Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Variational Omni against Backpack−0.209%7-day average −0.026% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.340%+$34 · spread now −0.209%, 7d avg −0.026%

Together, before fees+0.347%+ Points / potential airdropVariational Omni: Active · farm board+$35 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: Variational Omni is 0.183% cheaper against Backpack than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.026%.

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 55s	$978K	$257K	10x
Short	Variational Omni JUP	0.2948	0.0100	get 0.0050% / 4h	1h 24m	$713K	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.209%Rate

Funding earned: $0
Price spread: −0.209% → −0.026%: −$18.31
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$28.31
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 59 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 4 min ago	6.80 bp	doesn't fit	40.8 bp −$408	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	0.2911	−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 JUPUSDT	+0.0050%	4h	0.2953	−0.044%	$16.1M	$23.4M	50x	as long as short
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 JUPshort	+0.0100%	4h	0.2948	−0.209%	$713K	$1.1M	—
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