Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0152%/8h= −16.6% APRpaid last 24h 0.000%

Price spread now: Bitget against SunX−0.038%7-day average +0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$218as in the Funding arb table

Net, price: spread back to 7d avg − costs−$226as in the Price arb table

costs, in and out, $10k−$2102.101% of the position

Long on SunX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.038%, 7d avg +0.119%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bitget is 0.157% cheaper against SunX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.119%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX USDJPY-USDT	157.48	0	get 0.0000% / 1h	7m 18s	—	$2.4M	10x
Short	Bitget USDJPYUSDT	157.42	−0.0152	pay 0.0152% / 8h	1h 07m	$574K	$153K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SunX. 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 SunXbpFee BitgetbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$31.92
Price spread: −0.038% → +0.119%: −$15.7
Slippage, 4 orders: −$190.1
Fee SunX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$257.72
Costs to cover: 2.101%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; Bitget: live order book, 33 min ago.

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 SunX live order book, 9 min ago	80.32 bp	98.2 bp −$98	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 33 min ago	0.32 bp	6.3 bp −$6	6.9 bp −$69	doesn't fit	doesn't fit

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
tradeXYZ xyz:JPY	−0.0307%	1h	157.50	+0.013%	$29.3M	$3.1M	50x	as long as short
Bitget USDJPYUSDTshort	−0.0152%	8h	157.42	−0.038%	$574K	$153K	100x
Hotstuff USDJPY-PERP	−0.0120%	1h	157.50	+0.013%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0100%	1h	157.50	+0.016%	$35K	$7K	10x	as long as short
Lighter USDJPY	−0.0080%	1h	157.47	−0.005%	$552K	$360K	50x	as long as short
edgeX USDJPYUSDC	−0.0075%	4h	157.49	+0.007%	$5K	$134K	50x	as long as short
Extended USDJPY-USD	−0.0064%	1h	157.63	+0.094%	$842K	$82K	25x	as long as short
Nado USDJPY-PERP	−0.0017%	1h	157.67	+0.122%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	157.27	−0.134%	$282K	$158K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.62	+0.089%	$25K	$52K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX USDJPY-USDTlong	0.0000%	1h	157.48	long leg	—	$2.4M	10x
HTX USDJPY-USDT	0.0000%	1h	157.54	+0.038%	$9K	$317K	20x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.39	−0.054%	$95K	$63K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.41	−0.043%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0186%	1h	157.70	+0.138%	$40K	$72K	101x	as long as short