Funding arb · Price arb /

EWJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.059%

Price spread now: Binance against tradeXYZ−0.008%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$650.646% of the position

Long on tradeXYZ Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 7 days+0.060%+$6 · spread now −0.008%, 7d avg +0.051%

Together, before fees+0.044%+ Points / potential airdroptradeXYZ: Active · farm board+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.060% cheaper against tradeXYZ than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:EWJ	97.958	0.0322	pay 0.0040% / 1h	32m 41s	$1.5M	$455K	20x
Short	Binance EWJUSDT	97.950	0.0325	get 0.0325% / 8h	4h 32m	$1.1M	$628K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.008%Rate

Funding earned: $0.6
Price spread: −0.008% → +0.051%: −$5.95
Slippage, 4 orders: −$36.61
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Binance: 5 bp × 2 orders: −$10
Net: −$69.96
Costs to cover: 0.646%
Break-even: 816.5 days

Slippage from tradeXYZ: live order book, 5 min ago; Binance: live order book, 15 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 tradeXYZ live order book, 5 min ago	3.37 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	1.02 bp	13.3 bp −$13	43.8 bp −$438	doesn't fit	doesn't fit

EWJ on 16 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
edgeX EWJUSDC	−0.0543%	4h	97.942	−0.017%	$597K	$233K	20x	as long as short
Bybit EWJUSDT	0.0000%	8h	97.820	−0.141%	$201K	$16K	25x	as long as short
OKX EWJ-USDT-SWAP	0.0000%	8h	97.890	−0.069%	$299K	$92K	20x	as long as short
Gate EWJ_USDT	0.0000%	8h	97.950	−0.008%	$340K	$180K	25x	as long as short
Bitget EWJUSDT	0.0000%	8h	97.960	+0.002%	$733K	$90K	20x	as long as short
SunX EWJ-USDT	0.0000%	8h	97.928	−0.031%	$2K	$1.3M	20x	as long as short
HTX EWJ-USDT	0.0000%	8h	97.643	−0.322%	$8K	$37K	20x	as long as short
BloFin EWJ-USDT	+0.0010%	8h	97.970	+0.012%	$43K	$70K	20x	as long as short
GRVT EWJ_USDT_Perp	+0.0069%	8h	97.947	−0.012%	$628K	$392K	10x	as long as short
KuCoin EWJUSDTM	+0.0100%	8h	97.880	−0.080%	$147K	$902K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster EWJUSDT	+0.0232%	8h	97.895	−0.064%	$15K	$962	20x	as long as short
Variational Omni EWJ	+0.0240%	8h	97.953	−0.005%	$115K	$7K	—	as long as short
tradeXYZ xyz:EWJlong	+0.0322%	1h	97.958	long leg	$1.5M	$455K	20x
Binance EWJUSDTshort	+0.0325%	8h	97.950	−0.008%	$1.1M	$628K	20x
MEXC EWJ_USDT	+0.0327%	8h	97.950	−0.008%	$210K	$80K	20x	as long as short
Hotstuff EWJ-PERP	+0.0560%	1h	97.960	+0.002%	$34K	—	20x	as long as short