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 0.000%

Price spread now: Bybit against OKX+0.010%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1231.226% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.010%, 7d avg −0.015%

Together, before fees−0.017%−$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: Bybit is 0.025% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX EWJ-USDT-SWAP	97.700	0	get 0.0000% / 8h	22m 46s	$296K	$113K	20x
Short	Bybit EWJUSDT	97.710	0	get 0.0000% / 8h	22m 46s	$191K	$24K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now +0.010%Rate

Funding earned: $0
Price spread: +0.010% → −0.015%: $2.55
Slippage, 4 orders: −$101.62
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$120.08
Costs to cover: 1.226%
Break-even: never at this rate

Slippage from OKX: live order book, 12 min ago; Bybit: live order book, 62 min ago.

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 OKX live order book, 12 min ago	3.58 bp	23.0 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 62 min ago	8.71 bp	18.6 bp −$19	doesn't fit	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
edgeX EWJUSDC	−0.0660%	4h	97.668	−0.033%	$595K	$232K	20x	as long as short
Gate EWJ_USDT	−0.0146%	8h	97.670	−0.031%	$345K	$194K	25x	as long as short
Aster EWJUSDT	0.0000%	8h	97.684	−0.016%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.715	+0.016%	$1.1M	$866K	20x	as long as short
Bybit EWJUSDTshort	0.0000%	8h	97.710	+0.010%	$191K	$24K	25x
OKX EWJ-USDT-SWAPlong	0.0000%	8h	97.700	long leg	$296K	$113K	20x
MEXC EWJ_USDT	0.0000%	8h	97.730	+0.031%	$403K	$105K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.720	+0.020%	$746K	$142K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	97.682	−0.018%	$110K	$22K	—	as long as short
GRVT EWJ_USDT_Perp	0.0000%	8h	97.684	−0.016%	$626K	$403K	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	97.653	−0.048%	$2K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.533	−0.171%	$8K	$38K	20x	as long as short
BloFin EWJ-USDT	+0.0012%	8h	97.680	−0.020%	$43K	$68K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0067%	1h	97.733	+0.034%	$1.5M	$545K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.620	−0.082%	$149K	$1.0M	20x	as long as short
Hotstuff EWJ-PERP	+0.0520%	1h	97.710	+0.010%	$34K	—	20x	as long as short