Funding arb · Price arb /

EWJ

RWAall EWJ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0304%/8h= +33.3% APRpaid last 24h +0.007%

Price spread now: Hotstuff against Variational Omni+0.080%46s7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Hotstuff

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 airdropVariational Omni: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hotstuff is 0.080% dearer against Variational Omni than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet). 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	Variational Omni EWJ	97.802	0	get 0.0000% / 8h	1h 58m	$110K	$22K	—
Short	Hotstuff EWJ-PERP	97.880	0.0304	get 0.0038% / 1h	58m 50s	$34K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Variational Omni. 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 Variational OmnibpFee HotstuffbpOrdersPrice spread, now +0.080%Rate

Funding earned: $63.84
Price spread: +0.080% → 0.000%: $7.98
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $66.82
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 50 min ago; Hotstuff: no order-book sample. 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 Variational Omni RFQ quote, 50 min ago	2.62 bp	doesn't fit	88.1 bp −$881	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

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
edgeX EWJUSDC	−0.0281%	4h	97.960	+0.161%	$597K	$233K	20x	as long as short
Aster EWJUSDT	0.0000%	8h	97.878	+0.078%	$15K	$962	20x	as long as short
Binance EWJUSDT	0.0000%	8h	97.907	+0.107%	$1.1M	$847K	20x	as long as short
Bybit EWJUSDT	0.0000%	8h	97.840	+0.039%	$192K	$24K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	97.780	−0.022%	$297K	$113K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	97.850	+0.049%	$347K	$191K	25x	as long as short
MEXC EWJ_USDT	0.0000%	8h	97.900	+0.100%	$272K	$87K	20x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.840	+0.039%	$748K	$144K	20x	as long as short
Variational Omni EWJlong	0.0000%	8h	97.802	long leg	$110K	$22K	—
GRVT EWJ_USDT_Perp	0.0000%	8h	97.756	−0.047%	$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-USDT	0.0000%	8h	97.782	−0.020%	$1K	$1.4M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.720	−0.084%	$8K	$37K	20x	as long as short
BloFin EWJ-USDT	+0.0023%	8h	97.800	−0.002%	$43K	$68K	20x	as long as short
tradeXYZ xyz:EWJ	+0.0083%	1h	97.917	+0.118%	$1.5M	$549K	20x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.870	+0.070%	$151K	$980K	20x	as long as short
Hotstuff EWJ-PERPshort	+0.0304%	1h	97.880	+0.080%	$34K	—	20x