Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h +0.001%

Price spread now: MEXC against Hotstuff−0.020%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on MEXC

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

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and MEXC is 0.020% cheaper against Hotstuff than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff EWJ-PERP	97.710	0.0128	pay 0.0016% / 1h	4m 23s	$34K	—	20x
Short	MEXC EWJ_USDT	97.690	0	get 0.0000% / 8h	1h 04m	$403K	$106K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$26.88
Price spread: −0.020% → 0.000%: −$2.05
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee MEXC: 0 bp × 2 orders: $0
Net: −$33.93
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; MEXC: 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 MEXC live order book, 11 min ago	1.02 bp	7.0 bp −$7	14.9 bp −$149	60.4 bp −$6,041	155.5 bp −$77.7K

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
Gate EWJ_USDT	−0.0092%	8h	97.660	−0.051%	$345K	$202K	25x	as long as short
BloFin EWJ-USDT	−0.0018%	8h	97.710	0.000%	$43K	$69K	20x	as long as short
Aster EWJUSDT	0.0000%	8h	97.655	−0.056%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.690	−0.020%	$1.1M	$858K	20x	as long as short
Bybit EWJUSDT	0.0000%	8h	97.710	0.000%	$191K	$24K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	97.700	−0.010%	$296K	$113K	20x	as long as short
MEXC EWJ_USDTshort	0.0000%	8h	97.690	−0.020%	$403K	$106K	20x
Bitget EWJUSDT	0.0000%	8h	97.660	−0.051%	$745K	$142K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	97.679	−0.032%	$110K	$22K	—	as long as short
GRVT EWJ_USDT_Perp	0.0000%	8h	97.646	−0.065%	$626K	$401K	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	97.624	−0.088%	$1K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.506	−0.209%	$8K	$37K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0050%	1h	97.728	+0.018%	$1.5M	$545K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.580	−0.133%	$150K	$1.0M	20x	as long as short
edgeX EWJUSDC	+0.0116%	4h	97.639	−0.072%	$595K	$232K	20x	as long as short
Hotstuff EWJ-PERPlong	+0.0128%	1h	97.710	long leg	$34K	—	20x