USDJPY

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0032%/8h= +3.5% APRnext payment +$0.04 per $10,000 · paid last 24h +0.034%

Price spread now: Lighter against tradeXYZ−0.048%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on tradeXYZ Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.141%+$14 on $10k

Price spread, last 4 days (all we have)−0.057%−$6 · spread now −0.048%, 7d avg −0.092%

Together, before fees+0.083%+ Points / potential airdroptradeXYZ: Active · Lighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.044% dearer against tradeXYZ than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.092%.

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 09s	$29.4M	$3.5M	50x
Short	Lighter USDJPY	157.00	−0.0096	pay 0.0012% / 1h	57m 09s	$551K	$339K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.048%Rate

Funding earned: $6.65
Price spread: −0.048% → −0.092%: $4.43
Slippage, 4 orders: −$10.79
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Lighter: 0 bp × 2 orders: $0
Net: −$17.71
Costs to cover: 0.288%
Break-even: 25.7 days

Slippage from tradeXYZ: live order book, 12 min ago; Lighter: live order book, 33 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 Lighter live order book, 33 min ago	1.49 bp	5.2 bp −$5	13.3 bp −$133	59.4 bp −$5,941	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 USDJPYshort	−0.0096%	1h	157.00	−0.048%	$551K	$339K	50x
Extended USDJPY-USD	−0.0032%	1h	157.17	+0.060%	$847K	$93K	25x	as long as short
edgeX USDJPYUSDC	−0.0023%	4h	157.04	−0.028%	$5K	$134K	50x	as long as short
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