Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0467%/8h= −51.1% APRpaid last 24h −0.049%

Price spread now: Bitget against Ondo Perps+0.095%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

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

The price spread pays, funding is against you. Bitget is 0.095% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.095% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps USDJPY-USD.P	156.98	−0.0042	get 0.0005% / 1h	20m 31s	$35K	$4K	10x
Short	Bitget USDJPYUSDT	157.13	−0.0509	pay 0.0509% / 8h	6h 20m	$573K	$104K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Ondo Perps. 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 Ondo PerpsbpFee BitgetbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$97.99
Price spread: +0.095% → 0.000%: $9.49
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$105.49
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bitget: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bitget live order book, 27 min ago	1.91 bp	8.4 bp −$8	11.0 bp −$110	doesn't fit	doesn't fit

Ondo Perps: 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	−0.0509%	8h	157.13	+0.095%	$573K	$104K	100x
tradeXYZ xyz:JPY	−0.0247%	1h	157.04	+0.038%	$29.7M	$3.4M	50x	as long as short
edgeX USDJPYUSDC	−0.0170%	4h	157.06	+0.053%	$5K	$134K	50x	as long as short
Hotstuff USDJPY-PERP	−0.0056%	1h	157.05	+0.044%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.Plong	−0.0042%	1h	156.98	long leg	$35K	$4K	10x
Lighter USDJPY	−0.0040%	1h	157.00	+0.013%	$550K	$348K	50x	as long as short
Extended USDJPY-USD	−0.0040%	1h	157.15	+0.107%	$847K	$93K	25x	as long as short
Nado USDJPY-PERP	−0.0017%	1h	157.19	+0.135%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	157.04	+0.038%	$291K	$124K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.14	+0.101%	$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	157.05	+0.044%	—	$1.9M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.12	+0.089%	$9K	$310K	20x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.06	+0.050%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.94	−0.026%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0159%	1h	157.30	+0.201%	$25K	$87K	101x	as long as short