Funding you earn now, next payment 00:00 UTC+0.0079%/8h= +8.7% APRnext payment +$0.10 per $10,000 · paid last 24h +0.011%
Price spread now: Backpack against Phoenix−0.372%80s7-day average −0.028% · you buy dearer than you sell
Net, funding: paid 7d − costs−$87as 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−$670.666% of the position
Funding, last 7 days−0.201%−$20 on $10k
+Price spread, last 3 days (all we have)+0.100%+$10 · spread now −0.372%, 7d avg −0.028%
=Funding pays, the price is against you. Backpack is 0.344% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.372% now, against its 7-day average of −0.028%). If the spread goes back, that is −$34 on $10k: about 14 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.201%, so the current rate has only just turned in your favour. 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 | Phoenix JTO | 0.5191 | 0.0312 | pay 0.0039% / 1h | 19m 41s | $383K | $262K | 5x |
| Short | Backpack JTO_USDC_PERP | 0.5172 | 0.0391 | get 0.0049% / 1h | 19m 41s | $223K | $463K | 10x |
Phoenix JTO
Backpack JTO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- $16.68
- Price spread: −0.372% → −0.028%
- −$34.35
- Slippage, 4 orders
- −$49.58
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$84.26
- Costs to cover
- 0.666%
- Break-even
- 42.4 days
Slippage from Phoenix: live order book, 52 min ago; Backpack: live order book, 54 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 Phoenix live order book, 52 min ago | 1.96 bp | 21.0 bp −$21 | 68.0 bp −$680 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 54 min ago | 0.88 bp | 14.5 bp −$15 | doesn't fit | 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 | −0.0330% | 1h | 0.5170 | −0.405% | $13K | $10K | 10x | as long as short |
| OKX JTO-USDT-SWAP | −0.0053% | 4h | 0.5160 | −0.597% | $3.9M | $9.4M | 50x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5167 | −0.462% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5539 | +6.712% | — | — | — | as long as short |
| Paradex JTO-USD-PERP | +0.0027% | 8h | 0.5162 | −0.565% | $515 | — | 5x | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −4.200% | $31 | $43K | 5.5x | as long as short |
| Gate JTO_USDT | +0.0079% | 8h | 0.5159 | −0.616% | $914K | $1.2M | 75x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5168 | −0.449% | $99K | $189K | 10x | as long as short |
| Hyperliquid JTO | +0.0100% | 1h | 0.5173 | −0.353% | $7.1M | $3.1M | 5x | as long as short |
| Aster JTOUSDT | +0.0100% | 4h | 0.5167 | −0.472% | $173K | $157K | 10x | as long as short |
Deribit JTO_USDC-PERPETUAL
OKX JTO-USDT-SWAP
dYdX JTO-USD
Reya JTORUSDPERP
Paradex JTO-USD-PERP
Injective JTO/USDC PERP
Gate JTO_USDT
Lighter JTO
Hyperliquid JTO
Aster JTOUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance JTOUSDT | +0.0100% | 4h | 0.5161 | −0.578% | $11.4M | $27.6M | 75x | as long as short |
| Bybit JTOUSDT | +0.0100% | 4h | 0.5163 | −0.539% | $7.6M | $13.3M | 50x | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5161 | −0.578% | $56K | −$0 | 10x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5160 | −0.597% | $7.0M | $3.6M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5172 | −0.370% | $1.6M | $597K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5163 | −0.539% | $2.5M | $2.4M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5161 | −0.578% | — | $67.9M | — | as long as short |
| Variational Omni JTO | +0.0100% | 4h | 0.5167 | −0.459% | $226K | $299K | — | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0100% | 4h | 0.5170 | −0.405% | $4K | $2K | 10x | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5158 | −0.638% | $519K | $1.7M | 10x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5173 | −0.348% | $2K | — | 50x | as long as short |
| Kraken Futures PF_JTOUSD | +0.0247% | 1h | 0.5175 | −0.317% | $349K | $310K | 25x | as long as short |
| Phoenix JTOlong | +0.0312% | 1h | 0.5191 | long leg | $383K | $262K | 5x | |
| Coinbase International JTO-PERP-INTX | +0.0320% | 1h | 0.5162 | −0.559% | $63K | $129K | 25x | as long as short |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5170 | −0.405% | $624K | $595K | 75x | as long as short |
| Backpack JTO_USDC_PERPshort | +0.0391% | 1h | 0.5172 | −0.372% | $223K | $463K | 10x |
Binance JTOUSDT
Bybit JTOUSDT
Bulk JTO-USD
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Variational Omni JTO
Orderly PERP_JTO_USDC_mythos
Extended JTO-USD
GMX JTO/USD [WBTC.b-USDC]
Kraken Futures PF_JTOUSD
Coinbase International JTO-PERP-INTX
BloFin JTO-USDT