Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0048%/8h= +5.2% APRpaid last 24h +0.004%

Price spread now: Phemex against Bulk−0.511%7-day average — · you buy dearer than you sell

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

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phemex is 0.511% cheaper against Bulk than usual: you would sell low and buy high (spread −0.511% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$51 on $10k: about 36 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk JUP-USD	0.2938	0.0100	pay 0.0013% / 1h	39m 10s	$61K	−$0	10x
Short	Phemex JUPUSDT	0.2923	0.0148	get 0.0074% / 4h	2h 39m	$2.9M	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now −0.511%Rate

Funding earned: $10.01
Price spread: −0.511% → 0.000%: −$51.06
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$60.04
Costs to cover: 0.190%
Break-even: 49.0 days

Slippage unknown: Bulk: no order-book sample; Phemex: live order book, 5 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 Bulk no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	3.40 bp	20.4 bp −$20	67.8 bp −$678	doesn't fit	doesn't fit

Bulk: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4499%	1h	0.2910	−0.953%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2919	−0.663%	$16K	—	100x	as long as short
Pacifica JUP	−0.0230%	1h	0.2917	−0.726%	$278K	$145K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2919	−0.633%	$52K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2919	−0.635%	—	—	150x	as long as short
dYdX JUP-USD	+0.0020%	1h	0.2919	−0.662%	$39K	$20K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2916	−0.738%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2918	−0.674%	$769K	$1.0M	10x	as long as short
Bybit JUPUSDT	+0.0097%	4h	0.2913	−0.851%	$15.7M	$17.7M	50x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2917	−0.704%	$9K	$11K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado JUP-PERP	+0.0100%	1h	0.2913	−0.834%	$577K	$494K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2919	−0.633%	$18.3M	$8.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2917	−0.700%	$108K	$270K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2916	−0.747%	$16.0M	$39.3M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2914	−0.817%	$4.0M	$10.7M	50x	as long as short
Bulk JUP-USDlong	+0.0100%	1h	0.2938	long leg	$61K	−$0	10x
Gate JUP_USDT	+0.0100%	4h	0.2917	−0.715%	$717K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2916	−0.749%	$7.0M	$6.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2917	−0.715%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2917	−0.715%	$5.7M	$5.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2915	−0.783%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2917	−0.711%	$964K	$189K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2921	−0.578%	$715K	$625K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2926	−0.398%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2926	−0.408%	$161K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2917	−0.718%	$92K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2919	−0.647%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2912	−0.885%	$109K	$44K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2917	−0.699%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0144%	1h	0.2915	−0.793%	$26K	$10K	5x	as long as short
Phemex JUPUSDTshort	+0.0148%	4h	0.2923	−0.511%	$2.9M	$3.0M	50x
Extended JUP-USD	+0.0184%	1h	0.2916	−0.749%	$2.2M	$509K	25x	as long as short
Kraken Futures PF_JUPUSD	+0.0259%	1h	0.2918	−0.697%	$579K	$458K	20x	as long as short
Phoenix JUP	+0.0271%	1h	0.2920	−0.623%	$98K	$280K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2968	+1.014%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2916	−0.749%	$827K	$376K	50x	as long as short