Funding arb · Price arb /

JTO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0365%/8h= −39.9% APRpaid last 24h −0.085%

Price spread now: Bitget against Phoenix−0.506%99s7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as 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−$760.759% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.370%−$37 on $10k

Price spread, last 3 days (all we have)+0.142%+$14 · spread now −0.506%, 7d avg −0.113%

Together, before fees−0.228%−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bitget is 0.393% cheaper against Phoenix than usual: you would sell low and buy high (−$39 if the spread goes back to its 7-day average of −0.113%). Swap the legs. The two prices were read 99 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	0.5138	0.0465	pay 0.0058% / 1h	31m 52s	$369K	$266K	5x
Short	Bitget JTOUSDT	0.5112	0.0100	get 0.0050% / 4h	31m 52s	$2.5M	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now −0.506%Rate

Funding earned: −$76.56
Price spread: −0.506% → −0.113%: −$39.26
Slippage, 4 orders: −$56.92
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$191.74
Costs to cover: 0.759%
Break-even: never at this rate

Slippage from Phoenix: live order book, 45 min ago; Bitget: live order book, 5 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, 45 min ago	1.95 bp	21.0 bp −$21	67.9 bp −$679	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	2.92 bp	18.3 bp −$18	47.9 bp −$479	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	−0.0727%	1h	0.5111	−0.525%	$13K	$11K	10x	as long as short
Gate JTO_USDT	−0.0173%	8h	0.5113	−0.487%	$901K	$1.5M	75x	as long as short
Paradex JTO-USD-PERP	−0.0005%	8h	0.5124	−0.278%	$511	—	5x	as long as short
OKX JTO-USDT-SWAP	−0.0004%	4h	0.5103	−0.681%	$3.9M	$9.5M	50x	as long as short
dYdX JTO-USD	0.0000%	1h	0.5127	−0.208%	$4K	$4K	5x	as long as short
Reya JTORUSDPERP	0.0000%	1h	0.5539	+7.810%	—	—	—	as long as short
Injective JTO/USDC PERP	+0.0033%	1h	0.4973	−3.211%	$31	$43K	5.5x	as long as short
Bulk JTO-USD	+0.0068%	1h	0.5153	+0.292%	$56K	$1K	10x	as long as short
Lighter JTO	+0.0096%	1h	0.5123	−0.300%	$107K	$182K	10x	as long as short
Hyperliquid JTO	+0.0100%	1h	0.5115	−0.450%	$7.1M	$3.2M	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	0.5116	−0.430%	$172K	$177K	10x	as long as short
Binance JTOUSDT	+0.0100%	4h	0.5110	−0.541%	$11.3M	$28.1M	75x	as long as short
Bybit JTOUSDT	+0.0100%	4h	0.5113	−0.487%	$7.4M	$13.9M	50x	as long as short
MEXC JTO_USDT	+0.0100%	4h	0.5112	−0.506%	$7.1M	$3.7M	50x	as long as short
KuCoin JTOUSDTM	+0.0100%	4h	0.5121	−0.339%	$1.6M	$631K	20x	as long as short
Bitget JTOUSDTshort	+0.0100%	4h	0.5112	−0.506%	$2.5M	$2.4M	50x
BingX JTO-USDT	+0.0100%	4h	0.5111	−0.525%	—	$67.9M	—	as long as short
Variational Omni JTO	+0.0100%	4h	0.5141	+0.057%	$226K	$303K	—	as long as short
Orderly PERP_JTO_USDC_mythos	+0.0100%	4h	0.5115	−0.448%	$4K	$2K	10x	as long as short
Extended JTO-USD	+0.0104%	1h	0.5111	−0.525%	$521K	$854K	10x	as long as short
Backpack JTO_USDC_PERP	+0.0120%	1h	0.5120	−0.354%	$224K	$472K	10x	as long as short
GMX JTO/USD [WBTC.b-USDC]	L +0.0223% / S −0.2181%	1h	0.5120	−0.342%	$2K	—	50x	as long as short
Kraken Futures PF_JTOUSD	+0.0226%	1h	0.5124	−0.278%	$346K	$312K	25x	as long as short
Coinbase International JTO-PERP-INTX	+0.0296%	1h	0.5172	+0.662%	$57K	$116K	25x	as long as short
BloFin JTO-USDT	+0.0340%	4h	0.5126	−0.234%	$629K	$614K	75x	as long as short
Phoenix JTOlong	+0.0465%	1h	0.5138	long leg	$369K	$266K	5x