Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h +0.052%

Price spread now: Variational Omni against tradeXYZ−0.006%7-day average +0.076% · you buy dearer than you sell

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.075%+$8 · spread now −0.006%, 7d avg +0.076%

Together, before fees+0.094%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.083% cheaper against tradeXYZ than usual: you would sell low and buy high (spread −0.006% now, against its 7-day average of +0.076%). If the spread goes back, that is −$8 on $10k: about 47 hours of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.019% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:EWY	190.36	0.0050	pay 0.0006% / 1h	2m 09s	$6.1M	$13.9M	20x
Short	Variational Omni EWY	190.35	0.0191	get 0.0191% / 8h	5h 02m	$1.2M	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now −0.006%Rate

Funding earned: $29.62
Price spread: −0.006% → +0.076%: −$8.26
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $3.36
Costs to cover: 0.180%
Break-even: 6.2 days

Slippage unknown: tradeXYZ: live order book, 7 min ago; Variational Omni: RFQ quote, 2 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 tradeXYZ live order book, 7 min ago	0.52 bp	10.4 bp −$10	12.4 bp −$124	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.23 bp	doesn't fit	4.4 bp −$44	doesn't fit	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
Hotstuff EWY-PERP	−0.0032%	1h	190.38	+0.011%	$29K	$12K	20x	as long as short
Bybit EWYUSDT	0.0000%	8h	190.51	+0.079%	$5.1M	$4.3M	100x	as long as short
Gate EWY_USDT	0.0000%	8h	190.48	+0.063%	$4.2M	$3.8M	50x	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	190.46	+0.055%	$753K	$393K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	190.32	−0.021%	—	$2.5M	20x	as long as short
Deribit EWY_USDC-PERPETUAL	0.0000%	1h	190.38	+0.011%	$2K	$13K	20x	as long as short
Coinbase International EWY-PERP-INTX	0.0000%	1h	190.39	+0.016%	$531K	$312K	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.53	+0.089%	$22K	$35K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	190.44	+0.042%	$1.7M	$38K	10x	as long as short
Lighter EWY	+0.0032%	1h	190.32	−0.021%	$386K	$39K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest EWY-USD-PERP	+0.0046%	1h	190.55	+0.100%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	190.42	+0.032%	$198K	$146K	20x	as long as short
tradeXYZ xyz:EWYlong	+0.0050%	1h	190.36	long leg	$6.1M	$13.9M	20x
Entropy io:EWY	+0.0050%	1h	190.31	−0.026%	$51K	$56K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	190.26	−0.053%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	190.42	+0.032%	$748	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	190.31	−0.026%	$201K	$267K	10x	as long as short
Paradex EWY-USD-PERP	+0.0055%	8h	190.45	+0.047%	$23	—	5x	as long as short
Bitget EWYUSDT	+0.0063%	8h	190.45	+0.047%	$2.7M	$2.0M	20x	as long as short
OKX EWY-USDT-SWAP	+0.0095%	8h	190.49	+0.068%	$4.1M	$3.5M	50x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	190.37	+0.005%	$982K	$627K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	190.46	+0.053%	$13K	$265K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.43	+0.037%	$2K	$1K	20x	as long as short
Aster EWYUSDT	+0.0147%	8h	190.43	+0.037%	$295K	$12K	20x	as long as short
edgeX EWYUSDC	+0.0164%	4h	190.41	+0.027%	$427K	$284K	20x	as long as short
Variational Omni EWYshort	+0.0191%	8h	190.35	−0.006%	$1.2M	$1.1M	—
Binance EWYUSDT	+0.0222%	8h	190.45	+0.046%	$28.5M	$76.9M	50x	as long as short
MEXC EWY_USDT	+0.0222%	8h	190.43	+0.037%	$6.5M	$4.2M	100x	as long as short
Extended EWY_24_5-USD	+0.0224%	1h	190.40	+0.020%	$302K	$663K	10x	as long as short
BloFin EWY-USDT	+0.0241%	8h	190.45	+0.047%	$48K	$214K	50x	as long as short