Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0392%/8h= +42.9% APRpaid last 24h −0.015%

Price spread now: Extended against GRVT+0.175%92s7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.201% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.344%−$34 · spread now +0.175%, 7d avg −0.018%

Together, before fees−0.366%+ Points / potential airdropGRVT: Active · Extended: Active · farm board−$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Extended is 0.193% dearer against GRVT than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.018%. The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.022% in total (about -1.1% 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	GRVT EWY_USDT_Perp	189.91	0	get 0.0000% / 8h	6h 01m	$751K	$390K	10x
Short	Extended EWY_24_5-USD	190.24	0.0392	get 0.0049% / 1h	1m 46s	$302K	$665K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.175%Rate

Funding earned: $82.32
Price spread: +0.175% → −0.018%: $19.31
Slippage, 4 orders: −$6.11
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $81.52
Costs to cover: 0.201%
Break-even: 0.1 days

Slippage from GRVT: live order book, 1 min ago; Extended: live order book, 1 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 GRVT live order book, 1 min ago	1.58 bp	6.6 bp −$7	11.0 bp −$110	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	0.03 bp	2.8 bp −$3	6.7 bp −$67	doesn't fit	doesn't fit

EWY on 29 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	190.26	+0.187%	$5.1M	$4.4M	100x	as long as short
Gate EWY_USDT	0.0000%	8h	190.19	+0.150%	$4.0M	$3.6M	50x	as long as short
GRVT EWY_USDT_Perplong	0.0000%	8h	189.91	long leg	$751K	$390K	10x
SunX EWY-USDT	0.0000%	8h	190.23	+0.171%	—	$2.5M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.00	+0.050%	$22K	$36K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	190.18	+0.144%	$1.7M	$38K	10x	as long as short
Lighter EWY	+0.0032%	1h	190.21	+0.160%	$386K	$40K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	190.31	+0.213%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	190.19	+0.150%	$197K	$147K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0048%	1h	189.56	−0.182%	$529K	$322K	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:EWY	+0.0050%	1h	190.14	+0.123%	$6.1M	$14.0M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	190.05	+0.076%	$52K	$57K	25x	as long as short
Bitget EWYUSDT	+0.0050%	8h	190.14	+0.123%	$2.7M	$2.0M	20x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	190.02	+0.060%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	190.17	+0.139%	$739	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	189.90	−0.003%	$197K	$274K	10x	as long as short
Paradex EWY-USD-PERP	+0.0062%	8h	190.17	+0.138%	$23	—	5x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0065%	1h	190.28	+0.197%	$2K	$13K	20x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	190.14	+0.123%	$979K	$628K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	189.83	−0.040%	$13K	$264K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.26	+0.187%	$2K	$1K	20x	as long as short
Hotstuff EWY-PERP	+0.0120%	1h	189.96	+0.029%	$28K	$12K	20x	as long as short
OKX EWY-USDT-SWAP	+0.0162%	8h	190.23	+0.171%	$4.1M	$3.5M	50x	as long as short
Aster EWYUSDT	+0.0303%	8h	190.38	+0.248%	$295K	$12K	20x	as long as short
Variational Omni EWY	+0.0370%	8h	189.94	+0.019%	$1.2M	$1.1M	—	as long as short
Binance EWYUSDT	+0.0391%	8h	190.26	+0.187%	$28.4M	$77.3M	50x	as long as short
Extended EWY_24_5-USDshort	+0.0392%	1h	190.24	+0.175%	$302K	$665K	10x
MEXC EWY_USDT	+0.0394%	8h	190.20	+0.155%	$7.0M	$4.3M	100x	as long as short
edgeX EWYUSDC	+0.0867%	4h	189.87	−0.018%	$425K	$283K	20x	as long as short