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 0.000%

Price spread now: Bybit against HTX+0.018%7-day average −0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$274as in the Funding arb table

Net, price: spread back to 7d avg − costs−$262as in the Price arb table

costs, in and out, $10k−$2732.733% of the position

Long on HTX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.274%−$27 · spread now +0.018%, 7d avg −0.097%

Together, before fees−0.277%−$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.115% dearer against HTX than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.097%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX USDJPY-USDT	157.24	0	get 0.0000% / 1h	58m 14s	$9K	$319K	20x
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 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 BybitbpOrdersPrice spread, now +0.018%Rate

Funding earned: $0
Price spread: +0.018% → −0.097%: $11.46
Slippage, 4 orders: −$250.28
Fee HTX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$261.82
Costs to cover: 2.733%
Break-even: never at this rate

Slippage from HTX: live order book, 49 min ago; Bybit: live order book, 32 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, 49 min ago	14.30 bp	101.6 bp −$102	doesn't fit	doesn't fit	doesn't fit
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

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	+0.095%	$29.3M	$3.1M	50x	as long as short
edgeX USDJPYUSDC	−0.0028%	4h	157.38	+0.086%	$5K	$135K	50x	as long as short
Lighter USDJPY	−0.0024%	1h	157.34	+0.061%	$552K	$360K	50x	as long as short
Nado USDJPY-PERP	−0.0006%	1h	157.53	+0.186%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTshort	0.0000%	8h	157.27	+0.018%	$281K	$174K	100x
Hotstuff USDJPY-PERP	0.0000%	1h	157.40	+0.102%	$33K	—	50x	as long as short
Bitget USDJPYUSDT	0.0000%	8h	157.42	+0.114%	$574K	$175K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.50	+0.165%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.37	+0.083%	—	$2.4M	10x	as long as short
HTX USDJPY-USDTlong	0.0000%	1h	157.24	long leg	$9K	$319K	20x

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	+0.163%	$841K	$82K	25x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.33	+0.060%	$35K	$7K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.30	+0.036%	$95K	$63K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.29	+0.032%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0186%	1h	157.52	+0.176%	$40K	$72K	101x	as long as short