Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: Orderly against Aevo+0.154%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.154% dearer against Aevo than usual: you sell high and buy low (spread +0.154% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo USDJPY-PERP	156.90	0.0104	pay 0.0013% / 1h	9m 14s	$25K	$500	10x
Short	Orderly PERP_USDJPY_USDC	157.14	0	get 0.0000% / 8h	4h 09m	$24K	$21K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.154%Rate

Funding earned: −$21.84
Price spread: +0.154% → 0.000%: $15.43
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$28.41
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Orderly: 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 Aevo no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Aevo and Orderly: 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 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
Hotstuff USDJPY-PERP	−0.0800%	1h	157.07	+0.110%	$33K	—	50x	as long as short
edgeX USDJPYUSDC	−0.0182%	4h	157.11	+0.133%	$9K	$137K	50x	as long as short
Bitget USDJPYUSDT	−0.0170%	8h	157.12	+0.142%	$573K	$90K	100x	as long as short
Lighter USDJPY	−0.0144%	1h	156.97	+0.044%	$607K	$393K	50x	as long as short
tradeXYZ xyz:JPY	−0.0110%	1h	157.07	+0.110%	$29.7M	$3.3M	50x	as long as short
Extended USDJPY-USD	−0.0080%	1h	157.15	+0.160%	$849K	$89K	25x	as long as short
Nado USDJPY-PERP	−0.0019%	1h	157.20	+0.191%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.97	+0.047%	$301K	$130K	100x	as long as short
Orderly PERP_USDJPY_USDCshort	0.0000%	8h	157.14	+0.154%	$24K	$21K	50x
SunX USDJPY-USDT	0.0000%	1h	157.06	+0.103%	—	$1.5M	10x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX USDJPY-USDT	0.0000%	1h	157.01	+0.071%	$9K	$307K	20x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.02	+0.077%	$35K	$3K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	156.99	+0.056%	$94K	$24K	50x	as long as short
Aevo USDJPY-PERPlong	+0.0104%	1h	156.90	long leg	$25K	$500	10x
Injective USDJPY/USDC PERP	+0.0143%	1h	157.19	+0.187%	$25K	$87K	101x	as long as short