Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.016%

Price spread now: Phoenix against Aster+0.067%95s7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$640.637% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.069%+$7 on $10k

Price spread, last 3 days (all we have)+0.666%+$67 · spread now +0.067%, 7d avg +0.103%

Together, before fees+0.735%+ Points / potential airdropAster: Stage 5 · farm board+$74 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.036% cheaper against Aster than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.103%). Swap the legs. Mind the row above: over the last 5 days funding on this pair paid +0.069%, so the current rate has only just turned against you. The two prices were read 95 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	Aster JUPUSDT	0.2952	0.0100	pay 0.0050% / 4h	1h 57m	$106K	$367K	10x
Short	Phoenix JUP	0.2954	0	get 0.0000% / 1h	57m 48s	$94K	$440K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$21
Price spread: +0.067% → +0.103%: −$3.63
Slippage, 4 orders: −$48.72
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$88.35
Costs to cover: 0.637%
Break-even: never at this rate

Slippage from Aster: live order book, 24 min ago; Phoenix: live order book, 24 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 Aster live order book, 24 min ago	3.35 bp	19.9 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 24 min ago	2.51 bp	14.3 bp −$14	29.8 bp −$298	doesn't fit	doesn't fit

JUP on 36 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
Injective JUP/USDC PERP	−0.3508%	1h	0.2922	−1.027%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0957% / S +0.0354%	1h	0.2951	−0.037%	$13K	—	100x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0597%	1h	0.2950	−0.082%	$56K	$14K	10x	as long as short
Pacifica JUP	−0.0335%	1h	0.2950	−0.066%	$281K	$177K	10x	as long as short
01 Exchange JUPUSD	−0.0296%	1h	0.2949	−0.130%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2950	−0.063%	$598K	$623K	20x	as long as short
Bybit JUPUSDT	−0.0158%	4h	0.2948	−0.147%	$16.1M	$23.9M	50x	as long as short
Gate JUP_USDT	−0.0058%	4h	0.2948	−0.147%	$733K	$1.9M	75x	as long as short
Backpack JUP_USDC_PERP	−0.0052%	1h	0.2951	−0.059%	$976K	$263K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2954	+0.050%	$39K	$35K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix JUPshort	0.0000%	1h	0.2954	+0.067%	$94K	$440K	10x
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2952	−0.026%	$17K	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2947	−0.170%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0069%	8h	0.2948	−0.140%	$9K	$15K	10x	as long as short
Variational Omni JUP	+0.0076%	4h	0.2952	+0.002%	$722K	$1.1M	—	as long as short
Lighter JUP	+0.0096%	1h	0.2951	−0.042%	$818K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2949	−0.104%	$610K	$678K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2955	+0.077%	$18.9M	$14.0M	10x	as long as short
Aster JUPUSDTlong	+0.0100%	4h	0.2952	long leg	$106K	$367K	10x
Binance JUPUSDT	+0.0100%	4h	0.2949	−0.113%	$16.3M	$56.1M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2950	−0.079%	$4.1M	$16.6M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2950	−0.079%	$8.0M	$7.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2952	−0.011%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2949	−0.113%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2948	−0.147%	—	$20.9M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2956	+0.138%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2956	+0.124%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2954	+0.043%	$93K	$139K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2950	−0.079%	$31K	$51K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2942	−0.350%	$110K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2955	+0.090%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2954	+0.057%	$57K	$3K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2949	−0.120%	$2.2M	$541K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2949	−0.130%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0141%	4h	0.2950	−0.079%	$854K	$336K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2989	+1.259%	$74K	$94K	50x	as long as short