Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: HTX against Bybit+0.223%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$256as in the Funding arb table

Net, price: spread back to 7d avg − costs−$243as in the Price arb table

costs, in and out, $10k−$2562.559% of the position

Long on Bybit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now +0.223%, 7d avg +0.096%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.126% dearer against Bybit than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USDJPYUSDT	157.28	0	get 0.0000% / 8h	50m 58s	$282K	$155K	100x
Short	HTX USDJPY-USDT	157.63	0	get 0.0000% / 1h	50m 58s	$9K	$317K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.223%Rate

Funding earned: $0
Price spread: +0.223% → +0.096%: $12.62
Slippage, 4 orders: −$232.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee HTX: 6 bp × 2 orders: −$12
Net: −$243.29
Costs to cover: 2.559%
Break-even: never at this rate

Slippage from Bybit: live order book, 34 min ago; HTX: live order book, 51 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, 34 min ago	0.83 bp	11.6 bp −$12	31.3 bp −$313	41.9 bp −$4,189	doesn't fit
Sell HTX live order book, 51 min ago	13.97 bp	71.9 bp −$72	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	−0.0425%	1h	157.54	+0.165%	$29.4M	$3.1M	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0238%	1h	157.51	+0.145%	$35K	$7K	10x	as long as short
Bitget USDJPYUSDT	−0.0229%	8h	157.43	+0.095%	$574K	$153K	100x	as long as short
edgeX USDJPYUSDC	−0.0175%	4h	157.51	+0.144%	$5K	$134K	50x	as long as short
Hotstuff USDJPY-PERP	−0.0168%	1h	157.55	+0.172%	$33K	—	50x	as long as short
Pacifica USDJPY	−0.0162%	1h	157.42	+0.091%	$95K	$63K	50x	as long as short
Extended USDJPY-USD	−0.0080%	1h	157.74	+0.292%	$842K	$82K	25x	as long as short
Lighter USDJPY	−0.0072%	1h	157.56	+0.176%	$552K	$358K	50x	as long as short
Nado USDJPY-PERP	−0.0020%	1h	157.78	+0.318%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTlong	0.0000%	8h	157.28	long leg	$282K	$155K	100x

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	157.73	+0.286%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.53	+0.159%	—	$2.4M	10x	as long as short
HTX USDJPY-USDTshort	0.0000%	1h	157.63	+0.223%	$9K	$317K	20x
Aevo USDJPY-PERP	+0.0104%	1h	157.48	+0.128%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0148%	1h	157.77	+0.311%	$44K	$72K	101x	as long as short