Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0167%/8h= +18.2% APRpaid last 24h +0.015%

Price spread now: Nado against edgeX+0.103%62s7-day average — · you sell dearer than you buy

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

Long on edgeX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Nado is 0.103% dearer against edgeX than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 62 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	156.81	−0.0179	get 0.0090% / 4h	1h 52m	$5K	$134K	50x
Short	Nado USDJPY-PERP	156.97	−0.0013	pay 0.0002% / 1h	52m 27s	$98K	$1K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.103%Rate

Funding earned: $34.98
Price spread: +0.103% → 0.000%: $10.32
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Nado: 0.7 bp × 2 orders: −$1.4
Net: $34.89
Costs to cover: 0.104%
Break-even: 0.0 days

Slippage unknown: edgeX: live order book, 57 min ago; Nado: 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 edgeX live order book, 57 min ago	1.59 bp	6.2 bp −$6	13.2 bp −$132	doesn't fit	doesn't fit
Sell Nado no order-book sample	—	—	—	—	—

Nado: 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	+0.004%	$33K	—	50x	as long as short
Bitget USDJPYUSDT	−0.0428%	8h	156.94	+0.081%	$573K	$104K	100x	as long as short
edgeX USDJPYUSDClong	−0.0179%	4h	156.81	long leg	$5K	$134K	50x
tradeXYZ xyz:JPY	−0.0123%	1h	156.85	+0.024%	$29.7M	$3.3M	50x	as long as short
Extended USDJPY-USD	−0.0048%	1h	156.94	+0.080%	$847K	$96K	25x	as long as short
Lighter USDJPY	−0.0048%	1h	156.78	−0.019%	$550K	$348K	50x	as long as short
Nado USDJPY-PERPshort	−0.0013%	1h	156.97	+0.103%	$98K	$1K	40x
Bybit USDJPYUSDT	0.0000%	8h	156.78	−0.023%	$291K	$122K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	156.92	+0.068%	$25K	$21K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	156.77	−0.027%	—	$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	156.74	−0.047%	$9K	$309K	20x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	156.77	−0.027%	$35K	$4K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	156.81	0.000%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.67	−0.092%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0208%	1h	157.30	+0.309%	$25K	$87K	101x	as long as short