073%	$1.5M	$545K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.540	−0.109%	$151K	$1.0M	20x	as long as short
edgeX EWJUSDC	+0.0116%	4h	97.639	−0.007%	$595K	$232K	20x	as long as short
Hotstuff EWJ-PERP	+0.0360%	1h	97.680	+0.035%	$34K	—	20x	as long as short