JPY Funding Rate — perpetuals across 2 venues
TradFi perpetual · compared across 2 venues · net of estimated fees · updated every few minutesJPY is an equity-linked perpetual referencing JPY, traded on-chain (not a tokenized xStock). Perpia compares its annualized funding across venues and the best delta-neutral spread.
Live annualized JPY perpetual funding across all 2 venues Perpia tracks. Right now JPY funding is positive on 2 and negative on 0, ranging from +43.8% on MEXC to +4.2% on Vest — a spread of 39.6%. The widest delta-neutral trade is long Vest / short MEXC at 34.6% net APR.
JPY funding trend & liquidity
168h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
Loading JPY rate history…
Build a route
any two of the 2 venuesThis is the widest route right now. The number is gross: fees, the entry spread and slippage are not in it, and both legs must be tradeable for you. The scanner carries the same pairs net of costs.
Venues: pick the two legs
sorted by rate · 2 venuesRates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Vest vs MEXC page. 1 pairs scanned for JPY.
JPY arbitrage — 30-day backtest
long Vest · short MEXCOver the last 30 days, holding long Vest / short MEXC would have produced 1.8% APR — versus the 34.6% the live spread implies right now (equity $10,000 → $10,015). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.
Open full interactive backtest →JPY — FAQ
Is JPY funding positive right now?
JPY perpetual funding is positive on 2 of 2 venues Perpia tracks. The highest is +43.8% on MEXC; the lowest is +4.2% on Vest.
What is the best JPY funding arbitrage right now?
Go long Vest and short MEXC for about 34.6% net APR after fees — the widest delta-neutral JPY spread Perpia currently sees.
Which exchange has the highest JPY funding rate?
MEXC, at +43.8% annualized. Funding shifts continuously, so check the live table above before trading.
How JPY funding arbitrage works
Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Markets related to JPY
also quoted on both MEXC and VestThe same two exchanges you would already have funded for the JPY trade. Every spread between them is on the MEXC vs Vest page.