Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.040%

Price spread now: Variational Omni against tradeXYZ+0.094%7-day average +0.034% · you sell dearer than you buy

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.067%+$7 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now +0.094%, 7d avg +0.034%

Together, before fees−0.025%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.060% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.094% now, against its 7-day average of +0.034%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.0 days. Mind the row above: over the last 4 days funding on this pair paid +0.067%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:EWJ	98.487	0.0050	pay 0.0006% / 1h	46m 26s	$1.5M	$672K	20x
Short	Variational Omni EWJ	98.580	0	get 0.0000% / 8h	5h 46m	$117K	$30K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.094%Rate

Funding earned: −$10.5
Price spread: +0.094% → +0.034%: $6.02
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$22.48
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 4 min ago; Variational Omni: RFQ quote, 1 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 tradeXYZ live order book, 4 min ago	2.03 bp	19.3 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.43 bp	doesn't fit	56.0 bp −$560	doesn't fit	doesn't fit

EWJ on 16 exchanges

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	−8.0000%	1h	98.500	+0.013%	$34K	—	20x	as long as short
edgeX EWJUSDC	−0.0016%	4h	98.577	+0.092%	$601K	$233K	20x	as long as short
Aster EWJUSDT	0.0000%	8h	98.418	−0.070%	$15K	$4K	20x	as long as short
Binance EWJUSDT	0.0000%	8h	98.512	+0.025%	$1.1M	$1.1M	20x	as long as short
Bybit EWJUSDT	0.0000%	8h	98.430	−0.058%	$220K	$65K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	98.570	+0.084%	$300K	$126K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	98.470	−0.017%	$357K	$215K	25x	as long as short
MEXC EWJ_USDT	0.0000%	8h	98.520	+0.034%	$815K	$254K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	98.480	−0.007%	$742K	$196K	20x	as long as short
Variational Omni EWJshort	0.0000%	8h	98.580	+0.094%	$117K	$30K	—

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX EWJ-USDT	0.0000%	8h	98.490	+0.003%	$1K	$1.5M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	98.399	−0.089%	$8K	$37K	20x	as long as short
BloFin EWJ-USDT	+0.0018%	8h	98.510	+0.023%	$44K	$69K	20x	as long as short
tradeXYZ xyz:EWJlong	+0.0050%	1h	98.487	long leg	$1.5M	$672K	20x
GRVT EWJ_USDT_Perp	+0.0085%	8h	98.518	+0.032%	$632K	$426K	10x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	98.550	+0.064%	$160K	$1.1M	20x	as long as short