Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h +0.016%

Price spread now: Phemex against Backpack+0.088%7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$560.558% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.125%+$12 · spread now +0.088%, 7d avg +0.132%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.044% cheaper against Backpack than usual: you would sell low and buy high (spread +0.088% now, against its 7-day average of +0.132%). If the spread goes back, that is −$4 on $10k: about 42 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack JUP_USDC_PERP	0.2954	0.0017	pay 0.0002% / 1h	57m 04s	$978K	$263K	10x
Short	Phemex JUPUSDT	0.2957	0.0100	get 0.0050% / 4h	1h 57m	$2.9M	$4.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.088%Rate

Funding earned: $17.37
Price spread: +0.088% → +0.132%: −$4.36
Slippage, 4 orders: −$33.76
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$42.74
Costs to cover: 0.558%
Break-even: 24.2 days

Slippage from Backpack: live order book, 27 min ago; Phemex: live order book, 2 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	0.17 bp	10.5 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.69 bp	20.2 bp −$20	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	−0.3508%	1h	0.2922	−1.097%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0962% / S +0.0355%	1h	0.2954	−0.014%	$13K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2951	−0.111%	$281K	$177K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0325%	1h	0.2953	−0.037%	$56K	$14K	10x	as long as short
01 Exchange JUPUSD	−0.0312%	1h	0.2951	−0.129%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2953	−0.061%	$599K	$623K	20x	as long as short
Bybit JUPUSDT	−0.0139%	4h	0.2952	−0.081%	$16.2M	$23.9M	50x	as long as short
Gate JUP_USDT	−0.0054%	4h	0.2950	−0.149%	$734K	$1.9M	75x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2954	−0.021%	$39K	$35K	5x	as long as short
Phoenix JUP	0.0000%	1h	0.2956	+0.058%	$95K	$441K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2954	−0.026%	$17K	—	150x	as long as short
Backpack JUP_USDC_PERPlong	+0.0017%	1h	0.2954	long leg	$978K	$263K	10x
Reya JUPRUSDPERP	+0.0057%	1h	0.2952	−0.080%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0068%	8h	0.2950	−0.133%	$9K	$15K	10x	as long as short
Variational Omni JUP	+0.0076%	4h	0.2952	−0.068%	$722K	$1.1M	—	as long as short
Lighter JUP	+0.0096%	1h	0.2954	−0.007%	$816K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2949	−0.174%	$610K	$677K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2957	+0.095%	$18.9M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2954	−0.007%	$106K	$367K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2955	+0.020%	$16.3M	$56.0M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2954	−0.014%	$4.1M	$16.6M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2952	−0.081%	$8.0M	$7.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2953	−0.047%	$4.4M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2954	−0.014%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2952	−0.081%	—	$20.9M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2956	+0.068%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2956	+0.054%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2955	+0.024%	$93K	$139K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2953	−0.047%	$31K	$51K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2945	−0.318%	$111K	$69K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.2957	+0.088%	$2.9M	$4.1M	50x
Bulk JUP-USD	+0.0100%	1h	0.2954	−0.014%	$57K	$3K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2951	−0.122%	$2.2M	$541K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2951	−0.115%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0104%	4h	0.2953	−0.047%	$855K	$331K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2989	+1.188%	$74K	$94K	50x	as long as short