Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.001%

Price spread now: Bybit against Ondo Perps+0.038%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 Bybit

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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.038% dearer against Ondo Perps than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps USDJPY-USD.P	156.98	−0.0038	get 0.0005% / 1h	19m 30s	$35K	$4K	10x
Short	Bybit USDJPYUSDT	157.04	0	get 0.0000% / 8h	6h 19m	$291K	$124K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.038%Rate

Funding earned: $8.06
Price spread: +0.038% → 0.000%: $3.76
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$4.18
Costs to cover: 0.160%
Break-even: 10.6 days

Slippage unknown: Ondo Perps: 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 Ondo Perps 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

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 USDJPYUSDT	−0.0506%	8h	157.09	+0.069%	$573K	$104K	100x	as long as short
tradeXYZ xyz:JPY	−0.0244%	1h	157.04	+0.038%	$29.7M	$3.3M	50x	as long as short
edgeX USDJPYUSDC	−0.0102%	4h	157.05	+0.043%	$5K	$135K	50x	as long as short
Hotstuff USDJPY-PERP	−0.0056%	1h	157.05	+0.044%	$33K	—	50x	as long as short
Lighter USDJPY	−0.0040%	1h	156.98	−0.001%	$550K	$348K	50x	as long as short
Ondo Perps USDJPY-USD.Plong	−0.0038%	1h	156.98	long leg	$35K	$4K	10x
Extended USDJPY-USD	−0.0032%	1h	157.12	+0.088%	$847K	$93K	25x	as long as short
Nado USDJPY-PERP	−0.0016%	1h	157.17	+0.120%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDTshort	0.0000%	8h	157.04	+0.038%	$291K	$124K	100x
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	157.04	+0.038%	—	$1.8M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	156.87	−0.071%	$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	−0.023%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0159%	1h	157.30	+0.201%	$25K	$87K	101x	as long as short