Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.003%

Price spread now: Bybit against Polymarket Perps+0.127%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 Bybit

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. Bybit is 0.127% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.127% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps EWY-USD	189.48	0.0050	pay 0.0006% / 1h	38m 03s	$4K	$126	20x
Short	Bybit EWYUSDT	189.72	0	get 0.0000% / 8h	6h 38m	$5.1M	$4.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.127%Rate

Funding earned: −$10.5
Price spread: +0.127% → 0.000%: $12.67
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.83
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Bybit: 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 Bybit live order book, 5 min ago	0.53 bp	6.9 bp −$7	12.5 bp −$125	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
Deribit EWY_USDC-PERPETUAL	−0.0172%	1h	189.58	+0.053%	$2K	$13K	20x	as long as short
Bybit EWYUSDTshort	0.0000%	8h	189.72	+0.127%	$5.1M	$4.4M	100x
Gate EWY_USDT	0.0000%	8h	189.65	+0.090%	$4.0M	$3.6M	50x	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	189.73	+0.131%	$750K	$384K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	189.65	+0.090%	—	$2.6M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	189.65	+0.090%	$22K	$37K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	189.63	+0.079%	$1.7M	$37K	10x	as long as short
Lighter EWY	+0.0032%	1h	189.52	+0.021%	$384K	$40K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	189.78	+0.158%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	189.69	+0.111%	$197K	$146K	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	+0.0048%	1h	190.28	+0.422%	$531K	$336K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	189.61	+0.069%	$6.2M	$14.0M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	189.69	+0.111%	$51K	$57K	25x	as long as short
Polymarket Perps EWY-USDlong	+0.0050%	1h	189.48	long leg	$4K	$126	20x
SoDEX EWY-USD	+0.0050%	1h	189.58	+0.053%	$622	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	189.41	−0.037%	$229K	$242K	10x	as long as short
Paradex EWY-USD-PERP	+0.0061%	8h	189.65	+0.088%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	189.68	+0.106%	$977K	$635K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	189.78	+0.158%	$13K	$263K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	189.68	+0.106%	$2K	$1K	20x	as long as short
Hotstuff EWY-PERP	+0.0192%	1h	189.62	+0.074%	$28K	$12K	20x	as long as short
OKX EWY-USDT-SWAP	+0.0219%	8h	189.65	+0.090%	$4.1M	$3.5M	50x	as long as short
Bitget EWYUSDT	+0.0286%	8h	189.70	+0.116%	$2.7M	$1.9M	20x	as long as short
Aster EWYUSDT	+0.0402%	8h	189.70	+0.117%	$294K	$12K	20x	as long as short
edgeX EWYUSDC	+0.0496%	4h	189.87	+0.207%	$425K	$282K	20x	as long as short
Variational Omni EWY	+0.0499%	8h	189.70	+0.114%	$1.2M	$1.1M	—	as long as short
Binance EWYUSDT	+0.0510%	8h	189.67	+0.100%	$28.3M	$77.6M	50x	as long as short
Extended EWY_24_5-USD	+0.0512%	1h	189.61	+0.067%	$302K	$670K	10x	as long as short
MEXC EWY_USDT	+0.0514%	8h	189.63	+0.079%	$7.0M	$4.2M	100x	as long as short
BloFin EWY-USDT	+0.0565%	8h	190.43	+0.501%	$2K	$214K	50x	as long as short