Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h +0.077%

Price spread now: GRVT against tradeXYZ+0.018%46s7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$860.864% of the position

Long on tradeXYZ Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now +0.018%, 7d avg +0.012%

Together, before fees+0.090%+ Points / potential airdroptradeXYZ: Active · GRVT: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.060%, so the current rate has only just turned against you. The two prices were read 46 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	tradeXYZ xyz:EWJ	97.593	0.0112	pay 0.0014% / 1h	36m 46s	$1.4M	$545K	20x
Short	GRVT EWJ_USDT_Perp	97.611	0	get 0.0000% / 8h	7h 36m	$626K	$406K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$23.62
Price spread: +0.018% → +0.012%: $0.63
Slippage, 4 orders: −$59.42
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$109.41
Costs to cover: 0.864%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 10 min ago; GRVT: live order book, 61 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	2.66 bp	12.9 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 61 min ago	2.05 bp	27.9 bp −$28	126.3 bp −$1,263	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
Hotstuff EWJ-PERP	−0.0104%	1h	97.590	−0.003%	$34K	—	20x	as long as short
Aster EWJUSDT	0.0000%	8h	97.632	+0.040%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.610	+0.017%	$1.1M	$860K	20x	as long as short
Bybit EWJUSDT	0.0000%	8h	97.550	−0.044%	$191K	$24K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	97.670	+0.079%	$296K	$113K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	97.580	−0.013%	$341K	$179K	25x	as long as short
MEXC EWJ_USDT	0.0000%	8h	97.590	−0.003%	$403K	$105K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.610	+0.017%	$739K	$143K	20x	as long as short
Variational Omni EWJ	0.0000%	8h	97.584	−0.009%	$109K	$23K	—	as long as short
GRVT EWJ_USDT_Perpshort	0.0000%	8h	97.611	+0.018%	$626K	$406K	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	97.545	−0.049%	$1K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.468	−0.128%	$8K	$38K	20x	as long as short
BloFin EWJ-USDT	+0.0017%	8h	97.570	−0.024%	$43K	$68K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.560	−0.034%	$150K	$1.0M	20x	as long as short
tradeXYZ xyz:EWJlong	+0.0112%	1h	97.593	long leg	$1.4M	$545K	20x
edgeX EWJUSDC	+0.0288%	4h	97.584	−0.009%	$595K	$232K	20x	as long as short