Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h −0.527%

Price spread now: Hotstuff against Phemex−0.100%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 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 · farm boardneeds both histories

Funding pays, the price is against you. Hotstuff is 0.100% cheaper against Phemex than usual: you would sell low and buy high (spread −0.100% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 2.3 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex EWYUSDT	189.21	0	get 0.0000% / 8h	2h 50m	$1.7M	$37K	10x
Short	Hotstuff EWY-PERP	189.02	0.0144	get 0.0018% / 1h	50m 52s	$28K	$12K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Phemex. 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 PhemexbpFee HotstuffbpOrdersPrice spread, now −0.100%Rate

Funding earned: $30.24
Price spread: −0.100% → 0.000%: −$10.04
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $3.2
Costs to cover: 0.170%
Break-even: 6.3 days

Slippage unknown: Phemex: live order book, 2 min ago; Hotstuff: no order-book sample. 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 Phemex live order book, 2 min ago	2.64 bp	40.8 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

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
BloFin EWY-USDT	−0.0022%	8h	189.25	+0.021%	$48K	$216K	50x	as long as short
Aster EWYUSDT	0.0000%	8h	189.28	+0.038%	$293K	$12K	20x	as long as short
Extended EWY_24_5-USD	0.0000%	1h	189.21	−0.002%	$299K	$425K	10x	as long as short
Binance EWYUSDT	0.0000%	8h	189.26	+0.024%	$27.6M	$78.2M	50x	as long as short
Bybit EWYUSDT	0.0000%	8h	189.26	+0.026%	$5.1M	$4.4M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	189.16	−0.026%	$4.2M	$4.1M	50x	as long as short
Gate EWY_USDT	0.0000%	8h	189.26	+0.026%	$4.1M	$4.0M	50x	as long as short
MEXC EWY_USDT	0.0000%	8h	189.21	0.000%	$6.2M	$3.7M	100x	as long as short
Bitget EWYUSDT	0.0000%	8h	189.23	+0.011%	$2.7M	$2.2M	20x	as long as short
Variational Omni EWY	0.0000%	8h	189.24	+0.017%	$1.2M	$1.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT EWY_USDT_Perp	0.0000%	8h	189.12	−0.050%	$747K	$410K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	189.20	−0.005%	—	$2.5M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	189.22	+0.005%	$22K	$35K	20x	as long as short
Phemex EWYUSDTlong	0.0000%	8h	189.21	long leg	$1.7M	$37K	10x
Lighter EWY	+0.0032%	1h	189.13	−0.042%	$383K	$40K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0040%	1h	188.40	−0.428%	$524K	$287K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	189.27	+0.032%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	189.30	+0.048%	$198K	$148K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	189.13	−0.042%	$6.2M	$14.3M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	189.07	−0.074%	$65K	$81K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	189.12	−0.048%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	189.20	−0.005%	$733	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	189.17	−0.021%	$204K	$307K	10x	as long as short
Paradex EWY-USD-PERP	+0.0052%	8h	189.34	+0.070%	$23	—	5x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0067%	1h	189.27	+0.032%	$2K	$14K	20x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	189.04	−0.090%	$974K	$611K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	189.05	−0.085%	$13K	$265K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	189.25	+0.021%	$2K	$1K	20x	as long as short
Hotstuff EWY-PERPshort	+0.0144%	1h	189.02	−0.100%	$28K	$12K	20x
edgeX EWYUSDC	+0.0654%	4h	189.12	−0.047%	$424K	$284K	20x	as long as short