Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.012%

Price spread now: Phoenix against Binance−0.217%7-day average +0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$500.503% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 3 days (all we have)+0.735%+$74 · spread now −0.217%, 7d avg +0.122%

Together, before fees+0.816%+$82 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.338% cheaper against Binance than usual: you would sell low and buy high (spread −0.217% now, against its 7-day average of +0.122%). If the spread goes back, that is −$34 on $10k: about 13 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.081% in total) that is about 29 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance JUPUSDT	0.2968	0.0100	pay 0.0050% / 4h	1h 01m	$16.4M	$54.1M	75x
Short	Phoenix JUP	0.2962	0.0190	get 0.0024% / 1h	1m 01s	$96K	$441K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.217%Rate

Funding earned: $18.8
Price spread: −0.217% → +0.122%: −$33.84
Slippage, 4 orders: −$33.32
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$65.36
Costs to cover: 0.503%
Break-even: 31.3 days

Slippage from Binance: live order book, 11 min ago; Phoenix: live order book, 16 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 Binance live order book, 11 min ago	1.69 bp	10.8 bp −$11	29.9 bp −$299	328.3 bp −$32.8K	doesn't fit
Sell Phoenix live order book, 16 min ago	2.53 bp	14.4 bp −$14	29.6 bp −$296	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	0.2923	−1.514%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0398% / S +0.0663%	1h	0.2966	−0.070%	$15K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2965	−0.112%	$282K	$169K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0175%	1h	0.2965	−0.088%	$601K	$618K	20x	as long as short
01 Exchange JUPUSD	−0.0016%	1h	0.2966	−0.062%	$26K	$19K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2966	−0.062%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2965	−0.082%	$17K	—	150x	as long as short
Gate JUP_USDT	+0.0026%	4h	0.2966	−0.065%	$748K	$1.9M	75x	as long as short
BloFin JUP-USDT	+0.0042%	4h	0.2968	+0.002%	$845K	$328K	50x	as long as short
Bybit JUPUSDT	+0.0056%	4h	0.2966	−0.065%	$16.2M	$23.1M	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	0.2962	−0.188%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0078%	8h	0.2964	−0.122%	$9K	$13K	10x	as long as short
Backpack JUP_USDC_PERP	+0.0081%	1h	0.2969	+0.029%	$982K	$252K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2968	−0.011%	$796K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2964	−0.133%	$613K	$669K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2973	+0.167%	$19.1M	$13.3M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2966	−0.049%	$107K	$359K	10x	as long as short
Binance JUPUSDTlong	+0.0100%	4h	0.2968	long leg	$16.4M	$54.1M	75x
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2966	−0.065%	$4.0M	$16.5M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2953	−0.503%	$57K	$2K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2966	−0.065%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2967	−0.031%	$4.3M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2967	−0.031%	$5.7M	$8.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2966	−0.065%	—	$20.9M	—	as long as short
Variational Omni JUP	+0.0100%	4h	0.2956	−0.399%	$714K	$1.0M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2962	−0.210%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2960	−0.267%	$157K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2970	+0.070%	$93K	$130K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2966	−0.065%	$31K	$49K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2958	−0.335%	$111K	$67K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2969	+0.036%	$2.9M	$4.0M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2964	−0.147%	$40K	—	3x	as long as short
dYdX JUP-USD	+0.0119%	1h	0.2965	−0.113%	$39K	$35K	5x	as long as short
Phoenix JUPshort	+0.0190%	1h	0.2962	−0.217%	$96K	$441K	10x
Extended JUP-USD	+0.0200%	1h	0.2966	−0.060%	$2.2M	$505K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2964	−0.133%	$74K	$94K	50x	as long as short