Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0273%/8h= +29.9% APRpaid last 24h +0.056%

Price spread now: Bybit against tradeXYZ−0.134%7-day average −0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1261.260% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.225%+$23 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now −0.134%, 7d avg −0.107%

Together, before fees+0.143%+ Points / potential airdroptradeXYZ: Active · farm board+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.028% cheaper against tradeXYZ than usual: you would sell low and buy high (spread −0.134% now, against its 7-day average of −0.107%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.225% in total) that is about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:JPY	157.70	−0.0273	get 0.0034% / 1h	4m 31s	$29.4M	$3.1M	50x
Short	Bybit USDJPYUSDT	157.49	0	get 0.0000% / 8h	4m 31s	$292K	$149K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.134%Rate

Funding earned: $57.3
Price spread: −0.134% → −0.107%: −$2.78
Slippage, 4 orders: −$96.96
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$71.44
Costs to cover: 1.260%
Break-even: 15.7 days

Slippage from tradeXYZ: live order book, 5 min ago; Bybit: live order book, 16 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, 5 min ago	1.59 bp	11.1 bp −$11	12.4 bp −$124	14.1 bp −$1,409	doesn't fit
Sell Bybit live order book, 16 min ago	0.35 bp	91.3 bp −$91	238.6 bp −$2,386	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	−0.0490%	8h	157.43	−0.171%	$574K	$134K	100x	as long as short
tradeXYZ xyz:JPYlong	−0.0273%	1h	157.70	long leg	$29.4M	$3.1M	50x
Pacifica USDJPY	−0.0162%	1h	157.57	−0.082%	$95K	$59K	50x	as long as short
edgeX USDJPYUSDC	−0.0139%	4h	157.66	−0.024%	$5K	$135K	50x	as long as short
Hotstuff USDJPY-PERP	−0.0136%	1h	157.69	−0.006%	$33K	—	50x	as long as short
Lighter USDJPY	−0.0064%	1h	157.57	−0.085%	$553K	$366K	50x	as long as short
Ondo Perps USDJPY-USD.P	−0.0063%	1h	157.59	−0.069%	$35K	$4K	10x	as long as short
Extended USDJPY-USD	−0.0024%	1h	157.71	+0.007%	$842K	$82K	25x	as long as short
Nado USDJPY-PERP	−0.0018%	1h	157.75	+0.031%	$98K	$7K	40x	as long as short
Bybit USDJPYUSDTshort	0.0000%	8h	157.49	−0.134%	$292K	$149K	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	157.71	+0.006%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.69	−0.006%	—	$2.4M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.68	−0.013%	$9K	$315K	20x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	157.52	−0.117%	$25K	$500	10x	as long as short
Injective USDJPY/USDC PERP	+0.0148%	1h	157.79	+0.058%	$44K	$72K	101x	as long as short