Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0520%/8h= −57.0% APRpaid last 24h −0.052%

Price spread now: Popdex against BloFin−0.094%100s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.275% of the position

Long on BloFin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.027%−$3 on $10k

Price spread, last 3 days (all we have)+0.128%+$13 · spread now −0.094%, 7d avg −0.003%

Together, before fees+0.101%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Popdex is 0.091% cheaper against BloFin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.003%). Swap the legs. The two prices were read 100 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.027% in total (about -2.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin EWY-USDT	190.60	0.0568	pay 0.0568% / 8h	6h 57m	$2K	$214K	50x
Short	Popdex EWYUSDT	190.42	0.0048	get 0.0006% / 1h	57m 27s	$196K	$141K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$109.3
Price spread: −0.094% → −0.003%: −$9.14
Slippage, 4 orders: −$9.1
Fee BloFin: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$145.94
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Popdex: live order book, 11 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, 3 min ago	0.26 bp	6.5 bp −$7	7.7 bp −$77	15.6 bp −$1,563	doesn't fit
Sell Popdex live order book, 11 min ago	0.52 bp	5.9 bp −$6	15.1 bp −$151	doesn't fit	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
Bybit EWYUSDT	0.0000%	8h	190.43	−0.089%	$5.2M	$4.3M	100x	as long as short
Gate EWY_USDT	0.0000%	8h	190.41	−0.100%	$4.0M	$3.5M	50x	as long as short
SunX EWY-USDT	0.0000%	8h	190.46	−0.073%	—	$2.6M	20x	as long as short
Deribit EWY_USDC-PERPETUAL	0.0000%	1h	190.36	−0.126%	$2K	$13K	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.53	−0.037%	$22K	$37K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	190.39	−0.110%	$1.7M	$37K	10x	as long as short
Lighter EWY	+0.0032%	1h	190.21	−0.205%	$386K	$34K	20x	as long as short
GRVT EWY_USDT_Perp	+0.0038%	8h	190.62	+0.012%	$754K	$380K	10x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	190.65	+0.026%	—	$220K	25x	as long as short
Popdex EWYUSDTshort	+0.0048%	1h	190.42	−0.094%	$196K	$141K	20x

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	190.43	−0.089%	$531K	$340K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	190.34	−0.136%	$6.2M	$14.5M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	190.41	−0.100%	$52K	$57K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	190.25	−0.184%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	190.42	−0.094%	$542	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	190.51	−0.047%	$229K	$235K	10x	as long as short
Paradex EWY-USD-PERP	+0.0067%	8h	190.38	−0.117%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	190.43	−0.089%	$981K	$644K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	190.48	−0.063%	$13K	$264K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.52	−0.042%	$2K	$1K	20x	as long as short
Hotstuff EWY-PERP	+0.0160%	1h	190.39	−0.110%	$29K	$12K	20x	as long as short
OKX EWY-USDT-SWAP	+0.0263%	8h	190.43	−0.089%	$4.2M	$3.5M	50x	as long as short
edgeX EWYUSDC	+0.0429%	4h	190.54	−0.032%	$427K	$281K	20x	as long as short
Bitget EWYUSDT	+0.0443%	8h	190.46	−0.073%	$2.8M	$1.7M	20x	as long as short
Aster EWYUSDT	+0.0465%	8h	190.51	−0.049%	$295K	$12K	20x	as long as short
Variational Omni EWY	+0.0566%	8h	190.51	−0.046%	$1.2M	$1.1M	—	as long as short
BloFin EWY-USDTlong	+0.0568%	8h	190.60	long leg	$2K	$214K	50x
Binance EWYUSDT	+0.0586%	8h	190.40	−0.104%	$28.5M	$77.3M	50x	as long as short
MEXC EWY_USDT	+0.0588%	8h	190.44	−0.084%	$7.0M	$4.1M	100x	as long as short
Extended EWY_24_5-USD	+0.0592%	1h	190.33	−0.140%	$304K	$670K	10x	as long as short