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 +0.088%

Price spread now: Phoenix against Variational Omni−0.057%7-day average +0.118% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.220%+$22 on $10k

Price spread, last 3 days (all we have)+0.372%+$37 · spread now −0.057%, 7d avg +0.118%

Together, before fees+0.592%+ Points / potential airdropVariational Omni: Active · farm board+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.175% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.057% now, against its 7-day average of +0.118%). If the spread goes back, that is −$17 on $10k: about 38 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni JTO	0.5141	0.0100	pay 0.0050% / 4h	31m 30s	$226K	$303K	—
Short	Phoenix JTO	0.5138	0.0465	get 0.0058% / 1h	31m 30s	$369K	$266K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.057%Rate

Funding earned: $76.56
Price spread: −0.057% → +0.118%: −$17.5
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $52.06
Costs to cover: 0.070%
Break-even: 2.2 days

Slippage unknown: Variational Omni: RFQ quote, 47 min ago; Phoenix: live order book, 45 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 47 min ago	5.86 bp	doesn't fit	68.4 bp −$684	doesn't fit	doesn't fit
Sell Phoenix live order book, 45 min ago	1.95 bp	21.0 bp −$21	60.0 bp −$600	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	−0.582%	$13K	$11K	10x	as long as short
Gate JTO_USDT	−0.0175%	8h	0.5107	−0.660%	$900K	$1.5M	75x	as long as short
Paradex JTO-USD-PERP	−0.0007%	8h	0.5106	−0.683%	$510	—	5x	as long as short
OKX JTO-USDT-SWAP	−0.0006%	4h	0.5105	−0.698%	$3.9M	$9.5M	50x	as long as short
dYdX JTO-USD	0.0000%	1h	0.5115	−0.504%	$4K	$4K	5x	as long as short
Reya JTORUSDPERP	0.0000%	1h	0.5539	+7.749%	—	—	—	as long as short
Injective JTO/USDC PERP	+0.0033%	1h	0.4973	−3.266%	$31	$43K	5.5x	as long as short
Bulk JTO-USD	+0.0068%	1h	0.5153	+0.235%	$56K	$1K	10x	as long as short
Lighter JTO	+0.0096%	1h	0.5116	−0.477%	$107K	$182K	10x	as long as short
Hyperliquid JTO	+0.0100%	1h	0.5115	−0.496%	$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	0.5112	−0.556%	$172K	$177K	10x	as long as short
Binance JTOUSDT	+0.0100%	4h	0.5107	−0.660%	$11.3M	$28.1M	75x	as long as short
Bybit JTOUSDT	+0.0100%	4h	0.5112	−0.562%	$7.4M	$13.9M	50x	as long as short
MEXC JTO_USDT	+0.0100%	4h	0.5110	−0.601%	$7.1M	$3.7M	50x	as long as short
KuCoin JTOUSDTM	+0.0100%	4h	0.5118	−0.451%	$1.6M	$631K	20x	as long as short
Bitget JTOUSDT	+0.0100%	4h	0.5110	−0.601%	$2.5M	$2.4M	50x	as long as short
BingX JTO-USDT	+0.0100%	4h	0.5110	−0.601%	—	$67.9M	—	as long as short
Variational Omni JTOlong	+0.0100%	4h	0.5141	long leg	$226K	$303K	—
Orderly PERP_JTO_USDC_mythos	+0.0100%	4h	0.5115	−0.504%	$4K	$2K	10x	as long as short
Extended JTO-USD	+0.0104%	1h	0.5107	−0.668%	$518K	$854K	10x	as long as short
Backpack JTO_USDC_PERP	+0.0120%	1h	0.5120	−0.411%	$224K	$472K	10x	as long as short
GMX JTO/USD [WBTC.b-USDC]	L +0.0223% / S −0.2181%	1h	0.5120	−0.399%	$2K	—	50x	as long as short
Kraken Futures PF_JTOUSD	+0.0226%	1h	0.5124	−0.334%	$346K	$312K	25x	as long as short
Coinbase International JTO-PERP-INTX	+0.0296%	1h	0.5172	+0.605%	$57K	$116K	25x	as long as short
BloFin JTO-USDT	+0.0340%	4h	0.5126	−0.290%	$629K	$614K	75x	as long as short
Phoenix JTOshort	+0.0465%	1h	0.5138	−0.057%	$369K	$266K	5x