Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0147%/8h= −16.1% APRpaid last 24h +0.003%

Price spread now: Bitget against tradeXYZ+0.038%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$370.365% of the position

Long on tradeXYZ Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.038%, 7d avg +0.103%

Together, before fees+0.055%+ Points / potential airdroptradeXYZ: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bitget is 0.065% cheaper against tradeXYZ than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.103%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.104%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:JPY	157.10	−0.0115	get 0.0014% / 1h	44m 59s	$29.7M	$3.3M	50x
Short	Bitget USDJPYUSDT	157.16	−0.0262	pay 0.0262% / 8h	4h 44m	$574K	$107K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against tradeXYZ. 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 tradeXYZbpFee BitgetbpOrdersPrice spread, now +0.038%Rate

Funding earned: −$30.9
Price spread: +0.038% → +0.103%: −$6.51
Slippage, 4 orders: −$6.51
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$73.92
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 7 min ago; Bitget: live order book, 58 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 tradeXYZ live order book, 7 min ago	1.27 bp	10.6 bp −$11	12.4 bp −$124	14.4 bp −$1,439	doesn't fit
Sell Bitget live order book, 58 min ago	1.27 bp	7.4 bp −$7	10.0 bp −$100	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
Extended USDJPY-USD	−0.0272%	1h	157.18	+0.053%	$849K	$89K	25x	as long as short
Bitget USDJPYUSDTshort	−0.0262%	8h	157.16	+0.038%	$574K	$107K	100x
Lighter USDJPY	−0.0216%	1h	156.98	−0.077%	$603K	$388K	50x	as long as short
tradeXYZ xyz:JPYlong	−0.0115%	1h	157.10	long leg	$29.7M	$3.3M	50x
edgeX USDJPYUSDC	−0.0025%	4h	157.05	−0.034%	$8K	$138K	50x	as long as short
Nado USDJPY-PERP	−0.0017%	1h	157.23	+0.081%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.89	−0.134%	$291K	$123K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.17	+0.045%	$24K	$21K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.09	−0.006%	—	$1.6M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	156.94	−0.102%	$9K	$308K	20x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.01	−0.055%	$35K	$4K	10x	as long as short
Hotstuff USDJPY-PERP	+0.0072%	1h	157.07	−0.019%	$33K	—	50x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.06	−0.025%	$94K	$24K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.87	−0.145%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0143%	1h	157.08	−0.012%	$25K	$87K	101x	as long as short