Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against SunX−0.192%46s7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$283as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2832.829% of the position

Long on SunX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now −0.192%, 7d avg −0.096%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.095% cheaper against SunX than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.096%. The two prices were read 46 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	SunX USDJPY-USDT	157.58	0	get 0.0000% / 1h	23m 32s	—	$2.4M	10x
Short	Bybit USDJPYUSDT	157.28	0	get 0.0000% / 8h	23m 32s	$282K	$142K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.192%Rate

Funding earned: $0
Price spread: −0.192% → −0.096%: −$9.52
Slippage, 4 orders: −$263.95
Fee SunX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$292.46
Costs to cover: 2.829%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; Bybit: live order book, 62 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, 3 min ago	80.27 bp	98.1 bp −$98	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 62 min ago	0.83 bp	74.1 bp −$74	236.6 bp −$2,366	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
Bitget USDJPYUSDT	−0.0393%	8h	157.43	−0.095%	$574K	$134K	100x	as long as short
tradeXYZ xyz:JPY	−0.0357%	1h	157.60	+0.013%	$29.4M	$3.0M	50x	as long as short
Hotstuff USDJPY-PERP	−0.0176%	1h	157.61	+0.019%	$33K	—	50x	as long as short
Pacifica USDJPY	−0.0162%	1h	157.45	−0.085%	$95K	$63K	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0144%	1h	157.56	−0.013%	$35K	$4K	10x	as long as short
Extended USDJPY-USD	−0.0104%	1h	157.75	+0.106%	$842K	$82K	25x	as long as short
Lighter USDJPY	−0.0064%	1h	157.56	−0.011%	$552K	$358K	50x	as long as short
edgeX USDJPYUSDC	−0.0052%	4h	157.58	+0.003%	$5K	$134K	50x	as long as short
Nado USDJPY-PERP	−0.0018%	1h	157.78	+0.124%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTshort	0.0000%	8h	157.28	−0.192%	$282K	$142K	100x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.73	+0.095%	$25K	$52K	50x	as long as short
SunX USDJPY-USDTlong	0.0000%	1h	157.58	long leg	—	$2.4M	10x
HTX USDJPY-USDT	0.0000%	1h	157.63	+0.032%	$9K	$316K	20x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.50	−0.052%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0148%	1h	157.79	+0.133%	$44K	$72K	101x	as long as short