Funding you earn now, next payment 00:00 UTC+0.0212%/8h= +23.2% APRnext payment +$0.26 per $10,000 · paid last 24h −0.011%
Price spread now: Phoenix against Backpack+1.004%80s7-day average +0.028% · you sell dearer than you buy
Net, funding: paid 7d − costs−$49as 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−$690.691% of the position
Funding, last 7 days+0.201%+$20 on $10k
+Price spread, last 3 days (all we have)−0.732%−$73 · spread now +1.004%, 7d avg +0.028%
=Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.976% dearer against Backpack than usual: you sell high and buy low: +$98 more if the spread goes back to its 7-day average of +0.028%. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack JTO_USDC_PERP | 0.5089 | 0.0100 | pay 0.0013% / 1h | 55m 43s | $220K | $435K | 10x |
| Short | Phoenix JTO | 0.5140 | 0.0312 | get 0.0039% / 1h | 55m 43s | $379K | $99K | 5x |
Backpack JTO_USDC_PERP
Phoenix JTOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $44.51
- Price spread: +1.004% → +0.028%
- $97.59
- Slippage, 4 orders
- −$52.11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $72.98
- Costs to cover
- 0.691%
- Break-even
- from the start
Slippage from Backpack: live order book, 13 min ago; Phoenix: live order book, 11 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, 13 min ago | 0.10 bp | 12.0 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 11 min ago | 1.92 bp | 20.7 bp −$21 | 59.7 bp −$597 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit JTO_USDC-PERPETUAL | −0.0535% | 1h | 0.5090 | +0.022% | $12K | $10K | 10x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5087 | −0.034% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5539 | +8.854% | — | — | — | as long as short |
| OKX JTO-USDT-SWAP | +0.0025% | 4h | 0.5085 | −0.077% | $3.8M | $9.3M | 50x | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −2.278% | $31 | $43K | 5.5x | as long as short |
| Paradex JTO-USD-PERP | +0.0056% | 8h | 0.5084 | −0.102% | $507 | — | 5x | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0094% | 4h | 0.5088 | −0.018% | $3K | $872 | 10x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5089 | +0.004% | $107K | $199K | 10x | as long as short |
| Aster JTOUSDT | +0.0100% | 4h | 0.5091 | +0.041% | $171K | $214K | 10x | as long as short |
| Binance JTOUSDT | +0.0100% | 4h | 0.5082 | −0.136% | $11.2M | $27.8M | 75x | as long as short |
Deribit JTO_USDC-PERPETUAL
dYdX JTO-USD
Reya JTORUSDPERP
OKX JTO-USDT-SWAP
Injective JTO/USDC PERP
Paradex JTO-USD-PERP
Orderly PERP_JTO_USDC_mythos
Lighter JTO
Aster JTOUSDT
Binance JTOUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit JTOUSDT | +0.0100% | 4h | 0.5086 | −0.057% | $7.5M | $13.5M | 50x | as long as short |
| Gate JTO_USDT | +0.0100% | 8h | 0.5085 | −0.077% | $898K | $1.0M | 75x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5082 | −0.136% | $7.0M | $3.4M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5090 | +0.029% | $1.6M | $577K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5083 | −0.116% | $2.5M | $2.4M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5084 | −0.096% | — | $68.0M | — | as long as short |
| Backpack JTO_USDC_PERPlong | +0.0100% | 1h | 0.5089 | long leg | $220K | $435K | 10x | |
| Variational Omni JTO | +0.0100% | 4h | 0.5089 | +0.006% | $221K | $296K | — | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5132 | +0.838% | $63K | $8K | 10x | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5087 | −0.042% | $513K | $1.7M | 10x | as long as short |
| Hyperliquid JTO | +0.0207% | 1h | 0.5089 | +0.010% | $7.1M | $3.0M | 5x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0223% / S −0.2181% | 1h | 0.5091 | +0.037% | $2K | — | 50x | as long as short |
| Coinbase International JTO-PERP-INTX | +0.0264% | 1h | 0.5116 | +0.533% | $58K | $134K | 25x | as long as short |
| Phoenix JTOshort | +0.0312% | 1h | 0.5140 | +1.004% | $379K | $99K | 5x | |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5138 | +0.965% | $627K | $540K | 75x | as long as short |
| Kraken Futures PF_JTOUSD | +0.0778% | 1h | 0.5098 | +0.175% | $343K | $309K | 25x | as long as short |
Bybit JTOUSDT
Gate JTO_USDT
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Variational Omni JTO
Bulk JTO-USD
Extended JTO-USD
Hyperliquid JTO
GMX JTO/USD [WBTC.b-USDC]
Coinbase International JTO-PERP-INTX
BloFin JTO-USDT
Kraken Futures PF_JTOUSD