Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0182%/8h= −19.9% APRpaid last 24h −0.019%

Price spread now: edgeX against SunX+0.030%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$219as in the Funding arb table

Net, price: spread back to 7d avg − costs−$210as in the Price arb table

costs, in and out, $10k−$2132.133% of the position

Long on SunX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.030%, 7d avg +0.001%

Together, before fees−0.097%+ Points / potential airdropedgeX: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.029% dearer against SunX than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of +0.001%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.059% in total) that is about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX USDJPY-USDT	157.06	0	get 0.0000% / 1h	8m 39s	—	$1.5M	10x
Short	edgeX USDJPYUSDC	157.11	−0.0182	pay 0.0091% / 4h	8m 39s	$9K	$137K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$38.25
Price spread: +0.030% → +0.001%: $2.87
Slippage, 4 orders: −$196.28
Fee SunX: 4 bp × 2 orders: −$8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$248.66
Costs to cover: 2.133%
Break-even: never at this rate

Slippage from SunX: live order book, just now; edgeX: live order book, 31 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, just now	80.86 bp	99.3 bp −$99	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 31 min ago	2.23 bp	6.8 bp −$7	13.8 bp −$138	doesn't fit	doesn't fit

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	157.07	+0.006%	$33K	—	50x	as long as short
edgeX USDJPYUSDCshort	−0.0182%	4h	157.11	+0.030%	$9K	$137K	50x
Bitget USDJPYUSDT	−0.0168%	8h	157.12	+0.038%	$573K	$90K	100x	as long as short
Lighter USDJPY	−0.0144%	1h	156.97	−0.059%	$607K	$393K	50x	as long as short
tradeXYZ xyz:JPY	−0.0110%	1h	157.07	+0.006%	$29.7M	$3.3M	50x	as long as short
Extended USDJPY-USD	−0.0080%	1h	157.13	+0.047%	$849K	$89K	25x	as long as short
Nado USDJPY-PERP	−0.0019%	1h	157.20	+0.088%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.96	−0.062%	$301K	$130K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.14	+0.051%	$24K	$21K	50x	as long as short
SunX USDJPY-USDTlong	0.0000%	1h	157.06	long leg	—	$1.5M	10x

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX USDJPY-USDT	0.0000%	1h	157.01	−0.032%	$9K	$307K	20x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.02	−0.026%	$35K	$3K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	156.99	−0.045%	$94K	$24K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.90	−0.103%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0143%	1h	157.19	+0.083%	$25K	$87K	101x	as long as short