Funding arb · Price arb /

EWY

RWAall EWY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.013%

Price spread now: Coinbase International against Gate−0.375%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$440.445% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.153%+$15 on $10k

Price spread, last 4 days (all we have)+0.304%+$30 · spread now −0.375%, 7d avg −0.083%

Together, before fees+0.456%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.292% cheaper against Gate than usual: you would sell low and buy high (spread −0.375% now, against its 7-day average of −0.083%). If the spread goes back, that is −$29 on $10k: about 24 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate EWY_USDT	189.11	0	get 0.0000% / 8h	2h 54m	$4.1M	$3.9M	50x
Short	Coinbase International EWY-PERP-INTX	188.40	0.0040	get 0.0005% / 1h	54m 08s	$524K	$290K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now −0.375%Rate

Funding earned: $8.4
Price spread: −0.375% → −0.083%: −$29.21
Slippage, 4 orders: −$19.49
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$65.31
Costs to cover: 0.445%
Break-even: 61.4 days

Slippage from Gate: live order book, 4 min ago; Coinbase International: live order book, 59 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 Gate live order book, 4 min ago	3.18 bp	13.4 bp −$13	21.3 bp −$213	43.5 bp −$4,351	79.2 bp −$39.6K
Sell Coinbase International live order book, 59 min ago	4.21 bp	9.4 bp −$9	12.1 bp −$121	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
Aster EWYUSDT	0.0000%	8h	189.08	−0.014%	$293K	$12K	20x	as long as short
Extended EWY_24_5-USD	0.0000%	1h	189.02	−0.046%	$299K	$425K	10x	as long as short
Binance EWYUSDT	0.0000%	8h	189.07	−0.021%	$27.5M	$78.1M	50x	as long as short
Bybit EWYUSDT	0.0000%	8h	189.10	−0.005%	$5.1M	$4.4M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	189.06	−0.026%	$4.2M	$4.1M	50x	as long as short
Gate EWY_USDTlong	0.0000%	8h	189.11	long leg	$4.1M	$3.9M	50x
MEXC EWY_USDT	0.0000%	8h	189.09	−0.011%	$6.2M	$3.7M	100x	as long as short
Bitget EWYUSDT	0.0000%	8h	189.16	+0.026%	$2.7M	$2.2M	20x	as long as short
Variational Omni EWY	0.0000%	8h	189.10	−0.004%	$1.2M	$1.1M	—	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	189.02	−0.050%	$747K	$407K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX EWY-USDT	0.0000%	8h	189.02	−0.048%	—	$2.5M	20x	as long as short
Deribit EWY_USDC-PERPETUAL	0.0000%	1h	189.02	−0.048%	$2K	$14K	20x	as long as short
HTX EWY-USDT	0.0000%	8h	188.86	−0.132%	$22K	$35K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	189.10	−0.005%	$1.7M	$37K	10x	as long as short
BloFin EWY-USDT	+0.0019%	8h	188.98	−0.069%	$48K	$215K	50x	as long as short
Lighter EWY	+0.0032%	1h	188.92	−0.100%	$383K	$40K	20x	as long as short
Coinbase International EWY-PERP-INTXshort	+0.0040%	1h	188.40	−0.375%	$524K	$290K	20x
Vest EWY-USD-PERP	+0.0046%	1h	189.00	−0.058%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	189.10	−0.005%	$197K	$148K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	188.97	−0.074%	$6.2M	$14.2M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	188.88	−0.122%	$65K	$81K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	188.90	−0.111%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	189.07	−0.021%	$734	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	188.92	−0.100%	$202K	$305K	10x	as long as short
Paradex EWY-USD-PERP	+0.0051%	8h	189.05	−0.033%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	188.85	−0.137%	$972K	$611K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	188.93	−0.095%	$13K	$265K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	189.10	−0.005%	$2K	$1K	20x	as long as short
edgeX EWYUSDC	+0.0132%	4h	188.93	−0.094%	$424K	$284K	20x	as long as short
Hotstuff EWY-PERP	+0.0240%	1h	188.87	−0.127%	$28K	$12K	20x	as long as short