Funding arb · Price arb /

EWY

RWAall EWY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0413%/8h= +45.2% APRpaid last 24h +0.052%

Price spread now: Variational Omni against Ondo Perps+0.136%7-day average +0.082% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.002%$0 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.136%, 7d avg +0.082%

Together, before fees−0.052%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board−$5 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 Variational Omni is 0.053% dearer against Ondo Perps than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.082%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.002% in total (about -0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps EWY-USD.P	188.12	0.0050	pay 0.0006% / 1h	47m 34s	$225K	$315K	10x
Short	Variational Omni EWY	188.38	0.0463	get 0.0463% / 8h	4h 47m	$1.1M	$943K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.136%Rate

Funding earned: $86.66
Price spread: +0.136% → +0.082%: $5.34
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $87
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 5 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	2.23 bp	doesn't fit	3.2 bp −$32	doesn't fit	doesn't fit

Ondo Perps: 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 exchanges

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-PERP	−0.0056%	1h	188.26	+0.074%	$28K	$17K	20x	as long as short
Bybit EWYUSDT	0.0000%	8h	188.57	+0.239%	$5.0M	$5.0M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	188.38	+0.138%	$4.0M	$4.9M	50x	as long as short
Bitget EWYUSDT	0.0000%	8h	188.47	+0.186%	$3.3M	$3.3M	20x	as long as short
SunX EWY-USDT	0.0000%	8h	187.87	−0.133%	—	$1.6M	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	188.29	+0.090%	$1.7M	$37K	10x	as long as short
Lighter EWY	+0.0032%	1h	188.26	+0.074%	$382K	$44K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	188.19	+0.037%	—	$224K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	188.51	+0.207%	$202K	$174K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0048%	1h	188.01	−0.058%	$522K	$253K	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:EWY	+0.0050%	1h	188.23	+0.058%	$5.9M	$14.7M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	188.26	+0.074%	$143K	$118K	25x	as long as short
SoDEX EWY-USD	+0.0050%	1h	188.15	+0.016%	$767	$3K	10x	as long as short
Ondo Perps EWY-USD.Plong	+0.0050%	1h	188.12	long leg	$225K	$315K	10x
Paradex EWY-USD-PERP	+0.0054%	8h	188.49	+0.198%	$23	—	5x	as long as short
Gate EWY_USDT	+0.0065%	8h	188.46	+0.181%	$3.9M	$4.9M	50x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	188.13	+0.005%	$968K	$745K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	188.14	+0.011%	$13K	$266K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	188.27	+0.080%	$2K	$1K	20x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0122%	1h	188.23	+0.058%	$3K	$10K	20x	as long as short
Polymarket Perps EWY-USD	+0.0244%	1h	188.35	+0.122%	$4K	$7K	20x	as long as short
Aster EWYUSDT	+0.0396%	8h	188.21	+0.050%	$291K	$14K	20x	as long as short
Variational Omni EWYshort	+0.0463%	8h	188.38	+0.136%	$1.1M	$943K	—
BloFin EWY-USDT	+0.0474%	8h	188.07	−0.027%	$48K	$246K	50x	as long as short
Extended EWY_24_5-USD	+0.0496%	1h	188.33	+0.114%	$248K	$1.4M	10x	as long as short
MEXC EWY_USDT	+0.0498%	8h	188.31	+0.101%	$6.8M	$4.7M	100x	as long as short
Binance EWYUSDT	+0.0500%	8h	188.49	+0.198%	$26.1M	$86.9M	50x	as long as short
HTX EWY-USDT	+0.0542%	8h	188.05	−0.037%	$22K	$36K	20x	as long as short
edgeX EWYUSDC	+0.0552%	4h	188.07	−0.025%	$422K	$296K	20x	as long as short
GRVT EWY_USDT_Perp	+0.1028%	8h	188.02	−0.053%	$737K	$413K	10x	as long as short