Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: Bybit against Aevo−0.085%7-day average — · you buy dearer than you sell

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

Long on Aevo Short on Bybit

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.085% cheaper against Aevo than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo USDJPY-PERP	157.41	0.0104	pay 0.0013% / 1h	6m 44s	$25K	$500	10x
Short	Bybit USDJPYUSDT	157.28	0	get 0.0000% / 8h	1h 06m	$282K	$158K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$21.84
Price spread: −0.085% → 0.000%: −$8.51
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$57.35
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Bybit: live order book, 18 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 Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 18 min ago	0.83 bp	74.1 bp −$74	236.6 bp −$2,366	doesn't fit	doesn't fit

Aevo: 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.

USDJPY on 15 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
tradeXYZ xyz:JPY	−0.0307%	1h	157.50	+0.055%	$29.3M	$3.1M	50x	as long as short
Bitget USDJPYUSDT	−0.0156%	8h	157.42	+0.004%	$574K	$153K	100x	as long as short
Hotstuff USDJPY-PERP	−0.0120%	1h	157.50	+0.055%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0101%	1h	157.50	+0.058%	$35K	$7K	10x	as long as short
Lighter USDJPY	−0.0080%	1h	157.48	+0.043%	$552K	$360K	50x	as long as short
edgeX USDJPYUSDC	−0.0075%	4h	157.49	+0.050%	$5K	$134K	50x	as long as short
Extended USDJPY-USD	−0.0064%	1h	157.65	+0.150%	$842K	$82K	25x	as long as short
Nado USDJPY-PERP	−0.0017%	1h	157.67	+0.165%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTshort	0.0000%	8h	157.28	−0.085%	$282K	$158K	100x
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.62	+0.131%	$25K	$52K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX USDJPY-USDT	0.0000%	1h	157.48	+0.043%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.54	+0.081%	$9K	$317K	20x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.39	−0.016%	$95K	$63K	50x	as long as short
Aevo USDJPY-PERPlong	+0.0104%	1h	157.41	long leg	$25K	$500	10x
Injective USDJPY/USDC PERP	+0.0186%	1h	157.70	+0.181%	$40K	$72K	101x	as long as short