Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.002%

Price spread now: Ondo Perps against Orderly−0.086%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 Ondo Perps

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

Funding pays, the price is against you. Ondo Perps is 0.086% cheaper against Orderly than usual: you would sell low and buy high (spread −0.086% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 5.7 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USDJPY_USDC	157.71	0	get 0.0000% / 8h	7h 37m	$25K	$52K	50x
Short	Ondo Perps USDJPY-USD.P	157.57	0.0050	get 0.0006% / 1h	37m 52s	$35K	$4K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.086%Rate

Funding earned: $10.58
Price spread: −0.086% → 0.000%: −$8.56
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$8.98
Costs to cover: 0.110%
Break-even: 12.9 days

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

Orderly and 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 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	−0.0635%	8h	157.43	−0.178%	$574K	$135K	100x	as long as short
edgeX USDJPYUSDC	−0.0167%	4h	157.66	−0.031%	$5K	$134K	50x	as long as short
tradeXYZ xyz:JPY	−0.0088%	1h	157.63	−0.051%	$29.5M	$3.2M	50x	as long as short
Lighter USDJPY	−0.0040%	1h	157.56	−0.094%	$553K	$356K	50x	as long as short
Nado USDJPY-PERP	−0.0017%	1h	157.76	+0.033%	$98K	$3K	40x	as long as short
Pacifica USDJPY	−0.0014%	1h	157.68	−0.019%	$95K	$59K	50x	as long as short
Hotstuff USDJPY-PERP	−0.0008%	1h	157.66	−0.032%	$33K	—	50x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	157.48	−0.148%	$291K	$130K	100x	as long as short
Orderly PERP_USDJPY_USDClong	0.0000%	8h	157.71	long leg	$25K	$52K	50x
SunX USDJPY-USDT	0.0000%	1h	157.64	−0.044%	—	$2.3M	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX USDJPY-USDT	0.0000%	1h	157.65	−0.038%	$9K	$315K	20x	as long as short
Extended USDJPY-USD	+0.0024%	1h	157.71	+0.003%	$843K	$82K	25x	as long as short
Ondo Perps USDJPY-USD.Pshort	+0.0050%	1h	157.57	−0.086%	$35K	$4K	10x
Aevo USDJPY-PERP	+0.0104%	1h	157.51	−0.126%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0136%	1h	157.80	+0.055%	$44K	$72K	101x	as long as short