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: Aevo against Bybit−0.055%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Aevo

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

Funding pays, the price is against you. Aevo is 0.055% cheaper against Bybit than usual: you would sell low and buy high (spread −0.055% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 43 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USDJPYUSDT	156.88	0	get 0.0000% / 8h	4h 49m	$291K	$123K	100x
Short	Aevo USDJPY-PERP	156.80	0.0104	get 0.0013% / 1h	49m 53s	$25K	$500	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Bybit. 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 BybitbpFee AevobpOrdersPrice spread, now −0.055%Rate

Funding earned: $21.84
Price spread: −0.055% → 0.000%: −$5.53
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$10.69
Costs to cover: 0.270%
Break-even: 10.4 days

Slippage unknown: Bybit: live order book, 47 min ago; Aevo: 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 Bybit live order book, 47 min ago	2.36 bp	35.1 bp −$35	48.7 bp −$487	50.1 bp −$5,006	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

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 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
Bitget USDJPYUSDT	−0.0276%	8h	157.13	+0.158%	$573K	$107K	100x	as long as short
Extended USDJPY-USD	−0.0272%	1h	157.13	+0.160%	$849K	$88K	25x	as long as short
Lighter USDJPY	−0.0208%	1h	156.94	+0.039%	$601K	$386K	50x	as long as short
tradeXYZ xyz:JPY	−0.0100%	1h	157.06	+0.113%	$29.7M	$3.3M	50x	as long as short
edgeX USDJPYUSDC	−0.0080%	4h	157.00	+0.074%	$5K	$134K	50x	as long as short
Nado USDJPY-PERP	−0.0016%	1h	157.17	+0.185%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDTlong	0.0000%	8h	156.88	long leg	$291K	$123K	100x
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.12	+0.152%	$24K	$21K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.01	+0.082%	—	$1.6M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	156.97	+0.056%	$9K	$308K	20x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps USDJPY-USD.P	+0.0050%	1h	156.95	+0.045%	$35K	$4K	10x	as long as short
Hotstuff USDJPY-PERP	+0.0072%	1h	157.07	+0.120%	$33K	—	50x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.01	+0.082%	$94K	$24K	50x	as long as short
Aevo USDJPY-PERPshort	+0.0104%	1h	156.80	−0.055%	$25K	$500	10x
Injective USDJPY/USDC PERP	+0.0143%	1h	157.08	+0.127%	$25K	$87K	101x	as long as short