Funding you earn now, next payment 04:00 UTC−0.0069%/8h= −7.6% APRnext payment −$0.09 per $10,000 · paid last 24h +0.024%
Price spread now: Phoenix against Kraken Futures+0.090%49s7-day average +0.040% · you sell dearer than you buy
Net, funding: paid 7d − costs−$146as 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−$1401.403% of the position
Funding, last 7 days−0.062%−$6 on $10k
+Price spread, last 4 days (all we have)−0.058%−$6 · spread now +0.090%, 7d avg +0.040%
=The price spread pays, funding is against you. Phoenix is 0.050% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.090% now, against its 7-day average of +0.040%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.062% in total) that is about 5.6 days. The two prices were read 49 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 | Kraken Futures PF_JTOUSD | 0.5152 | 0.0379 | pay 0.0047% / 1h | 1m 28s | $333K | $313K | 25x |
| Short | Phoenix JTO | 0.5157 | 0.0310 | get 0.0039% / 1h | 1m 28s | $381K | $114K | 5x |
Kraken Futures PF_JTOUSD
Phoenix JTOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Kraken Futures. 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
- −$14.56
- Price spread: +0.090% → +0.040%
- $4.99
- Slippage, 4 orders
- −$123.26
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$149.83
- Costs to cover
- 1.403%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 51 min ago; Phoenix: live order book, 50 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 Kraken Futures live order book, 51 min ago | 29.97 bp | 50.1 bp −$50 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 50 min ago | 1.93 bp | 20.8 bp −$21 | 60.1 bp −$601 | 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 | 0.5145 | −0.143% | $13K | $10K | 10x | as long as short |
| Gate JTO_USDT | −0.0355% | 8h | 0.5151 | −0.026% | $891K | $1.0M | 75x | as long as short |
| Bybit JTOUSDT | −0.0155% | 4h | 0.5153 | +0.012% | $7.0M | $14.0M | 50x | as long as short |
| OKX JTO-USDT-SWAP | −0.0046% | 4h | 0.5149 | −0.065% | $3.9M | $9.4M | 50x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5156 | +0.072% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5540 | +7.515% | — | — | — | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −3.481% | $31 | $43K | 5.5x | as long as short |
| Variational Omni JTO | +0.0094% | 4h | 0.5152 | −0.015% | $221K | $242K | — | as long as short |
| Paradex JTO-USD-PERP | +0.0096% | 8h | 0.5151 | −0.018% | $514 | — | 5x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5160 | +0.148% | $117K | $228K | 10x | as long as short |
Deribit JTO_USDC-PERPETUAL
Gate JTO_USDT
Bybit JTOUSDT
OKX JTO-USDT-SWAP
dYdX JTO-USD
Reya JTORUSDPERP
Injective JTO/USDC PERP
Variational Omni JTO
Paradex JTO-USD-PERP
Lighter JTOShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid JTO | +0.0100% | 1h | 0.5162 | +0.187% | $7.0M | $3.0M | 5x | as long as short |
| Aster JTOUSDT | +0.0100% | 4h | 0.5154 | +0.036% | $123K | $219K | 10x | as long as short |
| Binance JTOUSDT | +0.0100% | 4h | 0.5150 | −0.044% | $11.2M | $27.5M | 75x | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5143 | −0.174% | $56K | $9K | 10x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5150 | −0.046% | $6.1M | $3.5M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5153 | +0.018% | $1.5M | $604K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5156 | +0.071% | $2.4M | $2.3M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5151 | −0.026% | — | $27.5M | — | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0100% | 4h | 0.5151 | −0.026% | $4K | $652 | 10x | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5150 | −0.054% | $518K | $2.1M | 10x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5153 | +0.022% | $2K | — | 50x | as long as short |
| Phoenix JTOshort | +0.0310% | 1h | 0.5157 | +0.090% | $381K | $114K | 5x | |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5145 | −0.143% | $614K | $520K | 75x | as long as short |
| Kraken Futures PF_JTOUSDlong | +0.0379% | 1h | 0.5152 | long leg | $333K | $313K | 25x | |
| Coinbase International JTO-PERP-INTX | +0.0440% | 1h | 0.5163 | +0.207% | $58K | $137K | 25x | as long as short |
| Backpack JTO_USDC_PERP | +0.0642% | 1h | 0.5152 | −0.005% | $267K | $311K | 10x | as long as short |
Hyperliquid JTO
Aster JTOUSDT
Binance JTOUSDT
Bulk JTO-USD
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Orderly PERP_JTO_USDC_mythos
Extended JTO-USD
GMX JTO/USD [WBTC.b-USDC]
BloFin JTO-USDT
Coinbase International JTO-PERP-INTX
Backpack JTO_USDC_PERP