USD/JPY (JPY)
Perp: JPY on HL · Hedge: FXY (ETF)
Hedge construction note: FXY (ETF) is used as a hedge proxy for USD/JPY; treat it as a research reference, not an ordinary executable quote for the underlying market.
This is a transformed/normalized reference, not an ordinary executable quote.
Funding (ann.)
-0.5%
Basis
-0.01%
Open interest
$21,552,119
Status
delayed
Research note: funding below research threshold
Funding rate — annualized, 1739 settlement snapshots
Timezone: UTC · Units: % annualized · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-09-15T09:45:01+00:00
Basis — (perp mark − hedge) / hedge
Timezone: UTC · Units: % · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-09-15T09:45:01+00:00
Open interest — historical liquidity
Timezone: UTC · Units: USD notional · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-09-15T09:45:01+00:00
Persistence
0% of snapshots over the trailing 168h met the research condition: FR <= -100% APR, 7-day window.
Relevant paper trades
No paper trades have been logged for this instrument yet.
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.
- FXY (ETF) is used as a hedge proxy for USD/JPY; treat it as a research reference, not an ordinary executable quote for the underlying market.