Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.001%

Price spread now: Orderly against Ondo Perps+0.070%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 Orderly

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. Orderly is 0.070% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.070% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps USDJPY-USD.P	156.77	0.0050	pay 0.0006% / 1h	53m 29s	$35K	$4K	10x
Short	Orderly PERP_USDJPY_USDC	156.88	0	get 0.0000% / 8h	5h 53m	$25K	$21K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.070%Rate

Funding earned: −$10.58
Price spread: +0.070% → 0.000%: $6.95
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$14.63
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Ondo Perps: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Ondo Perps 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	+0.031%	$33K	—	50x	as long as short
Bitget USDJPYUSDT	−0.0431%	8h	156.88	+0.070%	$573K	$104K	100x	as long as short
edgeX USDJPYUSDC	−0.0179%	4h	156.81	+0.027%	$5K	$134K	50x	as long as short
tradeXYZ xyz:JPY	−0.0129%	1h	156.78	+0.006%	$29.6M	$3.3M	50x	as long as short
Lighter USDJPY	−0.0048%	1h	156.72	−0.033%	$549K	$348K	50x	as long as short
Extended USDJPY-USD	−0.0040%	1h	156.86	+0.055%	$847K	$96K	25x	as long as short
Nado USDJPY-PERP	−0.0014%	1h	156.91	+0.092%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.77	+0.001%	$291K	$122K	100x	as long as short
Orderly PERP_USDJPY_USDCshort	0.0000%	8h	156.88	+0.070%	$25K	$21K	50x
SunX USDJPY-USDT	0.0000%	1h	156.76	−0.007%	—	$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	156.62	−0.096%	$9K	$309K	20x	as long as short
Ondo Perps USDJPY-USD.Plong	+0.0050%	1h	156.77	long leg	$35K	$4K	10x
Pacifica USDJPY	+0.0100%	1h	156.78	+0.003%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.67	−0.067%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0208%	1h	157.30	+0.336%	$25K	$87K	101x	as long as short