Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Aevo against Orderly−0.154%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Aevo is 0.154% cheaper against Orderly than usual: you would sell low and buy high (spread −0.154% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 4.9 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USDJPY_USDC	157.14	0	get 0.0000% / 8h	4h 09m	$24K	$21K	50x
Short	Aevo USDJPY-PERP	156.90	0.0104	get 0.0013% / 1h	9m 17s	$25K	$500	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now −0.154%Rate

Funding earned: $21.84
Price spread: −0.154% → 0.000%: −$15.4
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$15.56
Costs to cover: 0.220%
Break-even: 12.0 days

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

Orderly and Aevo: 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	157.07	−0.045%	$33K	—	50x	as long as short
edgeX USDJPYUSDC	−0.0182%	4h	157.11	−0.021%	$9K	$137K	50x	as long as short
Bitget USDJPYUSDT	−0.0170%	8h	157.12	−0.013%	$573K	$90K	100x	as long as short
Lighter USDJPY	−0.0144%	1h	156.96	−0.112%	$607K	$393K	50x	as long as short
tradeXYZ xyz:JPY	−0.0110%	1h	157.07	−0.045%	$29.7M	$3.3M	50x	as long as short
Extended USDJPY-USD	−0.0080%	1h	157.15	+0.006%	$849K	$89K	25x	as long as short
Nado USDJPY-PERP	−0.0019%	1h	157.20	+0.037%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.97	−0.105%	$301K	$130K	100x	as long as short
Orderly PERP_USDJPY_USDClong	0.0000%	8h	157.14	long leg	$24K	$21K	50x
SunX USDJPY-USDT	0.0000%	1h	157.06	−0.051%	—	$1.5M	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	156.98	−0.102%	$9K	$307K	20x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.02	−0.077%	$35K	$3K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	156.99	−0.098%	$94K	$24K	50x	as long as short
Aevo USDJPY-PERPshort	+0.0104%	1h	156.90	−0.154%	$25K	$500	10x
Injective USDJPY/USDC PERP	+0.0143%	1h	157.19	+0.032%	$25K	$87K	101x	as long as short