Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0017%/8h= −1.8% APRpaid last 24h +0.003%

Price spread now: edgeX against Lighter+0.053%49s7-day average +0.089% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.194% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now +0.053%, 7d avg +0.089%

Together, before fees+0.075%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and edgeX is 0.036% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.089%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter USDJPY	157.53	−0.0048	get 0.0006% / 1h	30m 46s	$553K	$356K	50x
Short	edgeX USDJPYUSDC	157.62	−0.0065	pay 0.0032% / 4h	3h 30m	$5K	$135K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$3.49
Price spread: +0.053% → +0.089%: −$3.6
Slippage, 4 orders: −$10.39
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$26.48
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Lighter: live order book, 64 min ago; edgeX: live order book, 1 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, 64 min ago	2.16 bp	2.6 bp −$3	7.8 bp −$78	40.0 bp −$4,003	doesn't fit
Sell edgeX live order book, 1 min ago	2.22 bp	6.8 bp −$7	13.3 bp −$133	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	−0.0666%	8h	157.45	−0.052%	$574K	$135K	100x	as long as short
tradeXYZ xyz:JPY	−0.0091%	1h	157.62	+0.056%	$29.5M	$3.2M	50x	as long as short
edgeX USDJPYUSDCshort	−0.0065%	4h	157.62	+0.053%	$5K	$135K	50x
Lighter USDJPYlong	−0.0048%	1h	157.53	long leg	$553K	$356K	50x
Nado USDJPY-PERP	−0.0014%	1h	157.70	+0.109%	$98K	$1K	40x	as long as short
Pacifica USDJPY	−0.0014%	1h	157.63	+0.062%	$95K	$59K	50x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	157.54	+0.004%	$291K	$128K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.66	+0.081%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.60	+0.043%	—	$2.3M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.61	+0.050%	$9K	$314K	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	157.68	+0.096%	$843K	$82K	25x	as long as short
Hotstuff USDJPY-PERP	+0.0048%	1h	157.62	+0.056%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.54	+0.005%	$35K	$4K	10x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.45	−0.052%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0136%	1h	157.80	+0.168%	$44K	$72K	101x	as long as short