Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.011%

Price spread now: BloFin against Backpack−0.520%66s7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as 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−$400.398% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.262%+$26 on $10k

Price spread, last 4 days (all we have)+0.602%+$60 · spread now −0.520%, 7d avg −0.034%

Together, before fees+0.864%+$86 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.487% cheaper against Backpack than usual: you would sell low and buy high (spread −0.520% now, against its 7-day average of −0.034%). If the spread goes back, that is −$49 on $10k: about 6.8 days of funding at the current rate (+$7 a day). The two prices were read 66 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	Backpack JUP_USDC_PERP	0.2959	0.0100	pay 0.0013% / 1h	31m 45s	$981K	$237K	10x
Short	BloFin JUP-USDT	0.2944	0.0340	get 0.0170% / 4h	31m 45s	$837K	$383K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now −0.520%Rate

Funding earned: $50.4
Price spread: −0.520% → −0.034%: −$48.68
Slippage, 4 orders: −$17.78
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$38.05
Costs to cover: 0.398%
Break-even: 12.3 days

Slippage from Backpack: live order book, 27 min ago; BloFin: 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 Backpack live order book, 27 min ago	1.35 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	3.41 bp	9.5 bp −$10	23.9 bp −$239	82.9 bp −$8,290	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	−0.4661%	1h	0.2901	−1.973%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2956	−0.125%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2952	−0.238%	$281K	$147K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2955	−0.140%	—	—	150x	as long as short
dYdX JUP-USD	+0.0016%	1h	0.2960	+0.036%	$39K	$25K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2955	−0.149%	—	—	20x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2961	+0.045%	$592K	$482K	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2963	+0.115%	$783K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2953	−0.217%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2953	−0.208%	$594K	$497K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.2963	+0.105%	$18.8M	$9.3M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2958	−0.053%	$110K	$289K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2961	+0.054%	$16.3M	$41.6M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2958	−0.041%	$15.9M	$18.5M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2961	+0.054%	$4.0M	$11.8M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2936	−0.791%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2956	−0.115%	$729K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2959	−0.014%	$7.3M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2957	−0.081%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2960	+0.020%	$5.8M	$5.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2958	−0.047%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERPlong	+0.0100%	1h	0.2959	long leg	$981K	$237K	10x
Variational Omni JUP	+0.0100%	4h	0.2927	−1.095%	$715K	$659K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2938	−0.716%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2938	−0.723%	$156K	$253K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2959	−0.017%	$94K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2956	−0.115%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2952	−0.250%	$111K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2961	+0.054%	$2.9M	$3.2M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2954	−0.166%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0152%	1h	0.2958	−0.054%	$26K	$17K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2942	−0.605%	$74K	$50K	50x	as long as short
Phoenix JUP	+0.0271%	1h	0.2942	−0.591%	$97K	$304K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	+0.0325%	1h	0.2958	−0.057%	$54K	$16K	10x	as long as short
BloFin JUP-USDTshort	+0.0340%	4h	0.2944	−0.520%	$837K	$383K	50x
Extended JUP-USD	+0.0440%	1h	0.2958	−0.032%	$2.2M	$502K	25x	as long as short