Nikkei 225 (JP225) (JP225)
Perp: JP225 on HL · Hedge: /NKD (Futures)
Funding (ann.)
-21.7%
Basis
-1.67%
Open interest
$3,392,110
Status
delayed
Research note: basis exceeds research limit
Funding rate — annualized, 6053 settlement snapshots
Timezone: UTC · Units: % annualized · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-10-31T11:45:01+00:00
Basis — (perp mark − hedge) / hedge
Timezone: UTC · Units: % · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-10-31T11:45:01+00:00
Open interest — historical liquidity
Timezone: UTC · Units: USD notional · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-10-31T11:45:01+00:00
Persistence
0% of snapshots over the trailing 168h met the research condition: FR <= -100% APR, 7-day window.
Relevant paper trades
| Opened | Direction | Status | Net P&L | All-in P&L | Close reason |
|---|---|---|---|---|---|
| 2026-08-13 03:04 UTC | long_hl_short_ib | closed | -$12.03 | — | pos_FR_grace 4.0h |
| 2026-06-25 09:02 UTC | long_hl_short_ib | closed | +$86.79 | — | pos_FR_grace 4.0h |
| 2026-06-23 03:46 UTC | long_hl_short_ib | closed | -$142.72 | — | pos_FR_grace 4.0h |
Known limitations
- The hedge leg only trades during its market's own hours; the perp trades 24/7 — see Methodology for how naked-leg windows are handled.
- Funding and basis figures are delayed, not real-time — see the status strip at the top of every page.