Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.021%

Price spread now: Orderly against Lighter+0.092%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.887%−$89 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.092% dearer against Lighter than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.887%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter USDJPY	157.56	−0.0040	get 0.0005% / 1h	35m 26s	$553K	$356K	50x
Short	Orderly PERP_USDJPY_USDC	157.71	0	get 0.0000% / 8h	7h 35m	$25K	$52K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.092%Rate

Funding earned: $8.4
Price spread: +0.092% → 0.000%: $9.2
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $11.6
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Lighter: live order book, 59 min ago; 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 Lighter live order book, 59 min ago	2.16 bp	2.6 bp −$3	7.8 bp −$78	40.0 bp −$4,003	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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 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	−0.0650%	8h	157.43	−0.086%	$574K	$135K	100x	as long as short
edgeX USDJPYUSDC	−0.0134%	4h	157.65	+0.053%	$5K	$134K	50x	as long as short
tradeXYZ xyz:JPY	−0.0088%	1h	157.63	+0.041%	$29.5M	$3.2M	50x	as long as short
Lighter USDJPYlong	−0.0040%	1h	157.56	long leg	$553K	$356K	50x
Nado USDJPY-PERP	−0.0016%	1h	157.75	+0.116%	$98K	$1K	40x	as long as short
Pacifica USDJPY	−0.0014%	1h	157.63	+0.041%	$95K	$59K	50x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	157.54	−0.017%	$291K	$129K	100x	as long as short
Orderly PERP_USDJPY_USDCshort	0.0000%	8h	157.71	+0.092%	$25K	$52K	50x
SunX USDJPY-USDT	0.0000%	1h	157.63	+0.041%	—	$2.3M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.66	+0.060%	$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	157.71	+0.089%	$843K	$82K	25x	as long as short
Hotstuff USDJPY-PERP	+0.0040%	1h	157.64	+0.048%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.57	+0.006%	$35K	$4K	10x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.51	−0.035%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0136%	1h	157.80	+0.147%	$44K	$72K	101x	as long as short