Funding arb · Price arb /

EWY

RWAall EWY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0527%/8h= +57.7% APRpaid last 24h +0.047%

Price spread now: Variational Omni against Entropy−0.072%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 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 · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.072% cheaper against Entropy than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 11 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Entropy io:EWY	190.44	0.0050	pay 0.0006% / 1h	7m 47s	$52K	$57K	25x
Short	Variational Omni EWY	190.30	0.0577	get 0.0577% / 8h	7h 07m	$1.2M	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.072%Rate

Funding earned: $110.61
Price spread: −0.072% → 0.000%: −$7.16
Slippage, 4 orders: no order book: not counted
Fee Entropy: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $85.45
Costs to cover: 0.180%
Break-even: 1.6 days

Slippage unknown: Entropy: no order-book sample; 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 Entropy no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	2.23 bp	doesn't fit	3.4 bp −$34	doesn't fit	doesn't fit

Entropy: 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
Bybit EWYUSDT	0.0000%	8h	190.68	+0.126%	$5.2M	$4.3M	100x	as long as short
Gate EWY_USDT	0.0000%	8h	190.67	+0.121%	$4.0M	$3.5M	50x	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	190.47	+0.014%	$754K	$386K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	190.38	−0.032%	—	$2.6M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.48	+0.021%	$22K	$37K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	190.69	+0.131%	$1.7M	$37K	10x	as long as short
Lighter EWY	+0.0032%	1h	190.50	+0.032%	$386K	$64K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	190.74	+0.158%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	190.59	+0.079%	$196K	$143K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	190.62	+0.095%	$6.3M	$14.5M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Entropy io:EWYlong	+0.0050%	1h	190.44	long leg	$52K	$57K	25x
Polymarket Perps EWY-USD	+0.0050%	1h	190.44	0.000%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	190.53	+0.047%	$507	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	190.46	+0.011%	$229K	$236K	10x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0065%	1h	190.64	+0.105%	$2K	$13K	20x	as long as short
Paradex EWY-USD-PERP	+0.0072%	8h	190.56	+0.064%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	190.44	0.000%	$982K	$652K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	190.41	−0.016%	$13K	$264K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.66	+0.116%	$2K	$1K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0144%	1h	190.34	−0.053%	$531K	$341K	20x	as long as short
OKX EWY-USDT-SWAP	+0.0279%	8h	190.68	+0.126%	$4.2M	$3.5M	50x	as long as short
Hotstuff EWY-PERP	+0.0408%	1h	190.36	−0.042%	$29K	$12K	20x	as long as short
Bitget EWYUSDT	+0.0443%	8h	190.63	+0.100%	$2.8M	$1.6M	20x	as long as short
Aster EWYUSDT	+0.0483%	8h	190.62	+0.095%	$296K	$12K	20x	as long as short
Variational Omni EWYshort	+0.0577%	8h	190.30	−0.072%	$1.2M	$1.1M	—
Extended EWY_24_5-USD	+0.0600%	1h	190.59	+0.077%	$304K	$670K	10x	as long as short
Binance EWYUSDT	+0.0602%	8h	190.63	+0.100%	$28.6M	$77.4M	50x	as long as short
BloFin EWY-USDT	+0.0604%	8h	190.46	+0.011%	$47K	$214K	50x	as long as short
MEXC EWY_USDT	+0.0604%	8h	190.66	+0.116%	$7.4M	$4.6M	100x	as long as short
edgeX EWYUSDC	+0.0920%	4h	190.24	−0.106%	$426K	$282K	20x	as long as short