Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h −0.055%

Price spread now: Coinbase International against MEXC−0.170%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$200.196% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.170%, 7d avg −0.075%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.095% cheaper against MEXC than usual: you would sell low and buy high (spread −0.170% now, against its 7-day average of −0.075%). If the spread goes back, that is −$9 on $10k: about 24 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC EWY_USDT	188.11	0.0115	pay 0.0115% / 8h	6h 07m	$7.4M	$4.3M	100x
Short	Coinbase International EWY-PERP-INTX	187.79	0.0128	get 0.0016% / 1h	7m 56s	$521K	$245K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now −0.170%Rate

Funding earned: $2.73
Price spread: −0.170% → −0.075%: −$9.5
Slippage, 4 orders: −$9.61
Fee MEXC: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$26.38
Costs to cover: 0.196%
Break-even: 74.6 days

Slippage from MEXC: live order book, 3 min ago; Coinbase International: live order book, 43 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 MEXC live order book, 3 min ago	0.27 bp	0.3 bp $0	0.7 bp −$7	3.6 bp −$360	113.4 bp −$56.7K
Sell Coinbase International live order book, 43 min ago	4.54 bp	9.5 bp −$10	15.5 bp −$155	doesn't fit	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
Bitget EWYUSDT	−0.0052%	8h	188.14	+0.016%	$3.1M	$2.9M	20x	as long as short
Hotstuff EWY-PERP	−0.0008%	1h	187.97	−0.074%	$28K	$16K	20x	as long as short
Bybit EWYUSDT	0.0000%	8h	188.13	+0.011%	$4.9M	$4.7M	100x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	188.05	−0.032%	$4.0M	$4.7M	50x	as long as short
SunX EWY-USDT	0.0000%	8h	187.76	−0.186%	—	$1.8M	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	188.10	−0.005%	$1.7M	$37K	10x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0016%	1h	188.05	−0.032%	$3K	$14K	20x	as long as short
Aster EWYUSDT	+0.0029%	8h	188.01	−0.055%	$291K	$14K	20x	as long as short
Lighter EWY	+0.0032%	1h	187.95	−0.085%	$381K	$44K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	188.22	+0.058%	—	$215K	25x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex EWYUSDT	+0.0048%	1h	188.09	−0.011%	$200K	$165K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	188.01	−0.053%	$5.8M	$15.2M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	187.95	−0.085%	$143K	$119K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	188.19	+0.043%	$4K	$5K	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	188.08	−0.016%	$765	$3K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	187.85	−0.138%	$227K	$309K	10x	as long as short
Paradex EWY-USD-PERP	+0.0056%	8h	188.23	+0.063%	$23	—	5x	as long as short
Variational Omni EWY	+0.0077%	8h	188.08	−0.015%	$1.2M	$909K	—	as long as short
BloFin EWY-USDT	+0.0092%	8h	188.09	−0.011%	$48K	$230K	50x	as long as short
Gate EWY_USDT	+0.0092%	8h	188.17	+0.032%	$4.0M	$4.7M	50x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	187.94	−0.090%	$967K	$686K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	187.87	−0.128%	$13K	$266K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	188.09	−0.011%	$2K	$1K	20x	as long as short
MEXC EWY_USDTlong	+0.0115%	8h	188.11	long leg	$7.4M	$4.3M	100x
Binance EWYUSDT	+0.0118%	8h	188.08	−0.016%	$26.3M	$83.4M	50x	as long as short
Extended EWY_24_5-USD	+0.0120%	1h	188.05	−0.032%	$234K	$909K	10x	as long as short
Coinbase International EWY-PERP-INTXshort	+0.0128%	1h	187.79	−0.170%	$521K	$245K	20x
edgeX EWYUSDC	+0.0300%	4h	188.10	−0.006%	$422K	$285K	20x	as long as short
HTX EWY-USDT	+0.0303%	8h	188.16	+0.027%	$22K	$35K	20x	as long as short
GRVT EWY_USDT_Perp	+0.0785%	8h	188.12	+0.003%	$737K	$407K	10x	as long as short