Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0119%/8h= +13.1% APRpaid last 24h +0.016%

Price spread now: Phoenix against BloFin+0.020%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$540.538% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.282%−$28 on $10k

Price spread, last 3 days (all we have)+0.028%+$3 · spread now +0.020%, 7d avg +0.099%

Together, before fees−0.254%−$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.079% cheaper against BloFin than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.099%). If the spread goes back, that is −$8 on $10k: about 2.2 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.282%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin JUP-USDT	0.2958	0.0070	pay 0.0035% / 4h	1h 17m	$844K	$327K	50x
Short	Phoenix JUP	0.2959	0.0190	get 0.0024% / 1h	17m 15s	$95K	$441K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.020%Rate

Funding earned: $25.09
Price spread: +0.020% → +0.099%: −$7.89
Slippage, 4 orders: −$34.77
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$36.57
Costs to cover: 0.538%
Break-even: 17.2 days

Slippage from BloFin: live order book, 65 min ago; Phoenix: live order book, 65 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 BloFin live order book, 65 min ago	1.68 bp	13.5 bp −$14	23.6 bp −$236	121.7 bp −$12.2K	doesn't fit
Sell Phoenix live order book, 65 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	0.2911	−1.589%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0473% / S +0.0334%	1h	0.2956	−0.055%	$15K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2955	−0.086%	$282K	$171K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2957	−0.048%	$600K	$614K	20x	as long as short
01 Exchange JUPUSD	−0.0016%	1h	0.2958	−0.017%	$26K	$19K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2957	−0.034%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2957	−0.019%	$17K	—	150x	as long as short
Gate JUP_USDT	+0.0008%	4h	0.2954	−0.135%	$746K	$1.9M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2954	−0.148%	—	—	20x	as long as short
BloFin JUP-USDTlong	+0.0070%	4h	0.2958	long leg	$844K	$327K	50x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERP	+0.0073%	8h	0.2955	−0.103%	$9K	$13K	10x	as long as short
Bybit JUPUSDT	+0.0084%	4h	0.2952	−0.193%	$16.2M	$23.3M	50x	as long as short
Lighter JUP	+0.0096%	1h	0.2958	+0.014%	$793K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2952	−0.211%	$611K	$671K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2960	+0.074%	$19.0M	$13.5M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2958	−0.004%	$106K	$359K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2956	−0.076%	$16.3M	$54.6M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2955	−0.101%	$4.0M	$16.5M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2959	+0.034%	$57K	$3K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2956	−0.068%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2957	−0.034%	$4.3M	$7.1M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2955	−0.101%	$5.6M	$8.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2955	−0.101%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2956	−0.061%	$978K	$255K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2955	−0.114%	$714K	$1.1M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2961	+0.101%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2957	−0.034%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2960	+0.064%	$93K	$132K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2957	−0.034%	$31K	$49K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2948	−0.338%	$111K	$67K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2961	+0.101%	$2.9M	$4.0M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2953	−0.156%	$40K	—	3x	as long as short
dYdX JUP-USD	+0.0141%	1h	0.2957	−0.046%	$39K	$35K	5x	as long as short
Extended JUP-USD	+0.0168%	1h	0.2953	−0.155%	$2.2M	$503K	25x	as long as short
Phoenix JUPshort	+0.0190%	1h	0.2959	+0.020%	$95K	$441K	10x
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2956	−0.057%	$74K	$94K	50x	as long as short