Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.021%

Price spread now: Lighter against Bybit+0.181%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$1101.100% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.181%, 7d avg +0.014%

Together, before fees−0.164%+ Points / potential airdropLighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.166% dearer against Bybit than usual: you sell high and buy low (spread +0.181% now, against its 7-day average of +0.014%): +$17 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USDJPYUSDT	157.27	0	get 0.0000% / 8h	19m 56s	$282K	$146K	100x
Short	Lighter USDJPY	157.55	−0.0064	pay 0.0008% / 1h	19m 56s	$552K	$362K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.181%Rate

Funding earned: −$13.44
Price spread: +0.181% → +0.014%: $16.64
Slippage, 4 orders: −$99.04
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$106.85
Costs to cover: 1.100%
Break-even: never at this rate

Slippage from Bybit: live order book, just now; Lighter: live order book, 15 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, just now	0.35 bp	13.0 bp −$13	53.8 bp −$538	60.0 bp −$6,003	doesn't fit
Sell Lighter live order book, 15 min ago	2.16 bp	3.1 bp −$3	11.1 bp −$111	55.5 bp −$5,551	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
Bitget USDJPYUSDT	−0.0411%	8h	157.43	+0.102%	$574K	$134K	100x	as long as short
tradeXYZ xyz:JPY	−0.0351%	1h	157.64	+0.235%	$29.4M	$3.0M	50x	as long as short
Hotstuff USDJPY-PERP	−0.0176%	1h	157.60	+0.210%	$33K	—	50x	as long as short
Pacifica USDJPY	−0.0162%	1h	157.47	+0.127%	$95K	$63K	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0134%	1h	157.56	+0.184%	$35K	$4K	10x	as long as short
Extended USDJPY-USD	−0.0104%	1h	157.74	+0.297%	$842K	$82K	25x	as long as short
Lighter USDJPYshort	−0.0064%	1h	157.55	+0.181%	$552K	$362K	50x
edgeX USDJPYUSDC	−0.0031%	4h	157.58	+0.200%	$5K	$135K	50x	as long as short
Nado USDJPY-PERP	−0.0018%	1h	157.78	+0.322%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTlong	0.0000%	8h	157.27	long leg	$282K	$146K	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	+0.292%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.62	+0.223%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.57	+0.191%	$9K	$316K	20x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.51	+0.155%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0148%	1h	157.79	+0.331%	$44K	$72K	101x	as long as short