Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against Phemex−0.139%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 5 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. Polymarket Perps is 0.139% cheaper against Phemex than usual: you would sell low and buy high (spread −0.139% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 9.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex EWYUSDT	187.66	0	get 0.0000% / 8h	6h 56m	$1.7M	$36K	10x
Short	Polymarket Perps EWY-USD	187.40	0.0050	get 0.0006% / 1h	56m 41s	$4K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phemex. 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 PhemexbpFee Polymarket PerpsbpOrdersPrice spread, now −0.139%Rate

Funding earned: $10.5
Price spread: −0.139% → 0.000%: −$13.85
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$23.35
Costs to cover: 0.200%
Break-even: 22.6 days

Slippage unknown: Phemex: live order book, 1 min ago; Polymarket Perps: 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 Phemex live order book, 1 min ago	4.00 bp	46.3 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps no order-book sample	—	—	—	—	—

Polymarket Perps: 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
Bitget EWYUSDT	−0.0324%	8h	187.78	+0.064%	$3.1M	$2.8M	20x	as long as short
Aster EWYUSDT	0.0000%	8h	187.59	−0.039%	$290K	$14K	20x	as long as short
Extended EWY_24_5-USD	0.0000%	1h	187.67	+0.004%	$238K	$896K	10x	as long as short
Binance EWYUSDT	0.0000%	8h	187.79	+0.069%	$26.8M	$82.5M	50x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	187.77	+0.059%	$4.0M	$4.6M	50x	as long as short
Gate EWY_USDT	0.0000%	8h	187.82	+0.085%	$4.0M	$4.5M	50x	as long as short
MEXC EWY_USDT	0.0000%	8h	187.76	+0.053%	$7.5M	$4.1M	100x	as long as short
Variational Omni EWY	0.0000%	8h	186.89	−0.410%	$1.2M	$923K	—	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	186.96	−0.376%	$733K	$414K	10x	as long as short
SunX EWY-USDT	0.0000%	8h	187.39	−0.144%	—	$2.1M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX EWY-USDT	0.0000%	8h	186.97	−0.368%	$22K	$35K	20x	as long as short
Phemex EWYUSDTlong	0.0000%	8h	187.66	long leg	$1.7M	$36K	10x
BloFin EWY-USDT	+0.0003%	8h	187.77	+0.059%	$48K	$224K	50x	as long as short
Lighter EWY	+0.0032%	1h	187.68	+0.011%	$381K	$41K	20x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	187.66	0.000%	—	$215K	25x	as long as short
Popdex EWYUSDT	+0.0048%	1h	187.80	+0.075%	$197K	$154K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	187.69	+0.016%	$5.8M	$15.2M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	187.45	−0.112%	$142K	$119K	25x	as long as short
Polymarket Perps EWY-USDshort	+0.0050%	1h	187.40	−0.139%	$4K	$4K	20x
Ondo Perps EWY-USD.P	+0.0050%	1h	187.47	−0.101%	$234K	$311K	10x	as long as short
Paradex EWY-USD-PERP	+0.0061%	8h	187.88	+0.117%	$23	—	5x	as long as short
Hotstuff EWY-PERP	+0.0096%	1h	187.55	−0.059%	$28K	$16K	20x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	187.65	−0.005%	$966K	$648K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	186.94	−0.384%	$13K	$266K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	187.61	−0.027%	$2K	$1K	20x	as long as short
Bybit EWYUSDT	+0.0114%	8h	187.79	+0.069%	$5.0M	$4.6M	100x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0123%	1h	187.64	−0.011%	$3K	$15K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0128%	1h	186.97	−0.368%	$519K	$237K	20x	as long as short
SoDEX EWY-USD	+0.0559%	1h	187.57	−0.048%	$758	$3K	10x	as long as short
edgeX EWYUSDC	+0.0756%	4h	187.16	−0.264%	$420K	$284K	20x	as long as short