Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.001%

Price spread now: Ondo Perps against Bybit−0.020%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USDJPYUSDT	156.77	0	get 0.0000% / 8h	5h 56m	$291K	$122K	100x
Short	Ondo Perps USDJPY-USD.P	156.74	0.0050	get 0.0006% / 1h	56m 22s	$35K	$4K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.020%Rate

Funding earned: $10.58
Price spread: −0.020% → 0.000%: −$1.98
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$7.39
Costs to cover: 0.160%
Break-even: 11.9 days

Slippage unknown: Bybit: live order book, 50 min ago; Ondo Perps: 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, 50 min ago	3.09 bp	26.6 bp −$27	39.1 bp −$391	40.4 bp −$4,040	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Hotstuff USDJPY-PERP	−0.0800%	1h	156.82	+0.031%	$33K	—	50x	as long as short
Bitget USDJPYUSDT	−0.0440%	8h	156.88	+0.069%	$573K	$104K	100x	as long as short
tradeXYZ xyz:JPY	−0.0110%	1h	156.77	−0.001%	$29.6M	$3.3M	50x	as long as short
edgeX USDJPYUSDC	−0.0087%	4h	156.89	+0.075%	$5K	$135K	50x	as long as short
Lighter USDJPY	−0.0048%	1h	156.70	−0.047%	$549K	$348K	50x	as long as short
Extended USDJPY-USD	−0.0024%	1h	156.85	+0.049%	$847K	$95K	25x	as long as short
Nado USDJPY-PERP	−0.0014%	1h	156.89	+0.075%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDTlong	0.0000%	8h	156.77	long leg	$291K	$122K	100x
Orderly PERP_USDJPY_USDC	0.0000%	8h	156.84	+0.043%	$25K	$21K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	156.76	−0.008%	—	$1.7M	10x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX USDJPY-USDT	0.0000%	1h	156.72	−0.033%	$9K	$309K	20x	as long as short
Ondo Perps USDJPY-USD.Pshort	+0.0050%	1h	156.74	−0.020%	$35K	$4K	10x
Pacifica USDJPY	+0.0100%	1h	156.77	+0.001%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.64	−0.086%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0208%	1h	157.30	+0.335%	$25K	$87K	101x	as long as short