USDJPY

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0034%/8h= −3.7% APRnext payment −$0.04 per $10,000 · paid last 24h −0.034%

Price spread now: tradeXYZ against Lighter+0.050%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on Lighter Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now +0.050%, 7d avg +0.092%

Together, before fees−0.085%+ Points / potential airdropLighter: Season 3 · tradeXYZ: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and tradeXYZ is 0.042% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.092%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter USDJPY	157.00	−0.0096	get 0.0012% / 1h	57m 23s	$551K	$339K	50x
Short	tradeXYZ xyz:JPY	157.08	−0.0130	pay 0.0016% / 1h	57m 23s	$29.4M	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$7.05
Price spread: +0.050% → +0.092%: −$4.24
Slippage, 4 orders: −$10.79
Fee Lighter: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$40.08
Costs to cover: 0.288%
Break-even: never at this rate

Slippage from Lighter: live order book, 32 min ago; tradeXYZ: live order book, 12 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, 32 min ago	1.49 bp	2.6 bp −$3	7.4 bp −$74	39.6 bp −$3,960	doesn't fit
Sell tradeXYZ live order book, 12 min ago	1.27 bp	10.3 bp −$10	15.2 bp −$152	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	−0.0633%	8h	157.15	+0.094%	$574K	$110K	100x	as long as short
tradeXYZ xyz:JPYshort	−0.0130%	1h	157.08	+0.050%	$29.4M	$3.5M	50x
Lighter USDJPYlong	−0.0096%	1h	157.00	long leg	$551K	$339K	50x
Extended USDJPY-USD	−0.0032%	1h	157.17	+0.110%	$847K	$93K	25x	as long as short
edgeX USDJPYUSDC	−0.0023%	4h	157.04	+0.021%	$5K	$134K	50x	as long as short
Nado USDJPY-PERP	−0.0014%	1h	157.22	+0.136%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.98	−0.011%	$282K	$129K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.17	+0.107%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.08	+0.050%	—	$2.1M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.06	+0.037%	$9K	$312K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff USDJPY-PERP	+0.0048%	1h	157.09	+0.056%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.04	+0.023%	$35K	$4K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.04	+0.021%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.94	−0.041%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0159%	1h	157.12	+0.075%	$44K	$78K	101x	as long as short