Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0636%/8h= +69.6% APRpaid last 24h +0.051%

Price spread now: HTX against Bitget−0.102%46s7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1191.190% of the position

Long on Bitget Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 4 days (all we have)+0.121%+$12 · spread now −0.102%, 7d avg −0.116%

Together, before fees+0.253%+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.116%, so right now this pair is about funding alone: +$19 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.132% in total (about 6.9% 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	Bitget USDJPYUSDT	157.15	−0.0636	get 0.0636% / 8h	6h 58m	$574K	$110K	100x
Short	HTX USDJPY-USDT	156.99	0	get 0.0000% / 1h	58m 28s	$9K	$312K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bitget. 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 BitgetbpFee HTXbpOrdersPrice spread, now −0.102%Rate

Funding earned: $133.56
Price spread: −0.102% → −0.116%: $1.44
Slippage, 4 orders: −$95.02
Fee Bitget: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: $15.99
Costs to cover: 1.190%
Break-even: 6.2 days

Slippage from Bitget: live order book, 32 min ago; HTX: live order book, 34 min ago.

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 Bitget live order book, 32 min ago	0.63 bp	6.6 bp −$7	14.3 bp −$143	doesn't fit	doesn't fit
Sell HTX live order book, 34 min ago	12.38 bp	47.9 bp −$48	doesn't fit	doesn't fit	doesn't fit

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
Bitget USDJPYUSDTlong	−0.0636%	8h	157.15	long leg	$574K	$110K	100x
tradeXYZ xyz:JPY	−0.0127%	1h	157.07	−0.051%	$29.4M	$3.5M	50x	as long as short
Lighter USDJPY	−0.0096%	1h	157.00	−0.095%	$551K	$339K	50x	as long as short
edgeX USDJPYUSDC	−0.0080%	4h	156.98	−0.110%	$5K	$135K	50x	as long as short
Extended USDJPY-USD	−0.0048%	1h	157.16	+0.010%	$847K	$93K	25x	as long as short
Nado USDJPY-PERP	−0.0008%	1h	157.22	+0.043%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.84	−0.196%	$282K	$130K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.17	+0.013%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.08	−0.045%	—	$2.1M	10x	as long as short
HTX USDJPY-USDTshort	0.0000%	1h	156.99	−0.102%	$9K	$312K	20x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff USDJPY-PERP	+0.0048%	1h	157.06	−0.057%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	156.92	−0.145%	$35K	$4K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	156.96	−0.124%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.93	−0.143%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0159%	1h	157.12	−0.020%	$44K	$78K	101x	as long as short