Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.019%

Price spread now: edgeX against Orderly−0.004%49s7-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 edgeX

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 airdropedgeX: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USDJPY_USDC	156.99	0	get 0.0000% / 8h	6h 05m	$25K	$21K	50x
Short	edgeX USDJPYUSDC	156.98	−0.0074	pay 0.0037% / 4h	2h 05m	$5K	$135K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$15.54
Price spread: −0.004% → 0.000%: −$0.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$30.93
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; edgeX: live order book, 44 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 Orderly no order-book sample	—	—	—	—	—
Sell edgeX live order book, 44 min ago	1.59 bp	6.2 bp −$6	13.3 bp −$133	doesn't fit	doesn't fit

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	156.91	−0.051%	$33K	—	50x	as long as short
Bitget USDJPYUSDT	−0.0465%	8h	156.96	−0.019%	$573K	$104K	100x	as long as short
tradeXYZ xyz:JPY	−0.0205%	1h	156.90	−0.057%	$29.7M	$3.3M	50x	as long as short
edgeX USDJPYUSDCshort	−0.0074%	4h	156.98	−0.004%	$5K	$135K	50x
Extended USDJPY-USD	−0.0064%	1h	156.97	−0.011%	$847K	$93K	25x	as long as short
Lighter USDJPY	−0.0032%	1h	156.82	−0.105%	$550K	$348K	50x	as long as short
Nado USDJPY-PERP	−0.0016%	1h	157.02	+0.019%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.81	−0.114%	$291K	$122K	100x	as long as short
Orderly PERP_USDJPY_USDClong	0.0000%	8h	156.99	long leg	$25K	$21K	50x
SunX USDJPY-USDT	0.0000%	1h	156.88	−0.070%	—	$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	156.88	−0.070%	$9K	$309K	20x	as long as short
Ondo Perps USDJPY-USD.P	+0.0003%	1h	156.91	−0.054%	$35K	$4K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	156.85	−0.089%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.78	−0.137%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0159%	1h	157.30	+0.196%	$25K	$87K	101x	as long as short