# JPY funding rates and arbitrage

Updated 2026-10-30 08:22 UTC · https://afterfees.xyz/coin/JPY

## Best JPY arbitrage after every cost

No JPY pair nets a profit at this size right now.

_At $10,000 per side, held 7 days, after taker fees, order-book slippage and carry._

## JPY funding rate on every exchange

| Exchange | Contract | Rate | Every | Annualised | Settled 7d, annualised | Open interest | Next settlement |
|---|---|---|---|---|---|---|---|
| [Hibachi](https://afterfees.xyz/venues/hibachi) | JPY/USDT-P | 0.0021% | 1 h | +18.4% | +13.4% | $16.4K | 2026-10-30 09:00 |
| [Hyperliquid](https://afterfees.xyz/venues/hyperliquid) | xyz:JPY | -0.0006% | 1 h | −5.4% | −6.2% | $36.2M | 2026-10-30 09:00 |
| [MEXC](https://afterfees.xyz/venues/mexc) | JPY_USDT | -0.0146% | 4 h | −32.0% | +23.0% | $12.7M | 2026-10-30 12:00 |
| [LBank](https://afterfees.xyz/venues/lbank) | JPYUSDT | -0.0146% | 4 h | −32.0% | — | — | 2026-10-30 12:00 |

## Cost to enter $10,000 of JPY

| Exchange | Contract | Fee + slippage | Source |
|---|---|---|---|
| Hyperliquid | xyz:JPY | 1.9 bp | top of book only |
| MEXC | JPY_USDT | 11.5 bp | top of book only |

_Taker fee plus slippage of a market buy of $10,000 from the mid price, at standard (VIP0) fees._

## Questions

**Is JPY funding-rate arbitrage profitable right now?**

Not at $10,000 per side for 7 days: no JPY pair shows a verified profit after fees and order-book slippage right now. Rates change every hour; the live page re-ranks continuously.

**Which exchange has the highest JPY funding rate?**

Hibachi at +18.4% a year (0.0021% every 1 h); the lowest is LBank at −32.0%. A positive rate is paid by longs to shorts, a negative one by shorts to longs.

_The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you._