Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: Bybit against Hotstuff−0.084%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Bybit

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 airdropHotstuff: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.084% cheaper against Hotstuff than usual: you would sell low and buy high, −$8 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff USDJPY-PERP	157.40	0	get 0.0000% / 1h	58m 16s	$33K	—	50x
Short	Bybit USDJPYUSDT	157.27	0	get 0.0000% / 8h	1h 58m	$281K	$174K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hotstuff. 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 HotstuffbpFee BybitbpOrdersPrice spread, now −0.084%Rate

Funding earned: $0
Price spread: −0.084% → 0.000%: −$8.39
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.39
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; Bybit: live order book, 32 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Bybit live order book, 32 min ago	1.65 bp	72.6 bp −$73	234.2 bp −$2,342	doesn't fit	doesn't fit

Hotstuff: 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	−0.0174%	1h	157.39	−0.006%	$29.3M	$3.1M	50x	as long as short
edgeX USDJPYUSDC	−0.0028%	4h	157.38	−0.016%	$5K	$135K	50x	as long as short
Lighter USDJPY	−0.0024%	1h	157.34	−0.041%	$552K	$360K	50x	as long as short
Nado USDJPY-PERP	−0.0006%	1h	157.53	+0.084%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTshort	0.0000%	8h	157.27	−0.084%	$281K	$174K	100x
Hotstuff USDJPY-PERPlong	0.0000%	1h	157.40	long leg	$33K	—	50x
Bitget USDJPYUSDT	0.0000%	8h	157.42	+0.013%	$574K	$175K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.50	+0.064%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.37	−0.019%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.24	−0.102%	$9K	$319K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended USDJPY-USD	+0.0032%	1h	157.50	+0.062%	$841K	$82K	25x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.33	−0.042%	$35K	$7K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.30	−0.066%	$95K	$63K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.29	−0.070%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0186%	1h	157.52	+0.074%	$40K	$72K	101x	as long as short