Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.047%

Price spread now: Entropy against GRVT−0.024%7-day average — · you buy dearer than you sell

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

Long on GRVT Short on Entropy

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 airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. Entropy is 0.024% cheaper against GRVT than usual: you would sell low and buy high (spread −0.024% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 39 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	GRVT EWY_USDT_Perp	189.12	0	get 0.0000% / 8h	2h 51m	$747K	$410K	10x
Short	Entropy io:EWY	189.07	0.0050	get 0.0006% / 1h	51m 12s	$65K	$81K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against GRVT. 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 GRVTbpFee EntropybpOrdersPrice spread, now −0.024%Rate

Funding earned: $10.5
Price spread: −0.024% → 0.000%: −$2.43
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Entropy: 9 bp × 2 orders: −$18
Net: −$18.93
Costs to cover: 0.270%
Break-even: 19.6 days

Slippage unknown: GRVT: live order book, 62 min ago; Entropy: 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 GRVT live order book, 62 min ago	4.21 bp	9.2 bp −$9	14.6 bp −$146	doesn't fit	doesn't fit
Sell Entropy no order-book sample	—	—	—	—	—

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
BloFin EWY-USDT	−0.0022%	8h	189.25	+0.071%	$48K	$216K	50x	as long as short
Aster EWYUSDT	0.0000%	8h	189.28	+0.088%	$293K	$12K	20x	as long as short
Extended EWY_24_5-USD	0.0000%	1h	189.23	+0.061%	$299K	$425K	10x	as long as short
Binance EWYUSDT	0.0000%	8h	189.26	+0.077%	$27.6M	$78.2M	50x	as long as short
Bybit EWYUSDT	0.0000%	8h	189.29	+0.092%	$5.1M	$4.4M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	189.19	+0.039%	$4.2M	$4.1M	50x	as long as short
Gate EWY_USDT	0.0000%	8h	189.26	+0.076%	$4.1M	$4.0M	50x	as long as short
MEXC EWY_USDT	0.0000%	8h	189.25	+0.071%	$6.2M	$3.7M	100x	as long as short
Bitget EWYUSDT	0.0000%	8h	189.23	+0.060%	$2.7M	$2.2M	20x	as long as short
Variational Omni EWY	0.0000%	8h	189.10	−0.007%	$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_Perplong	0.0000%	8h	189.12	long leg	$747K	$410K	10x
SunX EWY-USDT	0.0000%	8h	189.20	+0.044%	—	$2.5M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	189.22	+0.055%	$22K	$35K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	189.21	+0.050%	$1.7M	$37K	10x	as long as short
Lighter EWY	+0.0032%	1h	189.13	+0.007%	$383K	$40K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0040%	1h	188.40	−0.379%	$524K	$287K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	189.27	+0.081%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	189.30	+0.097%	$198K	$148K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	189.13	+0.007%	$6.2M	$14.3M	20x	as long as short
Entropy io:EWYshort	+0.0050%	1h	189.07	−0.024%	$65K	$81K	25x
Polymarket Perps EWY-USD	+0.0050%	1h	189.12	+0.002%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	189.20	+0.044%	$733	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	189.17	+0.029%	$204K	$307K	10x	as long as short
Paradex EWY-USD-PERP	+0.0052%	8h	189.34	+0.120%	$23	—	5x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0067%	1h	189.27	+0.081%	$2K	$14K	20x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	189.06	−0.030%	$974K	$611K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	189.05	−0.035%	$13K	$265K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	189.25	+0.071%	$2K	$1K	20x	as long as short
Hotstuff EWY-PERP	+0.0144%	1h	189.02	−0.051%	$28K	$12K	20x	as long as short
edgeX EWYUSDC	+0.0654%	4h	189.12	+0.003%	$424K	$284K	20x	as long as short