Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0152%/8h= −16.6% APRpaid last 24h 0.000%

Price spread now: Bitget against HTX−0.076%7-day average +0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$191as in the Funding arb table

Net, price: spread back to 7d avg − costs−$202as in the Price arb table

costs, in and out, $10k−$1831.828% of the position

Long on HTX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.076%, 7d avg +0.120%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bitget is 0.196% cheaper against HTX than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.120%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX USDJPY-USDT	157.54	0	get 0.0000% / 1h	7m 18s	$9K	$317K	20x
Short	Bitget USDJPYUSDT	157.42	−0.0152	pay 0.0152% / 8h	1h 07m	$574K	$153K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against HTX. 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 HTXbpFee BitgetbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$31.92
Price spread: −0.076% → +0.120%: −$19.58
Slippage, 4 orders: −$158.8
Fee HTX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$234.29
Costs to cover: 1.828%
Break-even: never at this rate

Slippage from HTX: live order book, 35 min ago; Bitget: live order book, 33 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 HTX live order book, 35 min ago	13.97 bp	98.3 bp −$98	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 33 min ago	0.32 bp	6.3 bp −$6	6.9 bp −$69	doesn't fit	doesn't fit

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	157.50	−0.025%	$29.3M	$3.1M	50x	as long as short
Bitget USDJPYUSDTshort	−0.0152%	8h	157.42	−0.076%	$574K	$153K	100x
Hotstuff USDJPY-PERP	−0.0120%	1h	157.50	−0.025%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0100%	1h	157.50	−0.022%	$35K	$7K	10x	as long as short
Lighter USDJPY	−0.0080%	1h	157.47	−0.043%	$552K	$360K	50x	as long as short
edgeX USDJPYUSDC	−0.0075%	4h	157.49	−0.031%	$5K	$134K	50x	as long as short
Extended USDJPY-USD	−0.0064%	1h	157.63	+0.056%	$842K	$82K	25x	as long as short
Nado USDJPY-PERP	−0.0017%	1h	157.67	+0.084%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	157.27	−0.172%	$282K	$158K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.62	+0.051%	$25K	$52K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX USDJPY-USDT	0.0000%	1h	157.48	−0.038%	—	$2.4M	10x	as long as short
HTX USDJPY-USDTlong	0.0000%	1h	157.54	long leg	$9K	$317K	20x
Pacifica USDJPY	+0.0100%	1h	157.39	−0.092%	$95K	$63K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.41	−0.081%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0186%	1h	157.70	+0.100%	$40K	$72K	101x	as long as short