Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.008%

Price spread now: Phoenix against BingX+0.931%7-day average +0.138% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs+$34as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 3 days (all we have)−0.602%−$60 · spread now +0.931%, 7d avg +0.138%

Together, before fees−0.576%−$58 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.793% dearer against BingX than usual: you sell high and buy low: +$79 more if the spread goes back to its 7-day average of +0.138%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX JUP-USDT	0.2954	0.0100	pay 0.0050% / 4h	2h 57m	—	$20.8M	—
Short	Phoenix JUP	0.2982	0.0214	get 0.0027% / 1h	57m 05s	$97K	$402K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now +0.931%Rate

Funding earned: $23.99
Price spread: +0.931% → +0.138%: $79.29
Slippage, 4 orders: −$27.8
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $58.48
Costs to cover: 0.448%
Break-even: from the start

Slippage from BingX: live order book, 11 min ago; Phoenix: live order book, 10 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 BingX live order book, 11 min ago	1.66 bp	6.7 bp −$7	8.2 bp −$82	21.9 bp −$2,194	116.4 bp −$58.2K
Sell Phoenix live order book, 10 min ago	2.49 bp	14.3 bp −$14	29.3 bp −$293	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	−0.4347%	1h	0.2943	−0.372%	$3K	$206K	5.5x	as long as short
Backpack JUP_USDC_PERP	−0.0479%	1h	0.2957	+0.102%	$980K	$234K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0425%	1h	0.2960	+0.196%	$54K	$16K	10x	as long as short
Pacifica JUP	−0.0353%	1h	0.2967	+0.444%	$283K	$147K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.2963	+0.321%	$16K	—	100x	as long as short
01 Exchange JUPUSD	−0.0152%	1h	0.2962	+0.281%	$26K	$19K	5x	as long as short
OKX JUP-USDT-SWAP	−0.0073%	4h	0.2953	−0.034%	$4.0M	$15.1M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2959	+0.175%	$595K	$523K	20x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2969	+0.525%	$39K	$31K	5x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2963	+0.299%	—	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit JUPUSDT	+0.0039%	4h	0.2952	−0.061%	$16.1M	$20.4M	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2962	+0.255%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0080%	8h	0.2965	+0.375%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2961	+0.223%	$783K	$1.3M	10x	as long as short
Gate JUP_USDT	+0.0096%	4h	0.2952	−0.068%	$732K	$1.4M	75x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2960	+0.203%	$31K	$44K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2963	+0.313%	$610K	$629K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2960	+0.193%	$19.0M	$11.5M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2966	+0.392%	$114K	$325K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2958	+0.135%	$16.3M	$47.6M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2971	+0.575%	$62K	$8K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2958	+0.135%	$7.7M	$6.8M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2959	+0.169%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2959	+0.169%	$5.8M	$6.7M	75x	as long as short
BingX JUP-USDTlong	+0.0100%	4h	0.2954	long leg	—	$20.8M	—
Variational Omni JUP	+0.0100%	4h	0.2972	+0.609%	$720K	$768K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2978	+0.824%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2977	+0.779%	$158K	$303K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2970	+0.535%	$93K	$111K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2964	+0.339%	$112K	$55K	20x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2957	+0.111%	$2.2M	$485K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2954	−0.017%	$40K	—	3x	as long as short
Phoenix JUPshort	+0.0214%	1h	0.2982	+0.931%	$97K	$402K	10x
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2962	+0.264%	$74K	$59K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2960	+0.203%	$849K	$365K	50x	as long as short
Phemex JUPUSDT	+0.0470%	4h	0.2959	+0.169%	$2.9M	$3.6M	50x	as long as short