Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0648%/8h= +71.0% APRpaid last 24h +0.028%

Price spread now: Extended against Bybit0.000%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now 0.000%, 7d avg −0.040%

Together, before fees−0.037%+ Points / potential airdropExtended: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Extended is 0.041% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.040%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.023% in total (about 1.2% 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	Bybit EWYUSDT	190.14	0	get 0.0000% / 8h	7h 35m	$5.3M	$4.2M	100x
Short	Extended EWY_24_5-USD	190.14	0.0648	get 0.0081% / 1h	35m 38s	$301K	$671K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. 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 BybitbpFee ExtendedbpOrdersPrice spread, now 0.000%Rate

Funding earned: $136.08
Price spread: 0.000% → −0.040%: $4.05
Slippage, 4 orders: −$6.36
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $117.77
Costs to cover: 0.224%
Break-even: 0.9 days

Slippage from Bybit: live order book, 2 min ago; Extended: live order book, 37 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 Bybit live order book, 2 min ago	0.26 bp	8.7 bp −$9	12.3 bp −$123	doesn't fit	doesn't fit
Sell Extended live order book, 37 min ago	0.03 bp	2.9 bp −$3	6.1 bp −$61	doesn't fit	doesn't fit

EWY on 30 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
Bybit EWYUSDTlong	0.0000%	8h	190.14	long leg	$5.3M	$4.2M	100x
Gate EWY_USDT	0.0000%	8h	190.16	+0.011%	$4.1M	$3.3M	50x	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	190.21	+0.037%	$753K	$387K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	190.17	+0.016%	—	$2.7M	20x	as long as short
Deribit EWY_USDC-PERPETUAL	0.0000%	1h	190.11	−0.016%	$2K	$13K	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.23	+0.047%	$26K	$28K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	190.16	+0.011%	$1.7M	$38K	10x	as long as short
Lighter EWY	+0.0032%	1h	189.98	−0.084%	$379K	$54K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	190.37	+0.121%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	190.18	+0.021%	$196K	$143K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:EWY	+0.0050%	1h	190.08	−0.032%	$6.3M	$14.9M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	190.08	−0.032%	$52K	$58K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	190.00	−0.074%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	190.15	+0.005%	$578	$3K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	190.03	−0.058%	$229K	$231K	10x	as long as short
Paradex EWY-USD-PERP	+0.0090%	8h	190.11	−0.016%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	189.97	−0.089%	$979K	$671K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	190.28	+0.074%	$13K	$263K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.20	+0.032%	$2K	$1K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0144%	1h	189.77	−0.195%	$530K	$338K	20x	as long as short
OKX EWY-USDT-SWAP	+0.0316%	8h	190.13	−0.005%	$4.1M	$3.6M	50x	as long as short
Bitget EWYUSDT	+0.0319%	8h	190.11	−0.016%	$2.7M	$1.6M	20x	as long as short
Hotstuff EWY-PERP	+0.0344%	1h	190.20	+0.032%	$29K	$12K	20x	as long as short
Aster EWYUSDT	+0.0520%	8h	190.22	+0.044%	$295K	$12K	20x	as long as short
Variational Omni EWY	+0.0618%	8h	190.12	−0.013%	$1.2M	$1.1M	—	as long as short
Binance EWYUSDT	+0.0646%	8h	190.14	+0.001%	$28.6M	$78.1M	50x	as long as short
Extended EWY_24_5-USDshort	+0.0648%	1h	190.14	0.000%	$301K	$671K	10x
MEXC EWY_USDT	+0.0649%	8h	190.13	−0.005%	$7.5M	$4.5M	100x	as long as short
BloFin EWY-USDT	+0.0679%	8h	190.26	+0.063%	$47K	$214K	50x	as long as short
edgeX EWYUSDC	+0.0700%	4h	190.18	+0.019%	$426K	$282K	20x	as long as short