Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0218%/8h= −23.8% APRpaid last 24h −0.061%

Price spread now: Lighter against BloFin−0.117%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

Price spread, last 4 days (all we have)+0.104%+$10 · spread now −0.117%, 7d avg −0.072%

Together, before fees+0.003%+ Points / potential airdropLighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.045% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.072%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.100% in total (about -5.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin EWY-USDT	188.62	0.0250	pay 0.0250% / 8h	5h 44m	$48K	$237K	50x
Short	Lighter EWY	188.40	0.0032	get 0.0004% / 1h	44m 50s	$382K	$44K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$45.72
Price spread: −0.117% → −0.072%: −$4.47
Slippage, 4 orders: −$11.63
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$73.81
Costs to cover: 0.236%
Break-even: never at this rate

Slippage from BloFin: live order book, 61 min ago; Lighter: live order book, 61 min ago.

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 BloFin live order book, 61 min ago	0.27 bp	6.3 bp −$6	8.4 bp −$84	19.4 bp −$1,935	doesn't fit
Sell Lighter live order book, 61 min ago	1.87 bp	7.2 bp −$7	16.7 bp −$167	49.9 bp −$4,994	doesn't fit

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	−8.0000%	1h	188.40	−0.117%	$28K	$16K	20x	as long as short
Bybit EWYUSDT	0.0000%	8h	188.56	−0.032%	$5.0M	$5.0M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	188.59	−0.016%	$4.0M	$4.9M	50x	as long as short
Bitget EWYUSDT	0.0000%	8h	188.56	−0.032%	$3.1M	$3.1M	20x	as long as short
SunX EWY-USDT	0.0000%	8h	188.27	−0.186%	—	$1.7M	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	188.62	0.000%	$1.7M	$37K	10x	as long as short
Lighter EWYshort	+0.0032%	1h	188.40	−0.117%	$382K	$44K	20x
Vest EWY-USD-PERP	+0.0046%	1h	188.64	+0.011%	—	$224K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	188.61	−0.005%	$201K	$167K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	188.53	−0.048%	$5.9M	$15.5M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Entropy io:EWY	+0.0050%	1h	188.63	+0.005%	$143K	$118K	25x	as long as short
SoDEX EWY-USD	+0.0050%	1h	188.58	−0.021%	$775	$3K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	188.43	−0.101%	$226K	$316K	10x	as long as short
Paradex EWY-USD-PERP	+0.0055%	8h	188.69	+0.040%	$23	—	5x	as long as short
Coinbase International EWY-PERP-INTX	+0.0088%	1h	188.37	−0.133%	$523K	$252K	20x	as long as short
edgeX EWYUSDC	+0.0089%	4h	188.82	+0.106%	$423K	$290K	20x	as long as short
Polymarket Perps EWY-USD	+0.0093%	1h	188.70	+0.042%	$4K	$7K	20x	as long as short
Gate EWY_USDT	+0.0094%	8h	188.65	+0.016%	$4.0M	$4.8M	50x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	188.43	−0.101%	$969K	$704K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	188.84	+0.117%	$13K	$266K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	188.56	−0.032%	$2K	$1K	20x	as long as short
Aster EWYUSDT	+0.0146%	8h	188.46	−0.086%	$292K	$14K	20x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0175%	1h	188.53	−0.048%	$3K	$12K	20x	as long as short
Variational Omni EWY	+0.0205%	8h	188.62	−0.002%	$1.1M	$941K	—	as long as short
MEXC EWY_USDT	+0.0231%	8h	188.60	−0.011%	$7.4M	$4.3M	100x	as long as short
Binance EWYUSDT	+0.0237%	8h	188.58	−0.021%	$26.2M	$86.6M	50x	as long as short
Extended EWY_24_5-USD	+0.0240%	1h	188.54	−0.043%	$247K	$935K	10x	as long as short
BloFin EWY-USDTlong	+0.0250%	8h	188.62	long leg	$48K	$237K	50x
HTX EWY-USDT	+0.0409%	8h	188.94	+0.170%	$22K	$36K	20x	as long as short
GRVT EWY_USDT_Perp	+0.0912%	8h	188.84	+0.118%	$740K	$408K	10x	as long as short