Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.4378%/8h= −479.4% APRpaid last 24h −0.539%

Price spread now: Injective against Bybit−1.083%118s7-day average −2.078% · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.323%−$232 on $10k

Price spread, last 3 days (all we have)+0.376%+$38 · spread now −1.083%, 7d avg −2.078%

Together, before fees−1.947%−$195 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.995% dearer against Bybit than usual: you sell high and buy low (spread −1.083% now, against its 7-day average of −2.078%): +$99 on $10k if it goes back. Holding the pair costs −$131 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−2.323% in total) that is about 3.0 days. The two prices were read 118 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.323% in total (about -121.1% 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	0.2982	0.0007	pay 0.0004% / 4h	35m 25s	$16.3M	$22.9M	50x
Short	Injective JUP/USDC PERP	0.2950	−0.4371	pay 0.0546% / 1h	35m 25s	$3K	$206K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −1.083%Rate

Funding earned: −$919.31
Price spread: −1.083% → −2.078%: $99.47
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$830.86
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 min ago; Injective: live order book, 43 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 Bybit live order book, 3 min ago	1.68 bp	15.7 bp −$16	42.9 bp −$429	265.4 bp −$26.5K	doesn't fit
Sell Injective live order book, 43 min ago	71.28 bp	doesn't fit	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 PERPshort	−0.4371%	1h	0.2950	−1.083%	$3K	$206K	5.5x
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2986	+0.139%	$16K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0208%	1h	0.2990	+0.249%	$603K	$609K	20x	as long as short
Pacifica JUP	−0.0199%	1h	0.2985	+0.090%	$284K	$168K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2989	+0.218%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2988	+0.176%	$17K	—	150x	as long as short
Bybit JUPUSDTlong	+0.0007%	4h	0.2982	long leg	$16.3M	$22.9M	50x
Gate JUP_USDT	+0.0052%	4h	0.2984	+0.057%	$748K	$1.8M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2983	+0.028%	—	—	20x	as long as short
01 Exchange JUPUSD	+0.0064%	1h	0.2986	+0.127%	$26K	$19K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX JUP-USD	+0.0083%	1h	0.2987	+0.145%	$39K	$34K	5x	as long as short
Paradex JUP-USD-PERP	+0.0086%	8h	0.2985	+0.100%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2988	+0.198%	$800K	$1.4M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2987	+0.158%	$31K	$48K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2984	+0.040%	$615K	$662K	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2988	+0.184%	$116K	$363K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2984	+0.073%	$16.4M	$53.7M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2982	−0.010%	$4.1M	$16.5M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2985	+0.091%	$58K	$2K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2985	+0.091%	$8.2M	$7.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2987	+0.158%	$4.2M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2987	+0.158%	$5.8M	$8.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2983	+0.023%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2989	+0.211%	$989K	$244K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2984	+0.045%	$722K	$1.0M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2989	+0.225%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2989	+0.225%	$159K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2989	+0.225%	$94K	$129K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2980	−0.077%	$112K	$66K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2993	+0.359%	$2.9M	$3.9M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2985	+0.107%	$41K	—	3x	as long as short
BloFin JUP-USDT	+0.0111%	4h	0.2984	+0.057%	$848K	$330K	50x	as long as short
Phoenix JUP	+0.0162%	1h	0.2990	+0.248%	$97K	$479K	10x	as long as short
Hyperliquid JUP	+0.0175%	1h	0.2991	+0.275%	$19.2M	$13.1M	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.3000	+0.607%	$75K	$95K	50x	as long as short
Extended JUP-USD	+0.0272%	1h	0.2983	+0.015%	$2.2M	$507K	25x	as long as short