Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.052%

Price spread now: Entropy against Binance−0.028%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Entropy

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

Funding pays, the price is against you. Entropy is 0.028% cheaper against Binance than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 44 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance EWYUSDT	189.18	0	get 0.0000% / 8h	3h 17m	$27.6M	$77.3M	50x
Short	Entropy io:EWY	189.13	0.0050	get 0.0006% / 1h	17m 31s	$65K	$81K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy 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 EntropybpOrdersPrice spread, now −0.028%Rate

Funding earned: $10.5
Price spread: −0.028% → 0.000%: −$2.77
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Entropy: 9 bp × 2 orders: −$18
Net: −$20.27
Costs to cover: 0.280%
Break-even: 20.5 days

Slippage unknown: Binance: live order book, 10 min ago; Entropy: no order-book sample. 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 Binance live order book, 10 min ago	0.26 bp	5.3 bp −$5	6.7 bp −$67	19.9 bp −$1,988	doesn't fit
Sell Entropy no order-book sample	—	—	—	—	—

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
Deribit EWY_USDC-PERPETUAL	−0.0173%	1h	188.94	−0.128%	$2K	$14K	20x	as long as short
Hotstuff EWY-PERP	−0.0048%	1h	189.03	−0.081%	$28K	$12K	20x	as long as short
BloFin EWY-USDT	−0.0018%	8h	189.18	−0.001%	$48K	$214K	50x	as long as short
Aster EWYUSDT	0.0000%	8h	189.16	−0.014%	$293K	$12K	20x	as long as short
Extended EWY_24_5-USD	0.0000%	1h	189.11	−0.036%	$300K	$657K	10x	as long as short
Binance EWYUSDTlong	0.0000%	8h	189.18	long leg	$27.6M	$77.3M	50x
Bybit EWYUSDT	0.0000%	8h	189.17	−0.007%	$5.1M	$4.3M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	189.18	−0.001%	$4.3M	$4.0M	50x	as long as short
Gate EWY_USDT	0.0000%	8h	189.18	−0.001%	$4.1M	$3.9M	50x	as long as short
MEXC EWY_USDT	0.0000%	8h	189.19	+0.004%	$6.2M	$3.8M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget EWYUSDT	0.0000%	8h	189.24	+0.030%	$2.7M	$2.2M	20x	as long as short
Variational Omni EWY	0.0000%	8h	189.44	+0.137%	$1.2M	$1.1M	—	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	189.46	+0.147%	$749K	$402K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	189.05	−0.070%	—	$2.5M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	189.44	+0.136%	$22K	$35K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	189.08	−0.054%	$1.7M	$37K	10x	as long as short
Lighter EWY	+0.0032%	1h	189.02	−0.086%	$383K	$39K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	189.09	−0.049%	—	$220K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	189.23	+0.025%	$197K	$147K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0048%	1h	189.35	+0.089%	$527K	$291K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	189.03	−0.081%	$6.1M	$14.3M	20x	as long as short
Entropy io:EWYshort	+0.0050%	1h	189.13	−0.028%	$65K	$81K	25x
Polymarket Perps EWY-USD	+0.0050%	1h	188.87	−0.165%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	189.06	−0.065%	$737	$4K	10x	as long as short
Paradex EWY-USD-PERP	+0.0050%	8h	189.14	−0.021%	$23	—	5x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	188.96	−0.118%	$201K	$305K	10x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	189.10	−0.044%	$974K	$612K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	189.18	−0.001%	$13K	$265K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	189.05	−0.070%	$2K	$1K	20x	as long as short
edgeX EWYUSDC	+0.0291%	4h	189.43	+0.130%	$425K	$284K	20x	as long as short