Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0169%/8h= +18.6% APRpaid last 24h +0.019%

Price spread now: Bybit against edgeX+0.012%7-day average −0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1161.160% of the position

Long on edgeX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.059%+$6 on $10k

Price spread, last 4 days (all we have)−0.225%−$23 · spread now +0.012%, 7d avg −0.099%

Together, before fees−0.167%+ Points / potential airdropedgeX: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Bybit is 0.111% dearer against edgeX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX USDJPYUSDC	156.82	−0.0169	get 0.0085% / 4h	3h 03m	$5K	$135K	50x
Short	Bybit USDJPYUSDT	156.84	0	get 0.0000% / 8h	7h 03m	$282K	$131K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against edgeX. 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 edgeXbpFee BybitbpOrdersPrice spread, now +0.012%Rate

Funding earned: $35.58
Price spread: +0.012% → −0.099%: $11.07
Slippage, 4 orders: −$95.95
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$69.3
Costs to cover: 1.160%
Break-even: 20.6 days

Slippage from edgeX: live order book, 28 min ago; Bybit: live order book, 12 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 edgeX live order book, 28 min ago	2.22 bp	6.8 bp −$7	13.4 bp −$134	doesn't fit	doesn't fit
Sell Bybit live order book, 12 min ago	0.16 bp	71.9 bp −$72	249.0 bp −$2,490	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	−0.0654%	8h	157.05	+0.143%	$573K	$120K	100x	as long as short
edgeX USDJPYUSDClong	−0.0169%	4h	156.82	long leg	$5K	$135K	50x
tradeXYZ xyz:JPY	−0.0102%	1h	156.98	+0.099%	$29.4M	$3.5M	50x	as long as short
Lighter USDJPY	−0.0056%	1h	156.89	+0.041%	$551K	$360K	50x	as long as short
Extended USDJPY-USD	−0.0032%	1h	157.07	+0.158%	$847K	$93K	25x	as long as short
Pacifica USDJPY	−0.0014%	1h	156.92	+0.061%	$94K	$34K	50x	as long as short
Nado USDJPY-PERP	−0.0013%	1h	157.10	+0.176%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDTshort	0.0000%	8h	156.84	+0.012%	$282K	$131K	100x
Orderly PERP_USDJPY_USDC	0.0000%	8h	156.98	+0.099%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	156.85	+0.016%	—	$2.1M	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX USDJPY-USDT	0.0000%	1h	156.87	+0.029%	$9K	$313K	20x	as long as short
Hotstuff USDJPY-PERP	+0.0048%	1h	156.98	+0.099%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	156.96	+0.087%	$35K	$4K	10x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.76	−0.041%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0136%	1h	157.20	+0.242%	$44K	$78K	101x	as long as short