Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.012%

Price spread now: Orderly against Entropy−0.027%7-day average — · you buy dearer than you sell

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

Long on Entropy Short on Orderly

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—needs both histories

Funding pays, the price is against you. Orderly is 0.027% cheaper against Entropy than usual: you would sell low and buy high (spread −0.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 43 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Entropy io:EWY	188.23	0.0050	pay 0.0006% / 1h	56m 21s	$143K	$119K	25x
Short	Orderly PERP_EWY_USDC_mythos	188.18	0.0100	get 0.0100% / 8h	1h 56m	$2K	$1K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Entropy. 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 EntropybpFee OrderlybpOrdersPrice spread, now −0.027%Rate

Funding earned: $10.5
Price spread: −0.027% → 0.000%: −$2.66
Slippage, 4 orders: no order book: not counted
Fee Entropy: 9 bp × 2 orders: −$18
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$16.16
Costs to cover: 0.240%
Break-even: 17.8 days

Slippage unknown: Entropy: live order book, 21 min ago; Orderly: 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 Entropy live order book, 21 min ago	9.86 bp	25.2 bp −$25	131.9 bp −$1,319	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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.

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
Bitget EWYUSDT	−0.0091%	8h	188.25	+0.011%	$2.7M	$2.3M	20x	as long as short
BloFin EWY-USDT	−0.0012%	8h	188.31	+0.043%	$48K	$216K	50x	as long as short
Aster EWYUSDT	0.0000%	8h	188.19	−0.021%	$292K	$12K	20x	as long as short
Extended EWY_24_5-USD	0.0000%	1h	188.12	−0.061%	$241K	$500K	10x	as long as short
Binance EWYUSDT	0.0000%	8h	188.17	−0.030%	$27.4M	$81.5M	50x	as long as short
Bybit EWYUSDT	0.0000%	8h	188.19	−0.021%	$5.0M	$4.8M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	188.17	−0.032%	$4.1M	$4.3M	50x	as long as short
Gate EWY_USDT	0.0000%	8h	188.26	+0.016%	$4.1M	$4.2M	50x	as long as short
MEXC EWY_USDT	0.0000%	8h	188.19	−0.021%	$8.5M	$4.1M	100x	as long as short
Variational Omni EWY	0.0000%	8h	188.63	+0.213%	$1.2M	$1.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT EWY_USDT_Perp	0.0000%	8h	188.67	+0.234%	$745K	$423K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	188.12	−0.058%	—	$2.5M	20x	as long as short
Deribit EWY_USDC-PERPETUAL	0.0000%	1h	188.09	−0.074%	$2K	$14K	20x	as long as short
HTX EWY-USDT	0.0000%	8h	188.27	+0.021%	$22K	$35K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	188.17	−0.032%	$1.7M	$37K	10x	as long as short
Lighter EWY	+0.0032%	1h	188.04	−0.101%	$381K	$40K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	188.11	−0.064%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	188.22	−0.005%	$198K	$151K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0048%	1h	188.61	+0.202%	$524K	$275K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	188.10	−0.069%	$6.3M	$14.4M	20x	as long as short
Entropy io:EWYlong	+0.0050%	1h	188.23	long leg	$143K	$119K	25x
Polymarket Perps EWY-USD	+0.0050%	1h	188.03	−0.106%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	188.16	−0.037%	$755	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	188.49	+0.138%	$215K	$319K	10x	as long as short
Paradex EWY-USD-PERP	+0.0060%	8h	188.14	−0.050%	$23	—	5x	as long as short
Hotstuff EWY-PERP	+0.0096%	1h	188.44	+0.112%	$28K	$12K	20x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	188.13	−0.053%	$969K	$599K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	188.52	+0.154%	$13K	$265K	50x	as long as short
Orderly PERP_EWY_USDC_mythosshort	+0.0100%	8h	188.18	−0.027%	$2K	$1K	20x
edgeX EWYUSDC	+0.0761%	4h	188.49	+0.137%	$423K	$283K	20x	as long as short