Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.012%

Price spread now: Pacifica against Orderly−0.064%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 Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.811%+$81 on $10k

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

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

Funding pays, the price is against you. Pacifica is 0.064% cheaper against Orderly than usual: you would sell low and buy high (spread −0.064% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.1 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.811% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USDJPY_USDC	157.07	0	get 0.0000% / 8h	5h 30m	$25K	$21K	50x
Short	Pacifica USDJPY	156.97	0.0100	get 0.0013% / 1h	30m 32s	$94K	$34K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.064%Rate

Funding earned: $21
Price spread: −0.064% → 0.000%: −$6.37
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $0.63
Costs to cover: 0.140%
Break-even: 6.8 days

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

Orderly and Pacifica: 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	157.00	−0.045%	$33K	—	50x	as long as short
Bitget USDJPYUSDT	−0.0382%	8h	157.06	−0.006%	$573K	$107K	100x	as long as short
edgeX USDJPYUSDC	−0.0186%	4h	156.98	−0.054%	$5K	$135K	50x	as long as short
tradeXYZ xyz:JPY	−0.0161%	1h	156.99	−0.051%	$29.7M	$3.3M	50x	as long as short
Extended USDJPY-USD	−0.0136%	1h	157.06	−0.005%	$847K	$96K	25x	as long as short
Lighter USDJPY	−0.0072%	1h	156.91	−0.104%	$582K	$380K	50x	as long as short
Nado USDJPY-PERP	−0.0006%	1h	157.11	+0.026%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.82	−0.156%	$291K	$122K	100x	as long as short
Orderly PERP_USDJPY_USDClong	0.0000%	8h	157.07	long leg	$25K	$21K	50x
SunX USDJPY-USDT	0.0000%	1h	156.98	−0.057%	—	$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	156.97	−0.064%	$9K	$309K	20x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	156.96	−0.069%	$35K	$4K	10x	as long as short
Pacifica USDJPYshort	+0.0100%	1h	156.97	−0.064%	$94K	$34K	50x
Aevo USDJPY-PERP	+0.0104%	1h	156.85	−0.141%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0208%	1h	157.30	+0.145%	$25K	$87K	101x	as long as short