Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.020%

Price spread now: Extended against edgeX+0.051%53s7-day average +0.006% · 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—prices read too far apart to compare

costs, in and out, $10k−$330.328% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.079%−$8 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.051%, 7d avg +0.006%

Together, before fees−0.103%+ Points / potential airdropedgeX: Active · Extended: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.045% dearer against edgeX than usual: you sell high and buy low (spread +0.051% now, against its 7-day average of +0.006%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 43 hours. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX USDJPYUSDC	156.98	−0.0053	get 0.0026% / 4h	1h 28m	$5K	$135K	50x
Short	Extended USDJPY-USD	157.07	−0.0136	pay 0.0017% / 1h	28m 38s	$848K	$96K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$17.45
Price spread: +0.051% → +0.006%: $4.48
Slippage, 4 orders: −$18.79
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$45.75
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from edgeX: live order book, 16 min ago; Extended: live order book, 17 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, 16 min ago	1.59 bp	6.2 bp −$6	12.5 bp −$125	doesn't fit	doesn't fit
Sell Extended live order book, 17 min ago	1.50 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit

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	157.00	+0.010%	$33K	—	50x	as long as short
Bitget USDJPYUSDT	−0.0376%	8h	157.07	+0.054%	$573K	$107K	100x	as long as short
tradeXYZ xyz:JPY	−0.0158%	1h	156.99	+0.003%	$29.7M	$3.3M	50x	as long as short
Extended USDJPY-USDshort	−0.0136%	1h	157.07	+0.051%	$848K	$96K	25x
Lighter USDJPY	−0.0080%	1h	156.89	−0.059%	$598K	$399K	50x	as long as short
edgeX USDJPYUSDClong	−0.0053%	4h	156.98	long leg	$5K	$135K	50x
Nado USDJPY-PERP	−0.0007%	1h	157.11	+0.080%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.79	−0.125%	$291K	$122K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.05	+0.041%	$25K	$21K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	156.96	−0.016%	—	$1.6M	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	156.94	−0.029%	$9K	$309K	20x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	156.96	−0.015%	$35K	$4K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	156.97	−0.010%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.80	−0.115%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0208%	1h	157.11	+0.080%	$25K	$87K	101x	as long as short