Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0136%/8h= −14.9% APRpaid last 24h +0.028%

Price spread now: GRVT against Hotstuff+0.013%57s7-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 GRVT

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 · GRVT: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff EWJ-PERP	97.760	0.0136	pay 0.0017% / 1h	36m 25s	$34K	—	20x
Short	GRVT EWJ_USDT_Perp	97.773	0	get 0.0000% / 8h	2h 36m	$627K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$28.56
Price spread: +0.013% → 0.000%: $1.34
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$41.22
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; GRVT: live order book, 11 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 GRVT live order book, 11 min ago	1.02 bp	16.8 bp −$17	58.1 bp −$581	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
BloFin EWJ-USDT	−0.0004%	8h	97.750	−0.010%	$43K	$68K	20x	as long as short
Aster EWJUSDT	0.0000%	8h	97.765	+0.005%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.785	+0.025%	$1.1M	$657K	20x	as long as short
Bybit EWJUSDT	0.0000%	8h	97.780	+0.020%	$201K	$16K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	97.730	−0.031%	$299K	$94K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	97.720	−0.041%	$346K	$182K	25x	as long as short
MEXC EWJ_USDT	0.0000%	8h	97.790	+0.031%	$210K	$80K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.750	−0.010%	$732K	$90K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	97.749	−0.011%	$105K	$17K	—	as long as short
GRVT EWJ_USDT_Perpshort	0.0000%	8h	97.773	+0.013%	$627K	$396K	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	97.682	−0.080%	$1K	$1.3M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.602	−0.162%	$8K	$37K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0074%	1h	97.740	−0.020%	$1.5M	$504K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.740	−0.020%	$147K	$958K	20x	as long as short
Hotstuff EWJ-PERPlong	+0.0136%	1h	97.760	long leg	$34K	—	20x
edgeX EWJUSDC	+0.0656%	4h	97.762	+0.002%	$596K	$232K	20x	as long as short