Funding arb · Price arb /

JTO

all JTO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0692%/8h= −75.8% APRpaid last 24h −0.094%

Price spread now: Binance against Backpack−0.515%55s7-day average −0.147% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$570.569% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 4 days (all we have)+0.581%+$58 · spread now −0.515%, 7d avg −0.147%

Together, before fees+0.382%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Binance is 0.368% cheaper against Backpack than usual: you would sell low and buy high (−$37 if the spread goes back to its 7-day average of −0.147%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.199% in total (about -10.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack JTO_USDC_PERP	0.5152	0.0792	pay 0.0099% / 1h	43m 21s	$268K	$311K	10x
Short	Binance JTOUSDT	0.5125	0.0100	get 0.0050% / 4h	2h 43m	$11.2M	$27.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee BinancebpOrdersPrice spread, now −0.515%Rate

Funding earned: −$145.42
Price spread: −0.515% → −0.147%: −$36.84
Slippage, 4 orders: −$36.94
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$239.21
Costs to cover: 0.569%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Binance: live order book, 13 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 5 min ago	1.05 bp	10.5 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.96 bp	15.5 bp −$16	46.3 bp −$463	276.2 bp −$27.6K	doesn't fit

JTO on 26 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit JTO_USDC-PERPETUAL	−0.0530%	1h	0.5127	−0.483%	$3K	$20K	10x	as long as short
Gate JTO_USDT	−0.0312%	8h	0.5130	−0.425%	$889K	$1.0M	75x	as long as short
OKX JTO-USDT-SWAP	−0.0048%	4h	0.5124	−0.542%	$3.8M	$9.4M	50x	as long as short
Bybit JTOUSDT	−0.0045%	4h	0.5129	−0.444%	$7.0M	$14.0M	50x	as long as short
dYdX JTO-USD	0.0000%	1h	0.5140	−0.229%	$4K	$4K	5x	as long as short
Reya JTORUSDPERP	0.0000%	1h	0.5540	+7.525%	—	—	—	as long as short
Injective JTO/USDC PERP	+0.0033%	1h	0.4973	−3.473%	$31	$43K	5.5x	as long as short
Paradex JTO-USD-PERP	+0.0096%	8h	0.5134	−0.342%	$492	$10	5x	as long as short
Lighter JTO	+0.0096%	1h	0.5134	−0.346%	$114K	$229K	10x	as long as short
Aster JTOUSDT	+0.0100%	4h	0.5134	−0.351%	$122K	$219K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance JTOUSDTshort	+0.0100%	4h	0.5125	−0.515%	$11.2M	$27.8M	75x
MEXC JTO_USDT	+0.0100%	4h	0.5128	−0.464%	$6.0M	$3.5M	50x	as long as short
KuCoin JTOUSDTM	+0.0100%	4h	0.5132	−0.377%	$1.5M	$607K	20x	as long as short
Bitget JTOUSDT	+0.0100%	4h	0.5131	−0.406%	$2.4M	$2.3M	50x	as long as short
BingX JTO-USDT	+0.0100%	4h	0.5130	−0.425%	—	$8.8M	—	as long as short
Variational Omni JTO	+0.0100%	4h	0.5148	−0.083%	$220K	$242K	—	as long as short
Orderly PERP_JTO_USDC_mythos	+0.0100%	4h	0.5127	−0.483%	$4K	$652	10x	as long as short
Bulk JTO-USD	+0.0100%	1h	0.5173	+0.410%	$56K	$2K	10x	as long as short
Extended JTO-USD	+0.0104%	1h	0.5127	−0.492%	$517K	$2.2M	10x	as long as short
Hyperliquid JTO	+0.0137%	1h	0.5141	−0.214%	$7.0M	$3.0M	5x	as long as short
GMX JTO/USD [WBTC.b-USDC]	L +0.0224% / S −0.2181%	1h	0.5130	−0.426%	$2K	—	50x	as long as short
BloFin JTO-USDT	+0.0340%	4h	0.5130	−0.425%	$613K	$533K	75x	as long as short
Coinbase International JTO-PERP-INTX	+0.0440%	1h	0.5209	+1.108%	$59K	$136K	25x	as long as short
Phoenix JTO	+0.0464%	1h	0.5159	+0.138%	$381K	$118K	5x	as long as short
Kraken Futures PF_JTOUSD	+0.0482%	1h	0.5136	−0.299%	$332K	$313K	25x	as long as short
Backpack JTO_USDC_PERPlong	+0.0792%	1h	0.5152	long leg	$268K	$311K	10x