Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0167%/8h= +18.3% APRpaid last 24h +0.020%

Price spread now: Bybit against Pacifica−0.019%48s7-day average −0.073% · you buy dearer than you sell

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

Long on Pacifica Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 4 days (all we have)−0.134%−$13 · spread now −0.019%, 7d avg −0.073%

Together, before fees+0.023%+ Points / potential airdropPacifica: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Bybit is 0.054% dearer against Pacifica than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.073%. The two prices were read 48 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	Pacifica USDJPY	157.30	−0.0167	get 0.0021% / 1h	58m 48s	$95K	$63K	50x
Short	Bybit USDJPYUSDT	157.27	0	get 0.0000% / 8h	1h 58m	$281K	$174K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Pacifica. 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 PacificabpFee BybitbpOrdersPrice spread, now −0.019%Rate

Funding earned: $35.08
Price spread: −0.019% → −0.073%: $5.4
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $21.48
Costs to cover: 0.190%
Break-even: 2.7 days

Slippage unknown: Pacifica: no order-book sample; Bybit: live order book, 31 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 Pacifica no order-book sample	—	—	—	—	—
Sell Bybit live order book, 31 min ago	1.65 bp	72.6 bp −$73	234.2 bp −$2,342	doesn't fit	doesn't fit

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 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
Pacifica USDJPYlong	−0.0167%	1h	157.30	long leg	$95K	$63K	50x
tradeXYZ xyz:JPY	−0.0166%	1h	157.39	+0.060%	$29.3M	$3.1M	50x	as long as short
Hotstuff USDJPY-PERP	−0.0032%	1h	157.39	+0.060%	$33K	—	50x	as long as short
edgeX USDJPYUSDC	−0.0028%	4h	157.38	+0.051%	$5K	$135K	50x	as long as short
Lighter USDJPY	−0.0024%	1h	157.33	+0.023%	$552K	$360K	50x	as long as short
Bybit USDJPYUSDTshort	0.0000%	8h	157.27	−0.019%	$281K	$174K	100x
Bitget USDJPYUSDT	0.0000%	8h	157.42	+0.079%	$574K	$176K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.48	+0.117%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.36	+0.041%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.21	−0.054%	$9K	$319K	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	157.49	+0.121%	$841K	$82K	25x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.33	+0.025%	$35K	$7K	10x	as long as short
Nado USDJPY-PERP	+0.0085%	1h	157.52	+0.143%	$98K	$7K	40x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.28	−0.013%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0186%	1h	157.52	+0.141%	$40K	$72K	101x	as long as short