Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0266%/8h= −29.2% APRpaid last 24h −0.025%

Price spread now: Lighter against OKX−0.131%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.131%, 7d avg −0.062%

Together, before fees−0.004%+ Points / potential airdropLighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Lighter is 0.069% cheaper against OKX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.062%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.023% in total (about -1.2% 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	OKX EWY-USDT-SWAP	190.84	0.0298	pay 0.0298% / 8h	7h 26m	$4.2M	$3.6M	50x
Short	Lighter EWY	190.59	0.0032	get 0.0004% / 1h	26m 50s	$379K	$54K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$55.93
Price spread: −0.131% → −0.062%: −$6.88
Slippage, 4 orders: −$22.33
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$95.13
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Lighter: live order book, 38 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 OKX live order book, 1 min ago	0.26 bp	9.2 bp −$9	13.6 bp −$136	doesn't fit	doesn't fit
Sell Lighter live order book, 38 min ago	3.96 bp	10.6 bp −$11	17.2 bp −$172	47.9 bp −$4,789	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
Bybit EWYUSDT	0.0000%	8h	190.87	+0.016%	$5.3M	$4.2M	100x	as long as short
Gate EWY_USDT	0.0000%	8h	190.78	−0.031%	$4.1M	$3.3M	50x	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	190.04	−0.417%	$752K	$384K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	190.41	−0.225%	—	$2.6M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.24	−0.314%	$26K	$30K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	190.78	−0.031%	$1.7M	$38K	10x	as long as short
Lighter EWYshort	+0.0032%	1h	190.59	−0.131%	$379K	$54K	20x
Vest EWY-USD-PERP	+0.0046%	1h	190.81	−0.016%	—	$220K	25x	as long as short
Hotstuff EWY-PERP	+0.0048%	1h	190.42	−0.220%	$29K	$12K	20x	as long as short
Popdex EWYUSDT	+0.0048%	1h	190.70	−0.073%	$196K	$142K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:EWY	+0.0050%	1h	190.74	−0.052%	$6.3M	$15.0M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	190.24	−0.314%	$52K	$57K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	190.56	−0.147%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	190.51	−0.173%	$434	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	189.93	−0.477%	$229K	$232K	10x	as long as short
Paradex EWY-USD-PERP	+0.0084%	8h	190.63	−0.108%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	190.53	−0.162%	$982K	$666K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	190.28	−0.293%	$13K	$263K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.64	−0.105%	$2K	$1K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0144%	1h	190.72	−0.063%	$532K	$341K	20x	as long as short
edgeX EWYUSDC	+0.0267%	4h	190.15	−0.364%	$426K	$284K	20x	as long as short
OKX EWY-USDT-SWAPlong	+0.0298%	8h	190.84	long leg	$4.2M	$3.6M	50x
Deribit EWY_USDC-PERPETUAL	+0.0327%	1h	190.73	−0.058%	$2K	$13K	20x	as long as short
Bitget EWYUSDT	+0.0332%	8h	190.80	−0.021%	$2.7M	$1.6M	20x	as long as short
Aster EWYUSDT	+0.0498%	8h	190.65	−0.099%	$296K	$12K	20x	as long as short
Variational Omni EWY	+0.0597%	8h	190.06	−0.411%	$1.2M	$1.1M	—	as long as short
Extended EWY_24_5-USD	+0.0616%	1h	190.75	−0.048%	$304K	$717K	10x	as long as short
MEXC EWY_USDT	+0.0616%	8h	190.81	−0.016%	$7.4M	$4.5M	100x	as long as short
Binance EWYUSDT	+0.0616%	8h	190.81	−0.015%	$28.7M	$78.0M	50x	as long as short
BloFin EWY-USDT	+0.0633%	8h	190.71	−0.068%	$47K	$214K	50x	as long as short