Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.015%

Price spread now: Phoenix against Bitget+0.071%7-day average +0.148% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$570.568% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 3 days (all we have)+0.675%+$68 · spread now +0.071%, 7d avg +0.148%

Together, before fees+0.728%+$73 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.077% cheaper against Bitget than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.148%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.053%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget JUPUSDT	0.2954	0.0100	pay 0.0050% / 4h	1h 57m	$5.6M	$8.5M	75x
Short	Phoenix JUP	0.2956	0	get 0.0000% / 1h	57m 11s	$95K	$441K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$21
Price spread: +0.071% → +0.148%: −$7.66
Slippage, 4 orders: −$37.78
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$85.45
Costs to cover: 0.568%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Phoenix: live order book, 25 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 Bitget live order book, 1 min ago	3.39 bp	13.9 bp −$14	36.4 bp −$364	doesn't fit	doesn't fit
Sell Phoenix live order book, 25 min ago	2.51 bp	14.3 bp −$14	29.8 bp −$298	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	−1.083%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0962% / S +0.0355%	1h	0.2954	0.000%	$13K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2951	−0.097%	$281K	$177K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0325%	1h	0.2953	−0.024%	$56K	$14K	10x	as long as short
01 Exchange JUPUSD	−0.0312%	1h	0.2951	−0.115%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2953	−0.047%	$599K	$623K	20x	as long as short
Bybit JUPUSDT	−0.0139%	4h	0.2952	−0.068%	$16.2M	$23.9M	50x	as long as short
Gate JUP_USDT	−0.0054%	4h	0.2950	−0.135%	$734K	$1.9M	75x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2954	−0.007%	$39K	$35K	5x	as long as short
Phoenix JUPshort	0.0000%	1h	0.2956	+0.071%	$95K	$441K	10x

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	−0.013%	$17K	—	150x	as long as short
Backpack JUP_USDC_PERP	+0.0017%	1h	0.2954	+0.014%	$978K	$263K	10x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2952	−0.066%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0068%	8h	0.2950	−0.119%	$9K	$15K	10x	as long as short
Variational Omni JUP	+0.0076%	4h	0.2952	−0.054%	$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	−0.161%	$610K	$677K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2957	+0.108%	$18.9M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2954	+0.006%	$106K	$367K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2955	+0.034%	$16.3M	$56.0M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2954	0.000%	$4.1M	$16.6M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2952	−0.068%	$8.0M	$7.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2953	−0.034%	$4.4M	$7.2M	50x	as long as short
Bitget JUPUSDTlong	+0.0100%	4h	0.2954	long leg	$5.6M	$8.5M	75x
BingX JUP-USDT	+0.0100%	4h	0.2952	−0.068%	—	$20.9M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2956	+0.082%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2956	+0.068%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2955	+0.037%	$93K	$139K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2953	−0.034%	$31K	$51K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2945	−0.305%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2957	+0.102%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2954	0.000%	$57K	$3K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2951	−0.108%	$2.2M	$541K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2951	−0.102%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0104%	4h	0.2953	−0.034%	$855K	$331K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2989	+1.202%	$74K	$94K	50x	as long as short