Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.004%

Price spread now: Nado against Orderly+0.036%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

The price spread pays, funding is against you. Nado is 0.036% dearer against Orderly than usual: you sell high and buy low (spread +0.036% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 7.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USDJPY_USDC	157.65	0	get 0.0000% / 8h	7h 32m	$25K	$52K	50x
Short	Nado USDJPY-PERP	157.71	−0.0016	pay 0.0002% / 1h	32m 14s	$98K	$1K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.036%Rate

Funding earned: −$3.45
Price spread: +0.036% → 0.000%: $3.62
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 0.7 bp × 2 orders: −$1.4
Net: −$7.24
Costs to cover: 0.074%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Nado: 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 Nado no order-book sample	—	—	—	—	—

Orderly and Nado: 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 venues

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	−0.0663%	8h	157.43	−0.140%	$574K	$135K	100x	as long as short
edgeX USDJPYUSDC	−0.0111%	4h	157.64	−0.007%	$5K	$135K	50x	as long as short
tradeXYZ xyz:JPY	−0.0091%	1h	157.62	−0.019%	$29.5M	$3.2M	50x	as long as short
Lighter USDJPY	−0.0048%	1h	157.50	−0.093%	$553K	$356K	50x	as long as short
Nado USDJPY-PERPshort	−0.0016%	1h	157.71	+0.036%	$98K	$1K	40x
Pacifica USDJPY	−0.0014%	1h	157.63	−0.013%	$95K	$59K	50x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	157.54	−0.071%	$291K	$128K	100x	as long as short
Orderly PERP_USDJPY_USDClong	0.0000%	8h	157.65	long leg	$25K	$52K	50x
SunX USDJPY-USDT	0.0000%	1h	157.61	−0.025%	—	$2.3M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.55	−0.063%	$9K	$314K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended USDJPY-USD	+0.0032%	1h	157.66	+0.008%	$843K	$82K	25x	as long as short
Hotstuff USDJPY-PERP	+0.0048%	1h	157.62	−0.019%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.54	−0.070%	$35K	$4K	10x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.45	−0.126%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0136%	1h	157.80	+0.093%	$44K	$72K	101x	as long as short