Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.004%

Price spread now: Bybit against Nado−0.082%49s7-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 Bybit

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

Funding pays, the price is against you. Bybit is 0.082% cheaper against Nado than usual: you would sell low and buy high (spread −0.082% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 17 days of funding at the current rate ($0 a day). 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	Nado USDJPY-PERP	157.17	−0.0016	get 0.0002% / 1h	18m 40s	$98K	$1K	40x
Short	Bybit USDJPYUSDT	157.04	0	get 0.0000% / 8h	6h 18m	$291K	$124K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.082%Rate

Funding earned: $3.46
Price spread: −0.082% → 0.000%: −$8.19
Slippage, 4 orders: no order book: not counted
Fee Nado: 0.7 bp × 2 orders: −$1.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$17.13
Costs to cover: 0.124%
Break-even: 41.6 days

Slippage unknown: Nado: no order-book sample; Bybit: live order book, 27 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 Bybit live order book, 27 min ago	3.09 bp	78.6 bp −$79	256.6 bp −$2,566	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 USDJPYUSDT	−0.0502%	8h	157.07	−0.063%	$573K	$104K	100x	as long as short
tradeXYZ xyz:JPY	−0.0241%	1h	157.03	−0.088%	$29.7M	$3.3M	50x	as long as short
Hotstuff USDJPY-PERP	−0.0144%	1h	157.03	−0.088%	$33K	—	50x	as long as short
edgeX USDJPYUSDC	−0.0102%	4h	157.05	−0.076%	$5K	$135K	50x	as long as short
Lighter USDJPY	−0.0040%	1h	156.98	−0.123%	$550K	$348K	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0034%	1h	156.98	−0.119%	$35K	$4K	10x	as long as short
Extended USDJPY-USD	−0.0032%	1h	157.11	−0.039%	$847K	$93K	25x	as long as short
Nado USDJPY-PERPlong	−0.0016%	1h	157.17	long leg	$98K	$1K	40x
Bybit USDJPYUSDTshort	0.0000%	8h	157.04	−0.082%	$291K	$124K	100x
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.10	−0.044%	$25K	$21K	50x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX USDJPY-USDT	0.0000%	1h	157.04	−0.082%	—	$1.8M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.03	−0.088%	$9K	$310K	20x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.06	−0.069%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.92	−0.157%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0159%	1h	157.30	+0.082%	$25K	$87K	101x	as long as short