Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0014%/8h= +1.6% APRpaid last 24h +0.004%

Price spread now: Orderly against Nado−0.022%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 Orderly

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. Orderly is 0.022% cheaper against Nado than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 5.1 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado USDJPY-PERP	156.91	−0.0014	get 0.0002% / 1h	52m 36s	$98K	$1K	40x
Short	Orderly PERP_USDJPY_USDC	156.88	0	get 0.0000% / 8h	5h 52m	$25K	$21K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.022%Rate

Funding earned: $3.03
Price spread: −0.022% → 0.000%: −$2.22
Slippage, 4 orders: no order book: not counted
Fee Nado: 0.7 bp × 2 orders: −$1.4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$6.58
Costs to cover: 0.074%
Break-even: 22.2 days

Slippage unknown: Nado: no order-book sample; 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 Nado no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Nado and 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 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
Hotstuff USDJPY-PERP	−0.0800%	1h	156.82	−0.060%	$33K	—	50x	as long as short
Bitget USDJPYUSDT	−0.0428%	8h	156.94	+0.016%	$573K	$104K	100x	as long as short
edgeX USDJPYUSDC	−0.0179%	4h	156.81	−0.065%	$5K	$134K	50x	as long as short
tradeXYZ xyz:JPY	−0.0124%	1h	156.84	−0.048%	$29.7M	$3.3M	50x	as long as short
Extended USDJPY-USD	−0.0048%	1h	156.94	+0.015%	$847K	$96K	25x	as long as short
Lighter USDJPY	−0.0048%	1h	156.78	−0.083%	$550K	$348K	50x	as long as short
Nado USDJPY-PERPlong	−0.0014%	1h	156.91	long leg	$98K	$1K	40x
Bybit USDJPYUSDT	0.0000%	8h	156.78	−0.088%	$291K	$122K	100x	as long as short
Orderly PERP_USDJPY_USDCshort	0.0000%	8h	156.88	−0.022%	$25K	$21K	50x
SunX USDJPY-USDT	0.0000%	1h	156.77	−0.092%	—	$1.7M	10x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX USDJPY-USDT	0.0000%	1h	156.74	−0.111%	$9K	$309K	20x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	156.77	−0.092%	$35K	$4K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	156.81	−0.064%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.67	−0.157%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0208%	1h	157.30	+0.244%	$25K	$87K	101x	as long as short