EWJ Funding Rate — perpetuals across 7 venues

TradFi perpetual · compared across 7 venues · net of estimated fees · updated every few minutes

EWJ is an equity-linked perpetual referencing EWJ, traded on-chain (not a tokenized xStock). Perpia compares its annualized funding across venues and the best delta-neutral spread.

Live annualized EWJ perpetual funding across all 7 venues Perpia tracks. Right now EWJ funding is positive on 1 and negative on 0, ranging from +10.9% on KuCoin to +0.0% on Gate.io — a spread of 10.9%. The widest delta-neutral trade is long MEXC / short KuCoin at 7.6% net APR.

venues

paying positive

10.9%

funding spread

Best EWJ spread now

7.6%

net APR after fees

Long MEXC→Short KuCoin

size depends on live venue depth — see the real cap in the scanner

EWJ funding trend & liquidity

168h of history

10.9%

current gross APR

3.5%

24h average

8.4%

7-day average

$202K

pair OI · lower leg

$69K

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

EWJ funding rate history

30d · 6h buckets · 8 venues

38.7%0-37.0%

5 Aug4 Sep

EWJ — average across 8 venuesAsterBitgetKuCoinMEXC

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +2.7%. A break in a line means no data was recorded for that stretch, not a zero rate.

EWJ funding rate by venue

6 pairs scanned

Venue	Funding APR	Interval
KuCoin ↗	+10.9%	8h
MEXC ↗	+0.0%	8h
Variational ↗	+0.0%	8h
OKX ↗	+0.0%	8h
Bitget ↗	+0.0%	8h
Bybit ↗	+0.0%	8h
Gate.io ↗	+0.0%	8h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the MEXC vs KuCoin page.

EWJ arbitrage — 30-day backtest

long MEXC · short KuCoin

8.1%

backtested APR

+$67

historical net P&L on $10,000

0.03%

max drawdown

$10,000$10,067

30 days agostarting capital $10,000today

Over the last 30 days, holding long MEXC / short KuCoin would have produced 8.1% APR — versus the 7.6% the live spread implies right now (equity $10,000 → $10,067). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

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EWJ funding — FAQ

Is EWJ funding positive right now?

EWJ perpetual funding is positive on 1 of 7 venues Perpia tracks. The highest is +10.9% on KuCoin; the lowest is +0.0% on Gate.io.

What is the best EWJ funding arbitrage right now?

Go long MEXC and short KuCoin for about 7.6% net APR after fees — the widest delta-neutral EWJ spread Perpia currently sees.

Which exchange has the highest EWJ funding rate?

KuCoin, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.

How EWJ funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to EWJ

Markets also quoted on both KuCoin and MEXC — the same two exchanges you would already have funded for the EWJ trade.

See every spread between them on the KuCoin vs MEXC page.

Open the live scanner →All funding rates Funding by exchange How we calculate this