Funding you earn now, next payment 03:00 UTC−0.0369%/8h= −40.4% APRnext payment −$0.46 per $10,000 · paid last 24h −0.067%
Price spread now: Hyperliquid against Phoenix−0.192%7-day average +0.017% · you buy dearer than you sell
Net, funding: paid 7d − costs−$96as in the Funding arb table
Net, price: spread back to 7d avg − costs−$90as in the Price arb table
costs, in and out, $10k−$690.694% of the position
Funding, last 7 days−0.265%−$26 on $10k
+Price spread, last 4 days (all we have)−0.140%−$14 · spread now −0.192%, 7d avg +0.017%
=Together, before fees−0.405%+ Points / potential airdropHyperliquid: Season 2 · farm board−$40 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 Hyperliquid is 0.209% cheaper against Phoenix than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.017%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix JTO | 0.5159 | 0.0469 | pay 0.0059% / 1h | 5m 01s | $381K | $110K | 5x |
| Short | Hyperliquid JTO | 0.5149 | 0.0100 | get 0.0013% / 1h | 5m 01s | $7.0M | $3.0M | 5x |
Phoenix JTO
Hyperliquid JTOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid 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
- −$77.57
- Price spread: −0.192% → +0.017%
- −$20.94
- Slippage, 4 orders
- −$53.39
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$167.9
- Costs to cover
- 0.694%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 52 min ago; Hyperliquid: live order book, 7 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 | 1.94 bp | 20.8 bp −$21 | 67.1 bp −$671 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 7 min ago | 0.10 bp | 14.6 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 | −0.0527% | 1h | 0.5142 | −0.330% | $13K | $10K | 10x | as long as short |
| Gate JTO_USDT | −0.0360% | 8h | 0.5141 | −0.349% | $893K | $1.0M | 75x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5146 | −0.252% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5540 | +7.379% | — | — | — | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −3.605% | $31 | $43K | 5.5x | as long as short |
| Paradex JTO-USD-PERP | +0.0083% | 8h | 0.5141 | −0.350% | $513 | — | 5x | as long as short |
| OKX JTO-USDT-SWAP | +0.0084% | 4h | 0.5140 | −0.368% | $3.9M | $9.4M | 50x | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0094% | 4h | 0.5143 | −0.310% | $4K | $652 | 10x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5148 | −0.207% | $118K | $226K | 10x | as long as short |
| Hyperliquid JTOshort | +0.0100% | 1h | 0.5149 | −0.192% | $7.0M | $3.0M | 5x |
Deribit JTO_USDC-PERPETUAL
Gate JTO_USDT
dYdX JTO-USD
Reya JTORUSDPERP
Injective JTO/USDC PERP
Paradex JTO-USD-PERP
OKX JTO-USDT-SWAP
Orderly PERP_JTO_USDC_mythos
Lighter JTOShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster JTOUSDT | +0.0100% | 4h | 0.5144 | −0.292% | $124K | $218K | 10x | as long as short |
| Binance JTOUSDT | +0.0100% | 4h | 0.5140 | −0.368% | $11.2M | $27.5M | 75x | as long as short |
| Bybit JTOUSDT | +0.0100% | 4h | 0.5141 | −0.349% | $7.1M | $14.0M | 50x | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5151 | −0.155% | $56K | $17K | 10x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5142 | −0.330% | $6.2M | $3.5M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5149 | −0.204% | $1.5M | $603K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5142 | −0.330% | $2.4M | $2.3M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5140 | −0.368% | — | $68.0M | — | as long as short |
| Variational Omni JTO | +0.0100% | 4h | 0.5143 | −0.318% | $223K | $266K | — | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5139 | −0.397% | $518K | $1.7M | 10x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5144 | −0.290% | $2K | — | 50x | as long as short |
| Backpack JTO_USDC_PERP | +0.0334% | 1h | 0.5149 | −0.194% | $268K | $315K | 10x | as long as short |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5145 | −0.271% | $619K | $506K | 75x | as long as short |
| Coinbase International JTO-PERP-INTX | +0.0416% | 1h | 0.5168 | +0.174% | $58K | $137K | 25x | as long as short |
| Phoenix JTOlong | +0.0469% | 1h | 0.5159 | long leg | $381K | $110K | 5x | |
| Kraken Futures PF_JTOUSD | +0.0731% | 1h | 0.5148 | −0.217% | $335K | $312K | 25x | as long as short |
Aster JTOUSDT
Binance JTOUSDT
Bybit 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]
Backpack JTO_USDC_PERP
BloFin JTO-USDT
Coinbase International JTO-PERP-INTX
Kraken Futures PF_JTOUSD