Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h 0.000%

Price spread now: Bybit against Entropy+0.094%7-day average — · you sell dearer than you buy

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

Long on Entropy Short on Bybit

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—needs both histories

The price spread pays, funding is against you. Bybit is 0.094% dearer against Entropy than usual: you sell high and buy low (spread +0.094% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Entropy io:EWY	190.56	0.0050	pay 0.0006% / 1h	12m 06s	$30K	$66K	25x
Short	Bybit EWYUSDT	190.74	0	get 0.0000% / 8h	4h 12m	$5.1M	$4.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Entropy. 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 EntropybpFee BybitbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$10.5
Price spread: +0.094% → 0.000%: $9.45
Slippage, 4 orders: no order book: not counted
Fee Entropy: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.05
Costs to cover: 0.290%
Break-even: never at this rate

Slippage unknown: Entropy: no order-book sample; Bybit: live order book, 1 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 Entropy no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	0.26 bp	7.7 bp −$8	11.6 bp −$116	doesn't fit	doesn't fit

Entropy: 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
Hotstuff EWY-PERP	−0.0056%	1h	190.59	+0.016%	$29K	$12K	20x	as long as short
Bybit EWYUSDTshort	0.0000%	8h	190.74	+0.094%	$5.1M	$4.2M	100x
Gate EWY_USDT	0.0000%	8h	190.67	+0.058%	$4.2M	$3.8M	50x	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	190.57	+0.005%	$753K	$395K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	190.55	−0.005%	—	$2.5M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.61	+0.026%	$22K	$35K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	190.67	+0.058%	$1.7M	$37K	10x	as long as short
OKX EWY-USDT-SWAP	+0.0019%	8h	190.70	+0.073%	$4.1M	$3.3M	50x	as long as short
Aster EWYUSDT	+0.0024%	8h	190.64	+0.044%	$296K	$12K	20x	as long as short
Lighter EWY	+0.0032%	1h	190.53	−0.016%	$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
Coinbase International EWY-PERP-INTX	+0.0040%	1h	190.58	+0.010%	$532K	$299K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	190.82	+0.136%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	190.68	+0.063%	$198K	$146K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	190.59	+0.016%	$6.2M	$14.3M	20x	as long as short
Entropy io:EWYlong	+0.0050%	1h	190.56	long leg	$30K	$66K	25x
Polymarket Perps EWY-USD	+0.0050%	1h	190.48	−0.042%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	190.66	+0.052%	$752	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	190.52	−0.021%	$201K	$266K	10x	as long as short
Bitget EWYUSDT	+0.0051%	8h	190.68	+0.063%	$2.7M	$2.0M	20x	as long as short
Paradex EWY-USD-PERP	+0.0053%	8h	190.67	+0.056%	$23	—	5x	as long as short
Variational Omni EWY	+0.0064%	8h	190.50	−0.031%	$1.2M	$1.1M	—	as long as short
Extended EWY_24_5-USD	+0.0096%	1h	190.62	+0.030%	$301K	$669K	10x	as long as short
Binance EWYUSDT	+0.0098%	8h	190.67	+0.058%	$28.1M	$76.5M	50x	as long as short
MEXC EWY_USDT	+0.0099%	8h	190.66	+0.052%	$6.5M	$3.9M	100x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	190.60	+0.021%	$982K	$621K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	190.51	−0.026%	$13K	$265K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.65	+0.047%	$2K	$1K	20x	as long as short
BloFin EWY-USDT	+0.0120%	8h	190.69	+0.068%	$48K	$214K	50x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0170%	1h	190.64	+0.042%	$2K	$13K	20x	as long as short
edgeX EWYUSDC	+0.0353%	4h	190.51	−0.024%	$427K	$285K	20x	as long as short