Funding arb · Price arb /

EWY

RWAall EWY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0241%/8h= −26.4% APRpaid last 24h −0.015%

Price spread now: Phemex against Polymarket Perps−0.095%46s7-day average — · you buy dearer than you sell

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

Long on Polymarket Perps Short on Phemex

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

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.095% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps EWY-USD	188.56	0.0241	pay 0.0030% / 1h	55m 20s	$4K	$7K	20x
Short	Phemex EWYUSDT	188.38	0	get 0.0000% / 8h	4h 55m	$1.7M	$38K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$50.58
Price spread: −0.095% → 0.000%: −$9.55
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$80.13
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Phemex: 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	1.59 bp	41.7 bp −$42	doesn't fit	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 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	−0.095%	$28K	$16K	20x	as long as short
Bybit EWYUSDT	0.0000%	8h	188.48	−0.042%	$5.0M	$5.0M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	188.41	−0.080%	$4.0M	$4.9M	50x	as long as short
Bitget EWYUSDT	0.0000%	8h	188.47	−0.048%	$3.2M	$3.2M	20x	as long as short
SunX EWY-USDT	0.0000%	8h	188.12	−0.233%	—	$1.6M	20x	as long as short
Phemex EWYUSDTshort	0.0000%	8h	188.38	−0.095%	$1.7M	$38K	10x
Deribit EWY_USDC-PERPETUAL	+0.0016%	1h	188.33	−0.122%	$3K	$10K	20x	as long as short
Lighter EWY	+0.0032%	1h	188.28	−0.148%	$382K	$44K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	188.43	−0.069%	—	$224K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	188.43	−0.069%	$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	−0.255%	$523K	$254K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	188.31	−0.133%	$5.9M	$14.8M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	188.37	−0.101%	$143K	$118K	25x	as long as short
SoDEX EWY-USD	+0.0050%	1h	188.37	−0.101%	$770	$3K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	188.19	−0.196%	$225K	$315K	10x	as long as short
Paradex EWY-USD-PERP	+0.0054%	8h	188.45	−0.056%	$23	—	5x	as long as short
Gate EWY_USDT	+0.0062%	8h	188.43	−0.069%	$3.9M	$4.9M	50x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	188.26	−0.159%	$969K	$739K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	188.45	−0.058%	$13K	$266K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	188.42	−0.074%	$2K	$1K	20x	as long as short
Polymarket Perps EWY-USDlong	+0.0241%	1h	188.56	long leg	$4K	$7K	20x
edgeX EWYUSDC	+0.0293%	4h	188.40	−0.085%	$422K	$289K	20x	as long as short
Aster EWYUSDT	+0.0366%	8h	188.32	−0.129%	$292K	$14K	20x	as long as short
Variational Omni EWY	+0.0441%	8h	188.32	−0.130%	$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	−0.114%	$247K	$1.2M	10x	as long as short
MEXC EWY_USDT	+0.0464%	8h	188.42	−0.074%	$6.8M	$4.5M	100x	as long as short
Binance EWYUSDT	+0.0468%	8h	188.40	−0.085%	$26.1M	$86.1M	50x	as long as short
HTX EWY-USDT	+0.0542%	8h	188.66	+0.053%	$22K	$36K	20x	as long as short
GRVT EWY_USDT_Perp	+0.1027%	8h	188.51	−0.025%	$739K	$412K	10x	as long as short