Funding you earn now, next payment 04:00 UTC+0.0214%/8h= +23.4% APRnext payment +$0.27 per $10,000 · paid last 24h +0.089%
Price spread now: Phoenix against Lighter+0.470%104s7-day average +0.063% · you sell dearer than you buy
Net, funding: paid 7d − costs−$40as 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−$770.767% of the position
Funding, last 7 days+0.365%+$37 on $10k
+Price spread, last 4 days (all we have)−0.074%−$7 · spread now +0.470%, 7d avg +0.063%
=Together, before fees+0.292%+ Points / potential airdropLighter: Season 3 · farm board+$29 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.407% dearer against Lighter than usual: you sell high and buy low: +$41 more if the spread goes back to its 7-day average of +0.063%. The two prices were read 104 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 | Lighter JTO | 0.5148 | 0.0096 | pay 0.0012% / 1h | 9m 35s | $118K | $227K | 10x |
| Short | Phoenix JTO | 0.5172 | 0.0310 | get 0.0039% / 1h | 9m 35s | $382K | $114K | 5x |
Lighter JTO
Phoenix JTOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- $44.89
- Price spread: +0.470% → +0.063%
- $40.67
- Slippage, 4 orders
- −$69.71
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $8.85
- Costs to cover
- 0.767%
- Break-even
- 5.6 days
Slippage from Lighter: live order book, 26 min ago; Phoenix: live order book, 42 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 Lighter live order book, 26 min ago | 6.89 bp | 19.7 bp −$20 | 55.4 bp −$554 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 42 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 | −0.0528% | 1h | 0.5138 | −0.190% | $13K | $10K | 10x | as long as short |
| Gate JTO_USDT | −0.0355% | 8h | 0.5140 | −0.152% | $889K | $1.0M | 75x | as long as short |
| Bybit JTOUSDT | −0.0228% | 4h | 0.5141 | −0.132% | $7.0M | $14.0M | 50x | as long as short |
| OKX JTO-USDT-SWAP | −0.0002% | 4h | 0.5138 | −0.190% | $3.9M | $9.3M | 50x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5145 | −0.054% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5539 | +7.609% | — | — | — | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −3.396% | $31 | $43K | 5.5x | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0094% | 4h | 0.5139 | −0.171% | $4K | $652 | 10x | as long as short |
| Lighter JTOlong | +0.0096% | 1h | 0.5148 | long leg | $118K | $227K | 10x | |
| Paradex JTO-USD-PERP | +0.0097% | 8h | 0.5142 | −0.121% | $513 | — | 5x | 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
Orderly PERP_JTO_USDC_mythos
Paradex JTO-USD-PERPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid JTO | +0.0100% | 1h | 0.5149 | +0.021% | $7.0M | $3.0M | 5x | as long as short |
| Aster JTOUSDT | +0.0100% | 4h | 0.5146 | −0.032% | $123K | $219K | 10x | as long as short |
| Binance JTOUSDT | +0.0100% | 4h | 0.5142 | −0.113% | $11.2M | $27.5M | 75x | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5157 | +0.179% | $56K | $9K | 10x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5143 | −0.093% | $6.1M | $3.5M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5146 | −0.035% | $1.5M | $603K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5145 | −0.054% | $2.4M | $2.3M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5143 | −0.093% | — | $27.5M | — | as long as short |
| Variational Omni JTO | +0.0100% | 4h | 0.5143 | −0.102% | $222K | $240K | — | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5143 | −0.102% | $518K | $1.7M | 10x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5141 | −0.124% | $2K | — | 50x | as long as short |
| Phoenix JTOshort | +0.0310% | 1h | 0.5172 | +0.470% | $382K | $114K | 5x | |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5150 | +0.043% | $616K | $521K | 75x | as long as short |
| Kraken Futures PF_JTOUSD | +0.0380% | 1h | 0.5145 | −0.057% | $332K | $313K | 25x | as long as short |
| Coinbase International JTO-PERP-INTX | +0.0440% | 1h | 0.5181 | +0.645% | $59K | $137K | 25x | as long as short |
| Backpack JTO_USDC_PERP | +0.0638% | 1h | 0.5147 | −0.025% | $265K | $310K | 10x | as long as short |
Hyperliquid JTO
Aster JTOUSDT
Binance JTOUSDT
Bulk JTO-USD
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Variational Omni JTO
Extended JTO-USD
GMX JTO/USD [WBTC.b-USDC]
BloFin JTO-USDT
Kraken Futures PF_JTOUSD
Coinbase International JTO-PERP-INTX
Backpack JTO_USDC_PERP