Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Polymarket Perps+0.058%7-day average — · you sell dearer than you buy

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

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.058% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.058% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps EWY-USD	190.36	0.0050	pay 0.0006% / 1h	27m 51s	$4K	$126	20x
Short	Phemex EWYUSDT	190.47	0	get 0.0000% / 8h	7h 27m	$1.7M	$38K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$10.5
Price spread: +0.058% → 0.000%: $5.78
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$24.72
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Phemex: live order book, 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	1.58 bp	49.5 bp −$49	doesn't fit	doesn't fit	doesn't fit

Polymarket 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 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	190.59	+0.121%	$5.3M	$4.2M	100x	as long as short
Gate EWY_USDT	0.0000%	8h	190.51	+0.079%	$4.1M	$3.3M	50x	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	190.04	−0.166%	$752K	$384K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	190.35	−0.005%	—	$2.7M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.24	−0.063%	$26K	$29K	20x	as long as short
Phemex EWYUSDTshort	0.0000%	8h	190.47	+0.058%	$1.7M	$38K	10x
Lighter EWY	+0.0032%	1h	190.33	−0.016%	$380K	$54K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	190.57	+0.110%	—	$220K	25x	as long as short
Hotstuff EWY-PERP	+0.0048%	1h	190.33	−0.016%	$29K	$12K	20x	as long as short
Popdex EWYUSDT	+0.0048%	1h	190.47	+0.058%	$196K	$141K	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	190.53	+0.089%	$6.2M	$15.0M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	190.17	−0.100%	$52K	$57K	25x	as long as short
Polymarket Perps EWY-USDlong	+0.0050%	1h	190.36	long leg	$4K	$126	20x
SoDEX EWY-USD	+0.0050%	1h	190.33	−0.016%	$430	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	189.93	−0.226%	$229K	$232K	10x	as long as short
Paradex EWY-USD-PERP	+0.0084%	8h	190.41	+0.027%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	190.24	−0.063%	$980K	$666K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	190.00	−0.189%	$13K	$263K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.47	+0.058%	$2K	$1K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0144%	1h	189.77	−0.310%	$530K	$338K	20x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0275%	1h	190.45	+0.047%	$2K	$13K	20x	as long as short
OKX EWY-USDT-SWAP	+0.0299%	8h	190.65	+0.152%	$4.2M	$3.6M	50x	as long as short
Bitget EWYUSDT	+0.0324%	8h	190.55	+0.100%	$2.7M	$1.6M	20x	as long as short
Aster EWYUSDT	+0.0499%	8h	190.44	+0.044%	$295K	$12K	20x	as long as short
Variational Omni EWY	+0.0597%	8h	190.06	−0.160%	$1.2M	$1.1M	—	as long as short
Extended EWY_24_5-USD	+0.0616%	1h	190.44	+0.040%	$302K	$717K	10x	as long as short
Binance EWYUSDT	+0.0617%	8h	190.50	+0.071%	$28.7M	$78.0M	50x	as long as short
MEXC EWY_USDT	+0.0618%	8h	190.48	+0.063%	$7.5M	$4.5M	100x	as long as short
BloFin EWY-USDT	+0.0624%	8h	190.24	−0.063%	$47K	$214K	50x	as long as short
edgeX EWYUSDC	+0.0746%	4h	190.05	−0.163%	$426K	$283K	20x	as long as short