Funding arb · Price arb /

JTO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0369%/8h= +40.4% APRpaid last 24h +0.109%

Price spread now: Phoenix against Bybit+0.019%105s7-day average +0.133% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as 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−$950.946% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.514%+$51 on $10k

Price spread, last 4 days (all we have)+0.538%+$54 · spread now +0.019%, 7d avg +0.133%

Together, before fees+1.052%+$105 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.114% cheaper against Bybit than usual: you would sell low and buy high (spread +0.019% now, against its 7-day average of +0.133%). If the spread goes back, that is −$11 on $10k: about 25 hours of funding at the current rate (+$11 a day). The two prices were read 105 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	Bybit JTOUSDT	0.5158	0.0100	pay 0.0050% / 4h	1m 40s	$7.1M	$14.0M	50x
Short	Phoenix JTO	0.5159	0.0469	get 0.0059% / 1h	1m 40s	$381K	$110K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.019%Rate

Funding earned: $77.57
Price spread: +0.019% → +0.133%: −$11.36
Slippage, 4 orders: −$76.62
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.41
Costs to cover: 0.946%
Break-even: 9.6 days

Slippage from Bybit: live order book, 2 min ago; Phoenix: live order book, 55 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 Bybit live order book, 2 min ago	0.97 bp	26.3 bp −$26	67.4 bp −$674	doesn't fit	doesn't fit
Sell Phoenix live order book, 55 min ago	1.94 bp	20.8 bp −$21	59.5 bp −$595	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	−0.0527%	1h	0.5147	−0.213%	$13K	$10K	10x	as long as short
Gate JTO_USDT	−0.0359%	8h	0.5157	−0.019%	$896K	$1.0M	75x	as long as short
dYdX JTO-USD	0.0000%	1h	0.5157	−0.018%	$4K	$4K	5x	as long as short
Reya JTORUSDPERP	0.0000%	1h	0.5540	+7.399%	—	—	—	as long as short
Injective JTO/USDC PERP	+0.0033%	1h	0.4973	−3.587%	$31	$43K	5.5x	as long as short
Paradex JTO-USD-PERP	+0.0084%	8h	0.5155	−0.066%	$514	—	5x	as long as short
OKX JTO-USDT-SWAP	+0.0088%	4h	0.5156	−0.039%	$3.9M	$9.4M	50x	as long as short
Orderly PERP_JTO_USDC_mythos	+0.0094%	4h	0.5146	−0.233%	$4K	$652	10x	as long as short
Lighter JTO	+0.0096%	1h	0.5159	+0.019%	$118K	$226K	10x	as long as short
Hyperliquid JTO	+0.0100%	1h	0.5164	+0.122%	$7.0M	$3.0M	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	0.5151	−0.139%	$124K	$218K	10x	as long as short
Binance JTOUSDT	+0.0100%	4h	0.5155	−0.058%	$11.3M	$27.5M	75x	as long as short
Bybit JTOUSDTlong	+0.0100%	4h	0.5158	long leg	$7.1M	$14.0M	50x
MEXC JTO_USDT	+0.0100%	4h	0.5155	−0.058%	$6.3M	$3.5M	50x	as long as short
KuCoin JTOUSDTM	+0.0100%	4h	0.5157	−0.023%	$1.5M	$603K	20x	as long as short
Bitget JTOUSDT	+0.0100%	4h	0.5160	+0.039%	$2.4M	$2.3M	50x	as long as short
BingX JTO-USDT	+0.0100%	4h	0.5159	+0.019%	—	$68.0M	—	as long as short
Variational Omni JTO	+0.0100%	4h	0.5143	−0.299%	$223K	$266K	—	as long as short
Bulk JTO-USD	+0.0100%	1h	0.5141	−0.330%	$56K	$17K	10x	as long as short
Extended JTO-USD	+0.0104%	1h	0.5158	−0.010%	$518K	$1.7M	10x	as long as short
GMX JTO/USD [WBTC.b-USDC]	L +0.0224% / S −0.2181%	1h	0.5150	−0.156%	$2K	—	50x	as long as short
BloFin JTO-USDT	+0.0340%	4h	0.5152	−0.116%	$620K	$506K	75x	as long as short
Backpack JTO_USDC_PERP	+0.0349%	1h	0.5157	−0.012%	$268K	$315K	10x	as long as short
Coinbase International JTO-PERP-INTX	+0.0416%	1h	0.5168	+0.194%	$58K	$137K	25x	as long as short
Phoenix JTOshort	+0.0469%	1h	0.5159	+0.019%	$381K	$110K	5x
Kraken Futures PF_JTOUSD	+0.0730%	1h	0.5154	−0.083%	$335K	$312K	25x	as long as short