Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: GRVT against Backpack+0.188%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$580.577% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.233%−$23 · spread now +0.188%, 7d avg −0.020%

Together, before fees−0.272%+ Points / potential airdropGRVT: Active · farm board−$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.208% dearer against Backpack than usual: you sell high and buy low, +$21 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack JUP_USDC_PERP	0.2977	0.0100	pay 0.0013% / 1h	18m 53s	$986K	$265K	10x
Short	GRVT JUP_USDT_Perp	0.2982	0.0100	get 0.0050% / 4h	2h 18m	$1.6M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.188%Rate

Funding earned: $0
Price spread: +0.188% → −0.020%: $20.83
Slippage, 4 orders: −$38.73
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$36.9
Costs to cover: 0.577%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; GRVT: 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, 5 min ago	0.17 bp	10.5 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 5 min ago	1.68 bp	21.2 bp −$21	117.3 bp −$1,173	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	−0.5000%	1h	0.2978	+0.040%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0861% / S +0.0323%	1h	0.2976	−0.012%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0077%	4h	0.2974	−0.087%	$16.3M	$24.1M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0019%	1h	0.2977	−0.007%	$56K	$14K	10x	as long as short
Phoenix JUP	0.0000%	1h	0.2982	+0.171%	$95K	$447K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2978	+0.029%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2977	+0.023%	$604K	$624K	20x	as long as short
Gate JUP_USDT	+0.0022%	4h	0.2975	−0.060%	$740K	$1.9M	75x	as long as short
dYdX JUP-USD	+0.0030%	1h	0.2980	+0.102%	$39K	$36K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2975	−0.064%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange JUPUSD	+0.0064%	1h	0.2977	+0.013%	$26K	$19K	5x	as long as short
BloFin JUP-USDT	+0.0082%	4h	0.2979	+0.074%	$858K	$335K	50x	as long as short
Paradex JUP-USD-PERP	+0.0093%	8h	0.2975	−0.047%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2979	+0.067%	$869K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2978	+0.040%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2975	−0.060%	$599K	$671K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2980	+0.097%	$19.1M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2979	+0.069%	$107K	$367K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2976	−0.019%	$284K	$181K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2976	−0.027%	$16.5M	$56.3M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2975	−0.060%	$4.1M	$16.8M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2975	−0.060%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2979	+0.074%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2978	+0.040%	$5.7M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2976	−0.027%	—	$21.0M	—	as long as short
Backpack JUP_USDC_PERPlong	+0.0100%	1h	0.2977	long leg	$986K	$265K	10x
Variational Omni JUP	+0.0100%	4h	0.2979	+0.085%	$729K	$1.2M	—	as long as short
GRVT JUP_USDT_Perpshort	+0.0100%	4h	0.2982	+0.188%	$1.6M	$4.2M	10x
ApeX Omni JUPUSDT	+0.0100%	1h	0.2979	+0.074%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2983	+0.212%	$94K	$138K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2970	−0.228%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2982	+0.175%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2982	+0.175%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2975	−0.061%	$41K	—	3x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2989	+0.427%	$74K	$95K	50x	as long as short
Extended JUP-USD	+0.0264%	1h	0.2975	−0.070%	$2.2M	$539K	25x	as long as short