Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.007%

Price spread now: Hotstuff against Bybit+0.139%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.139% dearer against Bybit than usual: you sell high and buy low (spread +0.139% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USDJPYUSDT	157.28	0	get 0.0000% / 8h	1h 06m	$282K	$158K	100x
Short	Hotstuff USDJPY-PERP	157.50	−0.0120	pay 0.0015% / 1h	6m 24s	$33K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.139%Rate

Funding earned: −$25.2
Price spread: +0.139% → 0.000%: $13.86
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$27.34
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 19 min ago; Hotstuff: 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, 19 min ago	0.83 bp	11.6 bp −$12	31.3 bp −$313	41.9 bp −$4,189	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 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	−0.0307%	1h	157.50	+0.139%	$29.3M	$3.1M	50x	as long as short
Bitget USDJPYUSDT	−0.0156%	8h	157.43	+0.094%	$574K	$153K	100x	as long as short
Hotstuff USDJPY-PERPshort	−0.0120%	1h	157.50	+0.139%	$33K	—	50x
Ondo Perps USDJPY-USD.P	−0.0101%	1h	157.50	+0.142%	$35K	$7K	10x	as long as short
Lighter USDJPY	−0.0080%	1h	157.48	+0.127%	$552K	$360K	50x	as long as short
edgeX USDJPYUSDC	−0.0075%	4h	157.49	+0.133%	$5K	$134K	50x	as long as short
Extended USDJPY-USD	−0.0064%	1h	157.65	+0.234%	$842K	$82K	25x	as long as short
Nado USDJPY-PERP	−0.0017%	1h	157.69	+0.262%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTlong	0.0000%	8h	157.28	long leg	$282K	$158K	100x
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.62	+0.215%	$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	157.48	+0.126%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.54	+0.164%	$9K	$317K	20x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.39	+0.067%	$95K	$63K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.41	+0.083%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0186%	1h	157.70	+0.264%	$40K	$72K	101x	as long as short