Trade Synthetic USD/JPY
The carry trade pair, and the market's risk barometer.
24/7
cUSDC
No funding rate
Solana
About US Dollar / Japanese Yen
USD/JPY sits at the centre of the global carry trade, so it tends to unwind violently when risk appetite turns. The Bank of Japan also intervenes directly in this pair from time to time, which is a risk you accept rather than one you can hedge around.
How to trade USD/JPY here
Mint L/S Tokens
Deposit stablecoins to receive paired USD/JPY-L and USD/JPY-S tokens.
Pick a side
Sell the leg you don't want. Keep L to be long, S to be short.
Take it elsewhere
Post it as collateral on a lending market, or trade it on any Solana DEX.
When you can trade it
24/7 on Continuum (forex already trades 24/5)
The Bank of Japan meets overnight from a US perspective, and the Ministry of Finance has intervened in this pair at hours chosen specifically to catch thin markets. Tokyo does the price discovery while New York sleeps.
What people do with USD/JPY
The two legs
USD/JPY-L (Long Token)
Rises when US Dollar / Japanese Yen does. Hold it as long as you like: there is no funding and no carry on the long leg.
USD/JPY-S (Short Token)
Rises when US Dollar / Japanese Yen falls, which is what makes it a hedge. The short leg carries a volatility decay, so it is not free to hold.
Related markets
More forex
Trade USD/JPY
The USD/JPY book is live. Long and short quotes, at whatever hour suits you.