Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0221%/8h= −24.2% APRpaid last 24h +0.054%

Price spread now: Binance against tradeXYZ−0.006%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$580.577% of the position

Long on tradeXYZ Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 7 days+0.009%+$1 · spread now −0.006%, 7d avg +0.052%

Together, before fees+0.006%+ Points / potential airdroptradeXYZ: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Binance is 0.058% cheaper against tradeXYZ than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.052%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.002% in total (about -0.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:EWJ	98.196	0.0221	pay 0.0028% / 1h	57m 27s	$1.5M	$562K	20x
Short	Binance EWJUSDT	98.190	0	get 0.0000% / 8h	6h 57m	$1.1M	$899K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against tradeXYZ. 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 tradeXYZbpFee BinancebpOrdersPrice spread, now −0.006%Rate

Funding earned: −$46.47
Price spread: −0.006% → +0.052%: −$5.77
Slippage, 4 orders: −$29.71
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Binance: 5 bp × 2 orders: −$10
Net: −$109.95
Costs to cover: 0.577%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 10 min ago; Binance: live order book, 5 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 tradeXYZ live order book, 10 min ago	3.61 bp	16.5 bp −$17	32.6 bp −$326	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	1.02 bp	15.3 bp −$15	55.9 bp −$559	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	−0.0309%	4h	98.229	+0.034%	$599K	$232K	20x	as long as short
Aster EWJUSDT	0.0000%	8h	98.135	−0.062%	$15K	$1K	20x	as long as short
Binance EWJUSDTshort	0.0000%	8h	98.190	−0.006%	$1.1M	$899K	20x
Bybit EWJUSDT	0.0000%	8h	98.150	−0.047%	$213K	$59K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	98.150	−0.047%	$297K	$114K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	98.150	−0.047%	$346K	$179K	25x	as long as short
MEXC EWJ_USDT	0.0000%	8h	98.190	−0.006%	$907K	$187K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	98.160	−0.037%	$740K	$142K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	98.262	+0.067%	$117K	$30K	—	as long as short
GRVT EWJ_USDT_Perp	0.0000%	8h	98.255	+0.060%	$630K	$425K	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	98.146	−0.051%	$1K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	98.080	−0.118%	$8K	$38K	20x	as long as short
BloFin EWJ-USDT	+0.0029%	8h	98.230	+0.035%	$43K	$68K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	98.150	−0.047%	$151K	$1.0M	20x	as long as short
tradeXYZ xyz:EWJlong	+0.0221%	1h	98.196	long leg	$1.5M	$562K	20x
Hotstuff EWJ-PERP	+0.0520%	1h	98.190	−0.006%	$34K	—	20x	as long as short