Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0777%/8h= +85.1% APRpaid last 24h +0.579%

Price spread now: Variational Omni against Hotstuff−0.061%46s7-day average — · you buy dearer than you sell

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

Long on Hotstuff 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 airdropHotstuff: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.061% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.061% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 6 hours of funding at the current rate (+$23 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff EWY-PERP	190.42	−0.0200	get 0.0025% / 1h	9m 43s	$29K	$12K	20x
Short	Variational Omni EWY	190.30	0.0577	get 0.0577% / 8h	7h 09m	$1.2M	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hotstuff. 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 HotstuffbpFee Variational OmnibpOrdersPrice spread, now −0.061%Rate

Funding earned: $163.11
Price spread: −0.061% → 0.000%: −$6.11
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $152
Costs to cover: 0.050%
Break-even: 0.5 days

Slippage unknown: Hotstuff: no order-book sample; Variational Omni: RFQ quote, 4 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	2.23 bp	doesn't fit	4.9 bp −$49	doesn't fit	doesn't fit

Hotstuff: 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
Hotstuff EWY-PERPlong	−0.0200%	1h	190.42	long leg	$29K	$12K	20x
Bybit EWYUSDT	0.0000%	8h	190.49	+0.037%	$5.2M	$4.3M	100x	as long as short
Gate EWY_USDT	0.0000%	8h	190.48	+0.032%	$4.0M	$3.5M	50x	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	190.47	+0.025%	$754K	$386K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	190.35	−0.037%	—	$2.6M	20x	as long as short
Deribit EWY_USDC-PERPETUAL	0.0000%	1h	190.39	−0.016%	$2K	$13K	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.48	+0.032%	$22K	$37K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	190.42	0.000%	$1.7M	$37K	10x	as long as short
Lighter EWY	+0.0032%	1h	190.35	−0.037%	$386K	$64K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	190.63	+0.110%	—	$220K	25x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex EWYUSDT	+0.0048%	1h	190.46	+0.021%	$195K	$141K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	190.42	0.000%	$6.3M	$14.5M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	190.38	−0.021%	$52K	$57K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	190.28	−0.074%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	190.36	−0.032%	$501	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	190.32	−0.053%	$229K	$236K	10x	as long as short
Paradex EWY-USD-PERP	+0.0073%	8h	190.44	+0.009%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	190.31	−0.058%	$981K	$653K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	190.55	+0.068%	$13K	$264K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.47	+0.026%	$2K	$1K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0144%	1h	190.44	+0.011%	$531K	$341K	20x	as long as short
OKX EWY-USDT-SWAP	+0.0279%	8h	190.47	+0.026%	$4.2M	$3.5M	50x	as long as short
Bitget EWYUSDT	+0.0446%	8h	190.46	+0.021%	$2.7M	$1.6M	20x	as long as short
Aster EWYUSDT	+0.0483%	8h	190.52	+0.051%	$295K	$12K	20x	as long as short
Variational Omni EWYshort	+0.0577%	8h	190.30	−0.061%	$1.2M	$1.1M	—
BloFin EWY-USDT	+0.0581%	8h	190.29	−0.068%	$47K	$214K	50x	as long as short
Binance EWYUSDT	+0.0605%	8h	190.47	+0.026%	$28.6M	$77.4M	50x	as long as short
MEXC EWY_USDT	+0.0607%	8h	190.46	+0.021%	$7.4M	$4.6M	100x	as long as short
Extended EWY_24_5-USD	+0.0608%	1h	190.47	+0.029%	$304K	$670K	10x	as long as short
edgeX EWYUSDC	+0.0666%	4h	190.70	+0.148%	$427K	$284K	20x	as long as short