Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.021%

Price spread now: edgeX against Bybit+0.141%61s7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$980.981% of the position

Long on Bybit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.075%+$7 · spread now +0.141%, 7d avg +0.098%

Together, before fees+0.017%+ Points / potential airdropedgeX: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.043% dearer against Bybit than usual: you sell high and buy low (spread +0.141% now, against its 7-day average of +0.098%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 46 hours. At the pace of the last 6 days (−0.058% in total) that is about 4.6 days. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USDJPYUSDT	157.27	0	get 0.0000% / 8h	1h 04m	$282K	$158K	100x
Short	edgeX USDJPYUSDC	157.49	−0.0075	pay 0.0038% / 4h	1h 04m	$5K	$134K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.141%Rate

Funding earned: −$15.81
Price spread: +0.141% → +0.098%: $4.3
Slippage, 4 orders: −$78.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$109.64
Costs to cover: 0.981%
Break-even: never at this rate

Slippage from Bybit: live order book, 21 min ago; edgeX: live order book, 37 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 Bybit live order book, 21 min ago	0.83 bp	11.6 bp −$12	31.3 bp −$313	41.9 bp −$4,189	doesn't fit
Sell edgeX live order book, 37 min ago	1.59 bp	6.2 bp −$6	13.5 bp −$135	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:JPY	−0.0308%	1h	157.50	+0.147%	$29.3M	$3.1M	50x	as long as short
Bitget USDJPYUSDT	−0.0165%	8h	157.42	+0.096%	$574K	$153K	100x	as long as short
Hotstuff USDJPY-PERP	−0.0120%	1h	157.50	+0.147%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0102%	1h	157.50	+0.150%	$35K	$7K	10x	as long as short
Lighter USDJPY	−0.0080%	1h	157.48	+0.135%	$552K	$360K	50x	as long as short
edgeX USDJPYUSDCshort	−0.0075%	4h	157.49	+0.141%	$5K	$134K	50x
Extended USDJPY-USD	−0.0064%	1h	157.65	+0.242%	$842K	$82K	25x	as long as short
Nado USDJPY-PERP	−0.0017%	1h	157.69	+0.270%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTlong	0.0000%	8h	157.27	long leg	$282K	$158K	100x
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.65	+0.242%	$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	157.49	+0.141%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.41	+0.090%	$9K	$317K	20x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.40	+0.080%	$95K	$63K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.43	+0.101%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0186%	1h	157.70	+0.273%	$40K	$72K	101x	as long as short