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% APRpaid last 24h 0.000%

Price spread now: SunX against Bybit+0.216%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$301as in the Funding arb table

Net, price: spread back to 7d avg − costs−$290as in the Price arb table

costs, in and out, $10k−$3013.015% of the position

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now +0.216%, 7d avg +0.096%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.120% dearer against Bybit than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.096%.

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 54s	$282K	$146K	100x
Short	SunX USDJPY-USDT	157.61	0	get 0.0000% / 1h	18m 54s	—	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.216%Rate

Funding earned: $0
Price spread: +0.216% → +0.096%: $11.97
Slippage, 4 orders: −$282.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$289.52
Costs to cover: 3.015%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; SunX: live order book, 8 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, 1 min ago	0.35 bp	13.0 bp −$13	53.8 bp −$538	60.0 bp −$6,003	doesn't fit
Sell SunX live order book, 8 min ago	80.27 bp	99.1 bp −$99	doesn't fit	doesn't fit	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	−0.0417%	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-PERP	−0.0018%	1h	157.75	+0.308%	$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	157.70	+0.273%	$25K	$52K	50x	as long as short
SunX USDJPY-USDTshort	0.0000%	1h	157.61	+0.216%	—	$2.4M	10x
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