Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.058%

Price spread now: Lighter against Variational Omni−0.133%7-day average −0.060% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.046%−$5 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now −0.133%, 7d avg −0.060%

Together, before fees+0.025%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.072% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.133% now, against its 7-day average of −0.060%). If the spread goes back, that is −$7 on $10k: about 7.5 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni EWY	189.81	0	get 0.0000% / 8h	3h 43m	$1.2M	$1.1M	—
Short	Lighter EWY	189.56	0.0032	get 0.0004% / 1h	43m 46s	$384K	$39K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.133%Rate

Funding earned: $6.72
Price spread: −0.133% → −0.060%: −$7.22
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$0.5
Costs to cover: 0.000%
Break-even: 7.5 days

Slippage unknown: Variational Omni: RFQ quote, just now; Lighter: 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 Variational Omni RFQ quote, just now	2.24 bp	doesn't fit	5.5 bp −$55	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	2.64 bp	7.1 bp −$7	16.5 bp −$165	48.9 bp −$4,891	doesn't fit

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
Aster EWYUSDT	0.0000%	8h	189.79	−0.013%	$294K	$12K	20x	as long as short
Bybit EWYUSDT	0.0000%	8h	189.80	−0.006%	$5.1M	$4.2M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	189.70	−0.059%	$4.1M	$3.3M	50x	as long as short
Gate EWY_USDT	0.0000%	8h	189.78	−0.017%	$4.2M	$3.8M	50x	as long as short
Bitget EWYUSDT	0.0000%	8h	189.82	+0.004%	$2.7M	$2.2M	20x	as long as short
Variational Omni EWYlong	0.0000%	8h	189.81	long leg	$1.2M	$1.1M	—
GRVT EWY_USDT_Perp	0.0000%	8h	189.88	+0.034%	$750K	$396K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	189.67	−0.075%	—	$2.5M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.08	+0.141%	$22K	$35K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	189.77	−0.022%	$1.7M	$37K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance EWYUSDT	+0.0032%	8h	189.80	−0.007%	$27.7M	$76.5M	50x	as long as short
Lighter EWYshort	+0.0032%	1h	189.56	−0.133%	$384K	$39K	20x
Extended EWY_24_5-USD	+0.0032%	1h	189.75	−0.034%	$301K	$670K	10x	as long as short
MEXC EWY_USDT	+0.0035%	8h	189.77	−0.022%	$6.2M	$3.8M	100x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	189.80	−0.006%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	189.78	−0.017%	$198K	$147K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0048%	1h	189.83	+0.010%	$530K	$292K	20x	as long as short
BloFin EWY-USDT	+0.0049%	8h	189.73	−0.043%	$47K	$213K	50x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	189.66	−0.080%	$6.1M	$14.4M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	189.71	−0.054%	$30K	$64K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	189.59	−0.117%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	189.70	−0.059%	$744	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	189.71	−0.054%	$198K	$267K	10x	as long as short
Paradex EWY-USD-PERP	+0.0054%	8h	189.75	−0.030%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	189.71	−0.054%	$977K	$612K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	189.77	−0.022%	$13K	$265K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	189.74	−0.038%	$2K	$1K	20x	as long as short
edgeX EWYUSDC	+0.0169%	4h	189.93	+0.065%	$426K	$285K	20x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0172%	1h	189.68	−0.069%	$2K	$13K	20x	as long as short
Hotstuff EWY-PERP	+0.0240%	1h	189.63	−0.096%	$28K	$12K	20x	as long as short