Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.4% APRpaid last 24h +0.014%

Price spread now: Binance against Hotstuff+0.041%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Binance

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

The price spread pays, funding is against you. Binance is 0.041% dearer against Hotstuff than usual: you sell high and buy low (spread +0.041% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff EWJ-PERP	97.920	0.0208	pay 0.0026% / 1h	30m 27s	$34K	—	20x
Short	Binance EWJUSDT	97.960	0.0141	get 0.0141% / 8h	3h 30m	$1.1M	$646K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hotstuff. 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 HotstuffbpFee BinancebpOrdersPrice spread, now +0.041%Rate

Funding earned: −$14.14
Price spread: +0.041% → 0.000%: $4.08
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$25.05
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; Binance: live order book, 2 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Binance live order book, 2 min ago	1.02 bp	13.4 bp −$13	48.3 bp −$483	doesn't fit	doesn't fit

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
Bybit EWJUSDT	0.0000%	8h	97.860	−0.061%	$201K	$16K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	97.850	−0.071%	$299K	$94K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	97.890	−0.031%	$347K	$185K	25x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.940	+0.020%	$733K	$91K	20x	as long as short
GRVT EWJ_USDT_Perp	0.0000%	8h	97.908	−0.013%	$628K	$403K	10x	as long as short
SunX EWJ-USDT	0.0000%	8h	97.789	−0.134%	$2K	$1.3M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.690	−0.235%	$8K	$37K	20x	as long as short
BloFin EWJ-USDT	+0.0017%	8h	97.850	−0.071%	$43K	$69K	20x	as long as short
Variational Omni EWJ	+0.0025%	8h	97.858	−0.063%	$105K	$17K	—	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.910	−0.010%	$147K	$935K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster EWJUSDT	+0.0110%	8h	97.860	−0.061%	$15K	$962	20x	as long as short
Binance EWJUSDTshort	+0.0141%	8h	97.960	+0.041%	$1.1M	$646K	20x
MEXC EWJ_USDT	+0.0142%	8h	97.960	+0.041%	$210K	$80K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0159%	1h	97.960	+0.041%	$1.5M	$467K	20x	as long as short
Hotstuff EWJ-PERPlong	+0.0208%	1h	97.920	long leg	$34K	—	20x
edgeX EWJUSDC	+0.0728%	4h	97.887	−0.034%	$597K	$233K	20x	as long as short