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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Orderly against Bybit+0.139%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.975%−$98 on $10k

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

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.139% dearer against Bybit than usual: you sell high and buy low, +$14 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USDJPYUSDT	157.28	0	get 0.0000% / 8h	1h 57m	$281K	$173K	100x
Short	Orderly PERP_USDJPY_USDC	157.50	0	get 0.0000% / 8h	1h 57m	$25K	$52K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.139%Rate

Funding earned: $0
Price spread: +0.139% → 0.000%: $13.86
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$3.14
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 32 min ago; Orderly: 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, 32 min ago	1.65 bp	9.2 bp −$9	38.8 bp −$388	43.1 bp −$4,312	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
tradeXYZ xyz:JPY	−0.0178%	1h	157.41	+0.081%	$29.3M	$3.1M	50x	as long as short
edgeX USDJPYUSDC	−0.0028%	4h	157.38	+0.059%	$5K	$135K	50x	as long as short
Lighter USDJPY	−0.0016%	1h	157.35	+0.042%	$552K	$360K	50x	as long as short
Nado USDJPY-PERP	−0.0006%	1h	157.53	+0.159%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTlong	0.0000%	8h	157.28	long leg	$281K	$173K	100x
Hotstuff USDJPY-PERP	0.0000%	1h	157.40	+0.075%	$33K	—	50x	as long as short
Bitget USDJPYUSDT	0.0000%	8h	157.43	+0.094%	$574K	$175K	100x	as long as short
Orderly PERP_USDJPY_USDCshort	0.0000%	8h	157.50	+0.139%	$25K	$52K	50x
SunX USDJPY-USDT	0.0000%	1h	157.37	+0.056%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.24	−0.027%	$9K	$319K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended USDJPY-USD	+0.0032%	1h	157.51	+0.146%	$841K	$82K	25x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.33	+0.033%	$35K	$7K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.30	+0.009%	$95K	$63K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.29	+0.005%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0186%	1h	157.52	+0.149%	$40K	$72K	101x	as long as short