Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0264%/8h= −28.9% APRpaid last 24h −0.047%

Price spread now: Bitget against Nado−0.020%7-day average — · you buy dearer than you sell

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

Long on Nado Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropNado: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado USDJPY-PERP	157.16	−0.0015	get 0.0002% / 1h	51m 19s	$98K	$1K	40x
Short	Bitget USDJPYUSDT	157.13	−0.0279	pay 0.0279% / 8h	4h 51m	$573K	$107K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Nado. 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 NadobpFee BitgetbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$55.41
Price spread: −0.020% → 0.000%: −$1.95
Slippage, 4 orders: no order book: not counted
Fee Nado: 0.7 bp × 2 orders: −$1.4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$70.76
Costs to cover: 0.134%
Break-even: never at this rate

Slippage unknown: Nado: no order-book sample; Bitget: live order book, 52 min ago. 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 Nado no order-book sample	—	—	—	—	—
Sell Bitget live order book, 52 min ago	1.27 bp	7.4 bp −$7	10.0 bp −$100	doesn't fit	doesn't fit

Nado: 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 exchanges

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 USDJPYUSDTshort	−0.0279%	8h	157.13	−0.020%	$573K	$107K	100x
Extended USDJPY-USD	−0.0232%	1h	157.12	−0.026%	$849K	$88K	25x	as long as short
Lighter USDJPY	−0.0208%	1h	156.92	−0.154%	$601K	$386K	50x	as long as short
tradeXYZ xyz:JPY	−0.0097%	1h	157.06	−0.064%	$29.7M	$3.3M	50x	as long as short
edgeX USDJPYUSDC	−0.0080%	4h	157.00	−0.104%	$5K	$134K	50x	as long as short
Nado USDJPY-PERPlong	−0.0015%	1h	157.16	long leg	$98K	$1K	40x
Bybit USDJPYUSDT	0.0000%	8h	156.87	−0.184%	$291K	$123K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.12	−0.026%	$24K	$21K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.04	−0.077%	—	$1.6M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.04	−0.077%	$9K	$308K	20x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps USDJPY-USD.P	+0.0050%	1h	156.95	−0.132%	$35K	$4K	10x	as long as short
Hotstuff USDJPY-PERP	+0.0072%	1h	157.07	−0.058%	$33K	—	50x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.01	−0.096%	$94K	$24K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.84	−0.206%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0143%	1h	157.08	−0.051%	$25K	$87K	101x	as long as short