Funding arb · Price arb /

EWY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0516%/8h= +56.5% APRpaid last 24h +0.052%

Price spread now: Variational Omni against tradeXYZ−0.025%7-day average +0.077% · you buy dearer than you sell

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.021%+$2 on $10k

Price spread, last 3 days (all we have)+0.042%+$4 · spread now −0.025%, 7d avg +0.077%

Together, before fees+0.062%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.102% cheaper against tradeXYZ than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.077%). If the spread goes back, that is −$10 on $10k: about 16 hours of funding at the current rate (+$15 a day). At the pace of the last 3 days (+0.021% in total) that is about 17 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.021% in total (about 2.2% 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	tradeXYZ xyz:EWY	190.56	0.0050	pay 0.0006% / 1h	0m 20s	$6.2M	$14.5M	20x
Short	Variational Omni EWY	190.51	0.0566	get 0.0566% / 8h	7h 00m	$1.2M	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now −0.025%Rate

Funding earned: $108.4
Price spread: −0.025% → +0.077%: −$10.24
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $80.15
Costs to cover: 0.180%
Break-even: 1.8 days

Slippage unknown: tradeXYZ: live order book, 9 min ago; Variational Omni: RFQ quote, 4 min ago. 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 tradeXYZ live order book, 9 min ago	0.52 bp	10.1 bp −$10	12.7 bp −$127	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.23 bp	doesn't fit	3.9 bp −$39	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
Hotstuff EWY-PERP	−0.0216%	1h	190.56	0.000%	$29K	$12K	20x	as long as short
Bybit EWYUSDT	0.0000%	8h	190.65	+0.047%	$5.2M	$4.3M	100x	as long as short
Gate EWY_USDT	0.0000%	8h	190.61	+0.026%	$4.0M	$3.5M	50x	as long as short
SunX EWY-USDT	0.0000%	8h	190.44	−0.063%	—	$2.6M	20x	as long as short
Deribit EWY_USDC-PERPETUAL	0.0000%	1h	190.46	−0.052%	$2K	$13K	20x	as long as short
HTX EWY-USDT	0.0000%	8h	190.76	+0.105%	$22K	$37K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	190.54	−0.010%	$1.7M	$37K	10x	as long as short
Lighter EWY	+0.0032%	1h	190.45	−0.058%	$386K	$64K	20x	as long as short
GRVT EWY_USDT_Perp	+0.0042%	8h	190.73	+0.090%	$754K	$385K	10x	as long as short
Vest EWY-USD-PERP	+0.0046%	1h	190.78	+0.115%	—	$220K	25x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex EWYUSDT	+0.0048%	1h	190.59	+0.016%	$196K	$142K	20x	as long as short
tradeXYZ xyz:EWYlong	+0.0050%	1h	190.56	long leg	$6.2M	$14.5M	20x
Entropy io:EWY	+0.0050%	1h	190.45	−0.058%	$52K	$57K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	190.46	−0.052%	$4K	$126	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	190.50	−0.031%	$531	$4K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	190.57	+0.005%	$229K	$235K	10x	as long as short
Paradex EWY-USD-PERP	+0.0068%	8h	190.59	+0.016%	$23	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	190.44	−0.063%	$981K	$644K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	190.45	−0.058%	$13K	$264K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	190.61	+0.026%	$2K	$1K	20x	as long as short
Coinbase International EWY-PERP-INTX	+0.0144%	1h	190.43	−0.068%	$531K	$340K	20x	as long as short
OKX EWY-USDT-SWAP	+0.0268%	8h	190.69	+0.068%	$4.2M	$3.5M	50x	as long as short
Bitget EWYUSDT	+0.0449%	8h	190.63	+0.037%	$2.7M	$1.6M	20x	as long as short
Aster EWYUSDT	+0.0473%	8h	190.58	+0.011%	$295K	$12K	20x	as long as short
Variational Omni EWYshort	+0.0566%	8h	190.51	−0.025%	$1.2M	$1.1M	—
Binance EWYUSDT	+0.0595%	8h	190.60	+0.020%	$28.5M	$77.2M	50x	as long as short
MEXC EWY_USDT	+0.0596%	8h	190.62	+0.031%	$7.0M	$4.6M	100x	as long as short
Extended EWY_24_5-USD	+0.0600%	1h	190.55	−0.005%	$304K	$670K	10x	as long as short
BloFin EWY-USDT	+0.0613%	8h	190.45	−0.058%	$2K	$214K	50x	as long as short
edgeX EWYUSDC	+0.0962%	4h	190.56	+0.003%	$427K	$283K	20x	as long as short