USDJPY Carry

Every follower order moves the market a little. The more followers, the worse their fills. We estimate how much money can follow this strategy before that extra cost reaches one third of its average edge per trade.

We use a square-root market impact model per instrument: cost ≈ volatility × √(order size ÷ daily volume). The tightest instrument sets the limit. After launch we measure real follower slippage and recalibrate monthly.

If capacity falls, nobody loses a Seat — every Seat's allocation shrinks by the same factor.