Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0368%/8h= −40.3% APRpaid last 24h −0.040%

Price spread now: ApeX Omni against Binance+0.016%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$900.898% of the position

Long on Binance Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now +0.016%, 7d avg −0.023%

Together, before fees−0.053%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.039% dearer against Binance than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.023%): +$4 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 8 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.030% in total (about 1.5% 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	Binance EWYUSDT	188.42	0.0468	pay 0.0468% / 8h	4h 55m	$26.1M	$86.2M	50x
Short	ApeX Omni EWYUSDT	188.45	0.0100	get 0.0013% / 1h	55m 36s	$13K	$266K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Binance. 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 BinancebpFee ApeX OmnibpOrdersPrice spread, now +0.016%Rate

Funding earned: −$77.34
Price spread: +0.016% → −0.023%: $3.88
Slippage, 4 orders: −$69.78
Fee Binance: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$163.24
Costs to cover: 0.898%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; ApeX Omni: live order book, 49 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 Binance live order book, 10 min ago	0.26 bp	5.5 bp −$6	6.9 bp −$69	22.7 bp −$2,272	doesn't fit
Sell ApeX Omni live order book, 49 min ago	28.37 bp	39.5 bp −$39	203.7 bp −$2,037	doesn't fit	doesn't fit

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	−0.0632%	1h	188.38	−0.021%	$28K	$16K	20x	as long as short
Bybit EWYUSDT	0.0000%	8h	188.47	+0.027%	$5.0M	$5.0M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	188.41	−0.005%	$4.0M	$4.9M	50x	as long as short
Bitget EWYUSDT	0.0000%	8h	188.47	+0.027%	$3.2M	$3.2M	20x	as long as short
SunX EWY-USDT	0.0000%	8h	188.12	−0.159%	—	$1.6M	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	188.38	−0.021%	$1.7M	$38K	10x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0016%	1h	188.33	−0.048%	$3K	$10K	20x	as long as short
Lighter EWY	+0.0032%	1h	188.28	−0.074%	$382K	$44K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	188.44	+0.011%	—	$224K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	188.43	+0.005%	$201K	$166K	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International EWY-PERP-INTX	+0.0048%	1h	188.08	−0.180%	$523K	$254K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	188.30	−0.064%	$5.9M	$14.8M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	188.37	−0.027%	$143K	$118K	25x	as long as short
SoDEX EWY-USD	+0.0050%	1h	188.37	−0.027%	$770	$3K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	188.19	−0.122%	$225K	$315K	10x	as long as short
Paradex EWY-USD-PERP	+0.0054%	8h	188.45	+0.018%	$23	—	5x	as long as short
Gate EWY_USDT	+0.0062%	8h	188.44	+0.011%	$3.9M	$4.9M	50x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	188.26	−0.085%	$969K	$738K	20x	as long as short
ApeX Omni EWYUSDTshort	+0.0100%	1h	188.45	+0.016%	$13K	$266K	50x
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	188.38	−0.021%	$2K	$1K	20x	as long as short
Polymarket Perps EWY-USD	+0.0224%	1h	188.55	+0.069%	$4K	$7K	20x	as long as short
edgeX EWYUSDC	+0.0293%	4h	188.40	−0.011%	$422K	$289K	20x	as long as short
Aster EWYUSDT	+0.0366%	8h	188.33	−0.050%	$292K	$14K	20x	as long as short
Variational Omni EWY	+0.0441%	8h	188.32	−0.056%	$1.1M	$943K	—	as long as short
BloFin EWY-USDT	+0.0461%	8h	188.49	+0.037%	$49K	$245K	50x	as long as short
Extended EWY_24_5-USD	+0.0464%	1h	188.34	−0.040%	$247K	$1.2M	10x	as long as short
MEXC EWY_USDT	+0.0464%	8h	188.41	−0.005%	$6.8M	$4.5M	100x	as long as short
Binance EWYUSDTlong	+0.0468%	8h	188.42	long leg	$26.1M	$86.2M	50x
HTX EWY-USDT	+0.0542%	8h	188.66	+0.127%	$22K	$36K	20x	as long as short
GRVT EWY_USDT_Perp	+0.1027%	8h	188.51	+0.049%	$739K	$412K	10x	as long as short