Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.052%

Price spread now: Extended against Bybit+0.141%7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$1131.131% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now +0.141%, 7d avg +0.110%

Together, before fees+0.011%+ Points / potential airdropExtended: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.030% dearer against Bybit than usual: you sell high and buy low (spread +0.141% now, against its 7-day average of +0.110%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USDJPYUSDT	157.25	0	get 0.0000% / 8h	3h 29m	$281K	$203K	100x
Short	Extended USDJPY-USD	157.47	−0.0080	pay 0.0010% / 1h	29m 28s	$841K	$81K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.141%Rate

Funding earned: −$16.8
Price spread: +0.141% → +0.110%: $3.04
Slippage, 4 orders: −$97.11
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$126.88
Costs to cover: 1.131%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Extended: live order book, 24 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, 6 min ago	0.22 bp	9.3 bp −$9	38.9 bp −$389	43.1 bp −$4,310	doesn't fit
Sell Extended live order book, 24 min ago	6.74 bp	11.8 bp −$12	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
tradeXYZ xyz:JPY	−0.0316%	1h	157.36	+0.070%	$29.3M	$3.2M	50x	as long as short
edgeX USDJPYUSDC	−0.0190%	4h	157.36	+0.070%	$5K	$135K	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0139%	1h	157.34	+0.060%	$35K	$7K	10x	as long as short
Hotstuff USDJPY-PERP	−0.0128%	1h	157.36	+0.070%	$33K	—	50x	as long as short
Extended USDJPY-USDshort	−0.0080%	1h	157.47	+0.141%	$841K	$81K	25x
Lighter USDJPY	−0.0032%	1h	157.31	+0.035%	$552K	$375K	50x	as long as short
Nado USDJPY-PERP	−0.0007%	1h	157.51	+0.167%	$98K	$6K	40x	as long as short
Bybit USDJPYUSDTlong	0.0000%	8h	157.25	long leg	$281K	$203K	100x
Bitget USDJPYUSDT	0.0000%	8h	157.42	+0.108%	$561K	$179K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.46	+0.134%	$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	157.34	+0.057%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.30	+0.032%	$9K	$323K	20x	as long as short
Pacifica USDJPY	+0.0094%	1h	157.34	+0.057%	$95K	$107K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.26	+0.007%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0168%	1h	157.57	+0.201%	$40K	$72K	101x	as long as short