Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0650%/8h= −71.2% APRpaid last 24h −0.002%

Price spread now: Lighter against MEXC−0.047%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$170.175% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now −0.047%, 7d avg −0.065%

Together, before fees−0.149%+ Points / potential airdropLighter: Season 3 · farm board−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.065%, so right now this pair is about funding alone: −$20 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.122% in total (about -6.4% 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	MEXC EWY_USDT	189.89	0.0682	pay 0.0682% / 8h	17m 16s	$7.5M	$4.5M	100x
Short	Lighter EWY	189.80	0.0032	get 0.0004% / 1h	17m 16s	$377K	$62K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$136.5
Price spread: −0.047% → −0.065%: $1.74
Slippage, 4 orders: −$17.49
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$152.24
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from MEXC: live order book, just now; Lighter: live order book, 52 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 MEXC live order book, just now	0.26 bp	0.3 bp $0	0.3 bp −$3	4.5 bp −$447	144.7 bp −$72.4K
Sell Lighter live order book, 52 min ago	4.23 bp	10.2 bp −$10	16.5 bp −$165	50.5 bp −$5,054	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
Gate EWY_USDT	0.0000%	8h	189.89	0.000%	$3.6M	$3.0M	50x	as long as short
SunX EWY-USDT	0.0000%	8h	189.65	−0.126%	—	$2.7M	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	189.92	+0.016%	$1.7M	$37K	10x	as long as short
Lighter EWYshort	+0.0032%	1h	189.80	−0.047%	$377K	$62K	20x
Vest EWY-USD-PERP	+0.0046%	1h	189.95	+0.032%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	189.92	+0.016%	$195K	$138K	20x	as long as short
Entropy io:EWY	+0.0050%	1h	189.74	−0.079%	$51K	$59K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	189.74	−0.079%	$4K	$81	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	189.87	−0.011%	$774	$3K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	189.73	−0.084%	$243K	$207K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin EWYUSDTM	+0.0100%	8h	189.68	−0.111%	$966K	$688K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	189.86	−0.016%	$13K	$262K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	189.88	−0.005%	$2K	$1K	20x	as long as short
Paradex EWY-USD-PERP	+0.0138%	8h	190.04	+0.080%	$23	—	5x	as long as short
Coinbase International EWY-PERP-INTX	+0.0144%	1h	189.79	−0.053%	$528K	$341K	20x	as long as short
tradeXYZ xyz:EWY	+0.0153%	1h	189.84	−0.026%	$6.7M	$14.7M	20x	as long as short
Bybit EWYUSDT	+0.0170%	8h	189.96	+0.037%	$5.3M	$4.2M	100x	as long as short
HTX EWY-USDT	+0.0221%	8h	189.99	+0.053%	$36K	$8K	20x	as long as short
Bitget EWYUSDT	+0.0224%	8h	189.95	+0.032%	$2.6M	$1.5M	20x	as long as short
Hotstuff EWY-PERP	+0.0232%	1h	189.88	−0.005%	$28K	$12K	20x	as long as short
edgeX EWYUSDC	+0.0306%	4h	189.83	−0.034%	$425K	$276K	20x	as long as short
OKX EWY-USDT-SWAP	+0.0325%	8h	189.96	+0.037%	$4.0M	$4.0M	50x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0435%	1h	189.90	+0.005%	$2K	$13K	20x	as long as short
Aster EWYUSDT	+0.0562%	8h	189.76	−0.070%	$294K	$12K	20x	as long as short
Variational Omni EWY	+0.0645%	8h	189.77	−0.064%	$1.5M	$991K	—	as long as short
GRVT EWY_USDT_Perp	+0.0656%	8h	189.91	+0.010%	$751K	$395K	10x	as long as short
BloFin EWY-USDT	+0.0676%	8h	189.86	−0.016%	$47K	$214K	50x	as long as short
MEXC EWY_USDTlong	+0.0682%	8h	189.89	long leg	$7.5M	$4.5M	100x
Binance EWYUSDT	+0.0687%	8h	189.86	−0.016%	$28.6M	$79.7M	50x	as long as short
Extended EWY_24_5-USD	+0.0688%	1h	189.82	−0.035%	$298K	$396K	10x	as long as short