Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.093%

Price spread now: SunX against Hotstuff−0.061%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 SunX

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 −$3 a day on $10k at the current rate, and SunX is 0.061% cheaper against Hotstuff than usual: you would sell low and buy high (−$6 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	97.910	0.0096	pay 0.0012% / 1h	57m 13s	$34K	—	20x
Short	SunX EWJ-USDT	97.850	0	get 0.0000% / 8h	1h 57m	$2K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$20.16
Price spread: −0.061% → 0.000%: −$6.13
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: −$39.29
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; SunX: live order book, 7 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 SunX live order book, 7 min ago	500.09 bp	doesn't fit	doesn't fit	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	−0.0009%	8h	97.890	−0.020%	$43K	$68K	20x	as long as short
Aster EWJUSDT	0.0000%	8h	97.816	−0.096%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.894	−0.016%	$1.1M	$850K	20x	as long as short
Bybit EWJUSDT	0.0000%	8h	97.890	−0.020%	$192K	$24K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	97.880	−0.031%	$297K	$113K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	97.820	−0.092%	$347K	$194K	25x	as long as short
MEXC EWJ_USDT	0.0000%	8h	97.900	−0.010%	$272K	$87K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.840	−0.071%	$748K	$144K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	97.802	−0.110%	$110K	$22K	—	as long as short
GRVT EWJ_USDT_Perp	0.0000%	8h	97.756	−0.157%	$627K	$397K	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-USDTshort	0.0000%	8h	97.850	−0.061%	$2K	$1.4M	20x
HTX EWJ-USDT	0.0000%	8h	97.726	−0.188%	$8K	$37K	20x	as long as short
edgeX EWJUSDC	+0.0036%	4h	97.837	−0.075%	$596K	$234K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0083%	1h	97.930	+0.020%	$1.5M	$549K	20x	as long as short
Hotstuff EWJ-PERPlong	+0.0096%	1h	97.910	long leg	$34K	—	20x
KuCoin EWJUSDTM	+0.0100%	8h	97.830	−0.082%	$151K	$982K	20x	as long as short