Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0448%/8h= +49.0% APRpaid last 24h +0.054%

Price spread now: Hyperliquid against Bybit+0.221%7-day average +0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$500.498% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 7 days−0.190%−$19 · spread now +0.221%, 7d avg +0.105%

Together, before fees−0.154%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Hyperliquid is 0.116% dearer against Bybit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.105%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.037% in total (about 1.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit JUPUSDT	0.2962	−0.0348	get 0.0174% / 4h	2h 42m	$16.3M	$24.1M	50x
Short	Hyperliquid JUP	0.2969	0.0100	get 0.0013% / 1h	42m 14s	$19.0M	$14.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.221%Rate

Funding earned: $93.99
Price spread: +0.221% → +0.105%: $11.6
Slippage, 4 orders: −$29.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $55.79
Costs to cover: 0.498%
Break-even: 2.8 days

Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 11 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 Bybit live order book, 1 min ago	1.69 bp	16.2 bp −$16	40.7 bp −$407	321.4 bp −$32.1K	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.18 bp	8.6 bp −$9	doesn't fit	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	−0.5000%	1h	0.2929	−1.127%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0745% / S +0.0257%	1h	0.2966	+0.119%	$13K	—	100x	as long as short
Bybit JUPUSDTlong	−0.0348%	4h	0.2962	long leg	$16.3M	$24.1M	50x
Gate JUP_USDT	−0.0018%	4h	0.2961	−0.047%	$738K	$1.9M	75x	as long as short
Backpack JUP_USDC_PERP	−0.0010%	1h	0.2966	+0.132%	$984K	$270K	10x	as long as short
Phoenix JUP	0.0000%	1h	0.2964	+0.047%	$94K	$447K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2966	+0.118%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2967	+0.147%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2966	+0.114%	$602K	$623K	20x	as long as short
dYdX JUP-USD	+0.0016%	1h	0.2965	+0.084%	$39K	$36K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin JUP-USDT	+0.0047%	4h	0.2960	−0.081%	$866K	$330K	50x	as long as short
01 Exchange JUPUSD	+0.0048%	1h	0.2968	+0.176%	$26K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2963	+0.017%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0090%	8h	0.2964	+0.065%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2968	+0.186%	$895K	$1.3M	10x	as long as short
Variational Omni JUP	+0.0098%	4h	0.2958	−0.148%	$724K	$1.2M	—	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2966	+0.122%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2962	+0.003%	$598K	$668K	10x	as long as short
Hyperliquid JUPshort	+0.0100%	1h	0.2969	+0.221%	$19.0M	$14.1M	10x
Aster JUPUSDT	+0.0100%	4h	0.2965	+0.084%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2965	+0.103%	$283K	$185K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2965	+0.087%	$16.5M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2963	+0.020%	$4.1M	$16.7M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2965	+0.077%	$58K	$4K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2965	+0.088%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2966	+0.122%	$4.5M	$7.3M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2965	+0.088%	$5.7M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2963	+0.020%	—	$21.6M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2961	−0.047%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2961	−0.047%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2969	+0.219%	$94K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2958	−0.149%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2968	+0.189%	$2.9M	$4.1M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2963	+0.003%	$40K	—	3x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.854%	$74K	$95K	50x	as long as short
Extended JUP-USD	+0.0256%	1h	0.2962	−0.005%	$2.2M	$539K	25x	as long as short