Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0075%/8h= +8.2% APRpaid last 24h +0.021%

Price spread now: Orderly against edgeX+0.095%71s7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 6 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 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.095% dearer against edgeX than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 71 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	157.49	−0.0075	get 0.0038% / 4h	1h 05m	$5K	$134K	50x
Short	Orderly PERP_USDJPY_USDC	157.64	0	get 0.0000% / 8h	1h 05m	$25K	$52K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.095%Rate

Funding earned: $15.81
Price spread: +0.095% → 0.000%: $9.46
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: $10.27
Costs to cover: 0.150%
Break-even: 2.5 days

Slippage unknown: edgeX: live order book, 36 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 edgeX live order book, 36 min ago	1.59 bp	6.2 bp −$6	13.5 bp −$135	doesn't fit	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	−0.0307%	1h	157.51	+0.012%	$29.3M	$3.1M	50x	as long as short
Bitget USDJPYUSDT	−0.0156%	8h	157.43	−0.039%	$574K	$153K	100x	as long as short
Hotstuff USDJPY-PERP	−0.0120%	1h	157.50	+0.006%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0101%	1h	157.50	+0.009%	$35K	$7K	10x	as long as short
Lighter USDJPY	−0.0080%	1h	157.49	−0.003%	$552K	$360K	50x	as long as short
edgeX USDJPYUSDClong	−0.0075%	4h	157.49	long leg	$5K	$134K	50x
Extended USDJPY-USD	−0.0064%	1h	157.65	+0.101%	$842K	$82K	25x	as long as short
Nado USDJPY-PERP	−0.0017%	1h	157.69	+0.129%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	157.28	−0.134%	$282K	$158K	100x	as long as short
Orderly PERP_USDJPY_USDCshort	0.0000%	8h	157.64	+0.095%	$25K	$52K	50x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX USDJPY-USDT	0.0000%	1h	157.49	−0.001%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.48	−0.007%	$9K	$317K	20x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.39	−0.066%	$95K	$63K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.42	−0.043%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0186%	1h	157.70	+0.131%	$40K	$72K	101x	as long as short