Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.4% APRpaid last 24h +0.012%

Price spread now: Bybit against Backpack−0.044%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$460.461% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.044%, 7d avg −0.053%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack JUP_USDC_PERP	0.2954	0.0100	pay 0.0013% / 1h	24m 57s	$978K	$257K	10x
Short	Bybit JUPUSDT	0.2953	0.0050	get 0.0025% / 4h	1h 24m	$16.1M	$23.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$10.45
Price spread: −0.044% → −0.053%: $0.86
Slippage, 4 orders: −$25.08
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.67
Costs to cover: 0.461%
Break-even: never at this rate

Slippage from Backpack: live order book, 59 min ago; Bybit: live order book, 4 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, 59 min ago	0.17 bp	10.5 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.70 bp	16.1 bp −$16	46.0 bp −$460	255.6 bp −$25.6K	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	0.2911	−1.466%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0473% / S +0.0334%	1h	0.2953	−0.053%	$15K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2949	−0.168%	$281K	$171K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2954	−0.020%	$600K	$617K	20x	as long as short
01 Exchange JUPUSD	−0.0064%	1h	0.2953	−0.041%	$26K	$19K	5x	as long as short
Gate JUP_USDT	−0.0020%	4h	0.2950	−0.146%	$746K	$1.9M	75x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2953	−0.037%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2953	−0.044%	$17K	—	150x	as long as short
Bybit JUPUSDTshort	+0.0050%	4h	0.2953	−0.044%	$16.1M	$23.4M	50x
BloFin JUP-USDT	+0.0053%	4h	0.2954	−0.010%	$849K	$324K	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya JUPRUSDPERP	+0.0057%	1h	0.2949	−0.167%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0068%	8h	0.2949	−0.196%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2954	0.000%	$792K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2950	−0.129%	$612K	$672K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2959	+0.176%	$19.0M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2955	+0.034%	$106K	$365K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2956	+0.051%	$16.3M	$55.2M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2955	+0.024%	$4.0M	$16.6M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2956	+0.058%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2954	−0.010%	$4.3M	$7.1M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2954	−0.010%	$5.6M	$8.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2954	−0.010%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERPlong	+0.0100%	1h	0.2954	long leg	$978K	$257K	10x
Variational Omni JUP	+0.0100%	4h	0.2948	−0.209%	$713K	$1.1M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2951	−0.126%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2949	−0.179%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2955	+0.030%	$93K	$133K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2953	−0.044%	$31K	$50K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2944	−0.349%	$110K	$67K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2956	+0.058%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2941	−0.435%	$57K	$3K	10x	as long as short
dYdX JUP-USD	+0.0101%	1h	0.2949	−0.163%	$39K	$35K	5x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2955	+0.013%	$2.2M	$503K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2952	−0.095%	$40K	—	3x	as long as short
Phoenix JUP	+0.0190%	1h	0.2955	+0.017%	$95K	$441K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2952	−0.078%	$73K	$92K	50x	as long as short