Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h +0.025%

Price spread now: Orderly against Hotstuff+0.032%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.032% dearer against Hotstuff than usual: you sell high and buy low (spread +0.032% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff USDJPY-PERP	157.07	0.0072	pay 0.0009% / 1h	50m 45s	$33K	—	50x
Short	Orderly PERP_USDJPY_USDC	157.12	0	get 0.0000% / 8h	4h 50m	$24K	$21K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.032%Rate

Funding earned: −$15.12
Price spread: +0.032% → 0.000%: $3.18
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$22.94
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Hotstuff and 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 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
Bitget USDJPYUSDT	−0.0279%	8h	157.12	+0.032%	$573K	$107K	100x	as long as short
Extended USDJPY-USD	−0.0232%	1h	157.12	+0.030%	$849K	$88K	25x	as long as short
Lighter USDJPY	−0.0200%	1h	156.93	−0.092%	$601K	$386K	50x	as long as short
tradeXYZ xyz:JPY	−0.0099%	1h	157.04	−0.019%	$29.7M	$3.3M	50x	as long as short
edgeX USDJPYUSDC	−0.0080%	4h	157.00	−0.046%	$5K	$134K	50x	as long as short
Nado USDJPY-PERP	−0.0015%	1h	157.16	+0.058%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.87	−0.126%	$291K	$123K	100x	as long as short
Orderly PERP_USDJPY_USDCshort	0.0000%	8h	157.12	+0.032%	$24K	$21K	50x
SunX USDJPY-USDT	0.0000%	1h	157.04	−0.019%	—	$1.6M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.04	−0.019%	$9K	$308K	20x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps USDJPY-USD.P	+0.0050%	1h	156.95	−0.074%	$35K	$4K	10x	as long as short
Hotstuff USDJPY-PERPlong	+0.0072%	1h	157.07	long leg	$33K	—	50x
Pacifica USDJPY	+0.0100%	1h	157.01	−0.038%	$94K	$24K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.84	−0.149%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0143%	1h	157.08	+0.007%	$25K	$87K	101x	as long as short