Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.056%

Price spread now: tradeXYZ against Bitget+0.089%7-day average −0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Bitget Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$15 on $10k

Price spread, last 4 days (all we have)−0.095%−$10 · spread now +0.089%, 7d avg −0.108%

Together, before fees−0.241%+ Points / potential airdroptradeXYZ: Active · farm board−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.197% dearer against Bitget than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of −0.108%): +$20 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget USDJPYUSDT	157.43	−0.0325	get 0.0325% / 8h	35m 10s	$574K	$137K	100x
Short	tradeXYZ xyz:JPY	157.57	−0.0375	pay 0.0047% / 1h	35m 10s	$29.4M	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$10.47
Price spread: +0.089% → −0.108%: $19.68
Slippage, 4 orders: −$3.68
Fee Bitget: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$24.48
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from Bitget: live order book, 65 min ago; tradeXYZ: live order book, 4 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, 65 min ago	0.32 bp	6.3 bp −$6	12.5 bp −$125	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 4 min ago	0.95 bp	11.1 bp −$11	15.6 bp −$156	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
tradeXYZ xyz:JPYshort	−0.0375%	1h	157.57	+0.089%	$29.4M	$3.1M	50x
Bitget USDJPYUSDTlong	−0.0325%	8h	157.43	long leg	$574K	$137K	100x
Hotstuff USDJPY-PERP	−0.0176%	1h	157.57	+0.089%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0174%	1h	157.57	+0.088%	$35K	$7K	10x	as long as short
Pacifica USDJPY	−0.0162%	1h	157.43	0.000%	$95K	$63K	50x	as long as short
edgeX USDJPYUSDC	−0.0137%	4h	157.58	+0.098%	$5K	$135K	50x	as long as short
Extended USDJPY-USD	−0.0088%	1h	157.70	+0.169%	$842K	$82K	25x	as long as short
Lighter USDJPY	−0.0072%	1h	157.53	+0.060%	$552K	$358K	50x	as long as short
Nado USDJPY-PERP	−0.0019%	1h	157.74	+0.196%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	157.27	−0.102%	$282K	$148K	100x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.69	+0.165%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.58	+0.095%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.53	+0.064%	$9K	$316K	20x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.47	+0.025%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0148%	1h	157.76	+0.212%	$44K	$72K	101x	as long as short