Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.040%

Price spread now: Hyperliquid against Backpack−0.014%7-day average +0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now −0.014%, 7d avg +0.078%

Together, before fees+0.155%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 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: Hyperliquid is 0.091% cheaper against Backpack than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack JUP_USDC_PERP	0.2961	0.0100	pay 0.0013% / 1h	8m 52s	$978K	$234K	10x
Short	Hyperliquid JUP	0.2960	0.0100	get 0.0013% / 1h	8m 52s	$18.6M	$9.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → +0.078%: −$9.12
Slippage, 4 orders: −$14.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$42.61
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from Backpack: live order book, 50 min ago; Hyperliquid: 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, 50 min ago	1.35 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.18 bp	7.9 bp −$8	doesn't fit	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	−0.4661%	1h	0.2920	−1.381%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2963	+0.066%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2960	−0.031%	$282K	$146K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2963	+0.074%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2962	+0.045%	—	—	150x	as long as short
dYdX JUP-USD	+0.0009%	1h	0.2964	+0.119%	$39K	$24K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2962	+0.037%	—	—	20x	as long as short
Kraken Futures PF_JUPUSD	+0.0095%	1h	0.2962	+0.037%	$594K	$469K	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2961	+0.014%	$782K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2962	+0.036%	$9K	$11K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado JUP-PERP	+0.0100%	1h	0.2962	+0.020%	$598K	$487K	10x	as long as short
Hyperliquid JUPshort	+0.0100%	1h	0.2960	−0.014%	$18.6M	$9.4M	10x
Aster JUPUSDT	+0.0100%	4h	0.2962	+0.051%	$110K	$289K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2957	−0.129%	$16.3M	$40.9M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2955	−0.199%	$15.9M	$18.1M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2956	−0.165%	$4.0M	$11.5M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2949	−0.419%	$61K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2960	−0.030%	$729K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2957	−0.132%	$7.4M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2961	+0.003%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2961	+0.003%	$5.8M	$5.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2959	−0.064%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERPlong	+0.0100%	1h	0.2961	long leg	$978K	$234K	10x
Variational Omni JUP	+0.0100%	4h	0.2958	−0.083%	$722K	$625K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2965	+0.138%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2966	+0.172%	$157K	$251K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2969	+0.263%	$93K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2962	+0.037%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2957	−0.132%	$111K	$45K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2967	+0.206%	$2.9M	$3.1M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2959	−0.047%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0152%	1h	0.2963	+0.061%	$26K	$17K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2970	+0.311%	$75K	$50K	50x	as long as short
Phoenix JUP	+0.0271%	1h	0.2965	+0.128%	$98K	$304K	10x	as long as short
Extended JUP-USD	+0.0320%	1h	0.2956	−0.151%	$2.2M	$504K	25x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2961	+0.003%	$832K	$381K	50x	as long as short