Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0159%/8h= +17.4% APRpaid last 24h +0.046%

Price spread now: Injective against Bybit+0.164%98s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Injective is 0.164% dearer against Bybit than usual: you sell high and buy low: +$16 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 98 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	157.04	0	get 0.0000% / 8h	6h 19m	$291K	$124K	100x
Short	Injective USDJPY/USDC PERP	157.30	0.0159	get 0.0020% / 1h	19m 44s	$25K	$87K	101x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +0.164%Rate

Funding earned: $33.44
Price spread: +0.164% → 0.000%: $16.37
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $38.79
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 26 min ago; Injective: 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, 26 min ago	3.09 bp	26.6 bp −$27	39.1 bp −$391	40.4 bp −$4,040	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0506%	8h	157.09	+0.032%	$573K	$104K	100x	as long as short
tradeXYZ xyz:JPY	−0.0244%	1h	157.04	0.000%	$29.7M	$3.3M	50x	as long as short
edgeX USDJPYUSDC	−0.0170%	4h	157.06	+0.016%	$5K	$134K	50x	as long as short
Hotstuff USDJPY-PERP	−0.0056%	1h	157.05	+0.006%	$33K	—	50x	as long as short
Lighter USDJPY	−0.0040%	1h	156.98	−0.039%	$550K	$348K	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0038%	1h	156.98	−0.038%	$35K	$4K	10x	as long as short
Extended USDJPY-USD	−0.0032%	1h	157.12	+0.050%	$847K	$93K	25x	as long as short
Nado USDJPY-PERP	−0.0016%	1h	157.19	+0.097%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDTlong	0.0000%	8h	157.04	long leg	$291K	$124K	100x
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.14	+0.064%	$25K	$21K	50x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX USDJPY-USDT	0.0000%	1h	157.04	0.000%	—	$1.8M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	156.87	−0.108%	$9K	$310K	20x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.06	+0.013%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.94	−0.061%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERPshort	+0.0159%	1h	157.30	+0.164%	$25K	$87K	101x