Funding arb · Price arb /

JTO

all JTO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0514%/8h= −56.3% APRpaid last 24h −0.154%

Price spread now: Gate against Backpack−0.262%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1221.224% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.241%−$24 on $10k

Price spread, last 4 days (all we have)+0.220%+$22 · spread now −0.262%, 7d avg −0.119%

Together, before fees−0.022%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Gate is 0.144% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.119%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.241% in total (about -12.6% 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	0.5183	0.0100	pay 0.0013% / 1h	31m 35s	$267K	$316K	10x
Short	Gate JTO_USDT	0.5169	−0.0414	pay 0.0414% / 8h	4h 31m	$899K	$1.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.262%Rate

Funding earned: −$107.94
Price spread: −0.262% → −0.119%: −$14.37
Slippage, 4 orders: −$97.43
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$244.74
Costs to cover: 1.224%
Break-even: never at this rate

Slippage from Backpack: live order book, 27 min ago; Gate: live order book, just now.

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, 27 min ago	0.10 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, just now	7.74 bp	45.6 bp −$46	100.4 bp −$1,004	doesn't fit	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
Gate JTO_USDTshort	−0.0414%	8h	0.5169	−0.262%	$899K	$1.0M	75x
Deribit JTO_USDC-PERPETUAL	−0.0329%	1h	0.5174	−0.166%	$13K	$10K	10x	as long as short
dYdX JTO-USD	0.0000%	1h	0.5166	−0.319%	$4K	$4K	5x	as long as short
Reya JTORUSDPERP	0.0000%	1h	0.5540	+6.887%	—	—	—	as long as short
Injective JTO/USDC PERP	+0.0033%	1h	0.4973	−4.044%	$31	$43K	5.5x	as long as short
OKX JTO-USDT-SWAP	+0.0060%	4h	0.5161	−0.417%	$3.9M	$9.4M	50x	as long as short
Paradex JTO-USD-PERP	+0.0075%	8h	0.5163	−0.385%	$515	—	5x	as long as short
Orderly PERP_JTO_USDC_mythos	+0.0094%	4h	0.5178	−0.089%	$4K	$652	10x	as long as short
Lighter JTO	+0.0096%	1h	0.5173	−0.181%	$118K	$226K	10x	as long as short
Hyperliquid JTO	+0.0100%	1h	0.5175	−0.151%	$7.0M	$3.1M	5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster JTOUSDT	+0.0100%	4h	0.5171	−0.220%	$126K	$219K	10x	as long as short
Binance JTOUSDT	+0.0100%	4h	0.5162	−0.394%	$11.3M	$27.5M	75x	as long as short
Bybit JTOUSDT	+0.0100%	4h	0.5164	−0.359%	$7.2M	$14.0M	50x	as long as short
Bulk JTO-USD	+0.0100%	1h	0.5126	−1.091%	$56K	$17K	10x	as long as short
MEXC JTO_USDT	+0.0100%	4h	0.5167	−0.301%	$6.5M	$3.4M	50x	as long as short
KuCoin JTOUSDTM	+0.0100%	4h	0.5171	−0.216%	$1.6M	$600K	20x	as long as short
Bitget JTOUSDT	+0.0100%	4h	0.5164	−0.359%	$2.4M	$2.3M	50x	as long as short
BingX JTO-USDT	+0.0100%	4h	0.5162	−0.397%	—	$68.0M	—	as long as short
Backpack JTO_USDC_PERPlong	+0.0100%	1h	0.5183	long leg	$267K	$316K	10x
Variational Omni JTO	+0.0100%	4h	0.5118	−1.244%	$222K	$288K	—	as long as short
Extended JTO-USD	+0.0104%	1h	0.5165	−0.336%	$521K	$1.7M	10x	as long as short
GMX JTO/USD [WBTC.b-USDC]	L +0.0224% / S −0.2181%	1h	0.5168	−0.291%	$2K	—	50x	as long as short
BloFin JTO-USDT	+0.0340%	4h	0.5169	−0.262%	$615K	$508K	75x	as long as short
Coinbase International JTO-PERP-INTX	+0.0416%	1h	0.5190	+0.143%	$59K	$137K	25x	as long as short
Phoenix JTO	+0.0469%	1h	0.5146	−0.706%	$380K	$110K	5x	as long as short
Kraken Futures PF_JTOUSD	+0.0725%	1h	0.5183	+0.017%	$340K	$311K	25x	as long as short