Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.021%

Price spread now: Bybit against Lighter−0.180%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$910.915% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.180%, 7d avg −0.014%

Together, before fees+0.163%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.166% cheaper against Lighter than usual: you would sell low and buy high (spread −0.180% now, against its 7-day average of −0.014%). If the spread goes back, that is −$17 on $10k: about 8.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter USDJPY	157.56	−0.0064	get 0.0008% / 1h	22m 46s	$552K	$358K	50x
Short	Bybit USDJPYUSDT	157.27	0	get 0.0000% / 8h	22m 46s	$282K	$142K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.180%Rate

Funding earned: $13.44
Price spread: −0.180% → −0.014%: −$16.6
Slippage, 4 orders: −$80.49
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$94.66
Costs to cover: 0.915%
Break-even: 56.3 days

Slippage from Lighter: live order book, 12 min ago; Bybit: live order book, 62 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 Lighter live order book, 12 min ago	2.16 bp	2.6 bp −$3	7.8 bp −$78	40.0 bp −$4,003	doesn't fit
Sell Bybit live order book, 62 min ago	0.83 bp	74.1 bp −$74	236.6 bp −$2,366	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
Bitget USDJPYUSDT	−0.0400%	8h	157.43	−0.079%	$574K	$134K	100x	as long as short
tradeXYZ xyz:JPY	−0.0357%	1h	157.59	+0.022%	$29.4M	$3.0M	50x	as long as short
Hotstuff USDJPY-PERP	−0.0176%	1h	157.61	+0.035%	$33K	—	50x	as long as short
Pacifica USDJPY	−0.0162%	1h	157.44	−0.073%	$95K	$63K	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0143%	1h	157.56	+0.003%	$35K	$4K	10x	as long as short
Extended USDJPY-USD	−0.0104%	1h	157.74	+0.117%	$842K	$82K	25x	as long as short
Lighter USDJPYlong	−0.0064%	1h	157.56	long leg	$552K	$358K	50x
edgeX USDJPYUSDC	−0.0052%	4h	157.58	+0.018%	$5K	$134K	50x	as long as short
Nado USDJPY-PERP	−0.0018%	1h	157.79	+0.148%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTshort	0.0000%	8h	157.27	−0.180%	$282K	$142K	100x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.73	+0.111%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.58	+0.016%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.63	+0.048%	$9K	$316K	20x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.51	−0.031%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0148%	1h	157.79	+0.149%	$44K	$72K	101x	as long as short