Funding arb · Price arb /

USDJPY

RWAall USDJPY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.036%

Price spread now: edgeX against tradeXYZ−0.028%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$350.347% of the position

Long on tradeXYZ Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.153%+$15 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.028%, 7d avg −0.002%

Together, before fees+0.160%+ Points / potential airdroptradeXYZ: Active · edgeX: Active · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.027% cheaper against tradeXYZ than usual: you would sell low and buy high (spread −0.028% now, against its 7-day average of −0.002%). If the spread goes back, that is −$3 on $10k: about 20 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:JPY	157.08	−0.0128	get 0.0016% / 1h	57m 10s	$29.4M	$3.5M	50x
Short	edgeX USDJPYUSDC	157.04	−0.0023	pay 0.0012% / 4h	2h 57m	$5K	$134K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.028%Rate

Funding earned: $21.89
Price spread: −0.028% → −0.002%: −$2.65
Slippage, 4 orders: −$7.67
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$15.43
Costs to cover: 0.347%
Break-even: 11.9 days

Slippage from tradeXYZ: live order book, 12 min ago; edgeX: live order book, 34 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, 12 min ago	1.27 bp	10.8 bp −$11	14.4 bp −$144	doesn't fit	doesn't fit
Sell edgeX live order book, 34 min ago	2.22 bp	6.8 bp −$7	13.3 bp −$133	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	−0.0633%	8h	157.15	+0.045%	$574K	$110K	100x	as long as short
tradeXYZ xyz:JPYlong	−0.0128%	1h	157.08	long leg	$29.4M	$3.5M	50x
Lighter USDJPY	−0.0096%	1h	157.00	−0.048%	$551K	$339K	50x	as long as short
Extended USDJPY-USD	−0.0032%	1h	157.17	+0.060%	$847K	$93K	25x	as long as short
edgeX USDJPYUSDCshort	−0.0023%	4h	157.04	−0.028%	$5K	$134K	50x
Nado USDJPY-PERP	−0.0014%	1h	157.22	+0.087%	$98K	$1K	40x	as long as short
Bybit USDJPYUSDT	0.0000%	8h	156.98	−0.061%	$282K	$129K	100x	as long as short
Orderly PERP_USDJPY_USDC	0.0000%	8h	157.17	+0.057%	$25K	$52K	50x	as long as short
SunX USDJPY-USDT	0.0000%	1h	157.08	0.000%	—	$2.1M	10x	as long as short
HTX USDJPY-USDT	0.0000%	1h	157.10	+0.013%	$9K	$312K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff USDJPY-PERP	+0.0048%	1h	157.09	+0.006%	$33K	—	50x	as long as short
Ondo Perps USDJPY-USD.P	+0.0050%	1h	157.04	−0.027%	$35K	$4K	10x	as long as short
Pacifica USDJPY	+0.0100%	1h	157.04	−0.029%	$94K	$34K	50x	as long as short
Aevo USDJPY-PERP	+0.0104%	1h	156.94	−0.091%	$25K	—	10x	as long as short
Injective USDJPY/USDC PERP	+0.0159%	1h	157.12	+0.025%	$44K	$78K	101x	as long as short