Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.004%

Price spread now: Nado against Bybit+0.308%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 Nado

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 airdropNado: Active · farm boardneeds both histories

The price spread pays, funding is against you. Nado is 0.308% dearer against Bybit than usual: you sell high and buy low (spread +0.308% now, against zero (this spread has no 7-day history yet)): +$31 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 57 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	18m 51s	$282K	$146K	100x
Short	Nado USDJPY-PERP	157.75	−0.0018	pay 0.0002% / 1h	18m 51s	$98K	$7K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.308%Rate

Funding earned: −$3.77
Price spread: +0.308% → 0.000%: $30.76
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 0.7 bp × 2 orders: −$1.4
Net: $14.6
Costs to cover: 0.124%
Break-even: from the start

Slippage unknown: Bybit: live order book, 1 min ago; Nado: 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, 1 min ago	0.35 bp	13.0 bp −$13	53.8 bp −$538	60.0 bp −$6,003	doesn't fit
Sell Nado no order-book sample	—	—	—	—	—

Nado: 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
Bitget USDJPYUSDT	−0.0417%	8h	157.44	+0.108%	$574K	$134K	100x	as long as short
tradeXYZ xyz:JPY	−0.0346%	1h	157.62	+0.223%	$29.4M	$3.0M	50x	as long as short
Hotstuff USDJPY-PERP	−0.0176%	1h	157.64	+0.235%	$33K	—	50x	as long as short
Pacifica USDJPY	−0.0162%	1h	157.47	+0.127%	$95K	$58K	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0128%	1h	157.56	+0.184%	$35K	$4K	10x	as long as short
Extended USDJPY-USD	−0.0096%	1h	157.72	+0.288%	$842K	$82K	25x	as long as short
Lighter USDJPY	−0.0064%	1h	157.54	+0.171%	$552K	$362K	50x	as long as short
edgeX USDJPYUSDC	−0.0031%	4h	157.58	+0.200%	$5K	$135K	50x	as long as short
Nado USDJPY-PERPshort	−0.0018%	1h	157.75	+0.308%	$98K	$7K	40x
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	157.70	+0.273%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.61	+0.216%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.62	+0.223%	$9K	$316K	20x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.49	+0.143%	$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