Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0161%/8h= −17.6% APRpaid last 24h +0.057%

Price spread now: Kraken Futures against Bybit+0.198%7-day average +0.135% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$800.799% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.684%+$68 on $10k

Price spread, last 3 days (all we have)+0.015%+$1 · spread now +0.198%, 7d avg +0.135%

Together, before fees+0.699%+$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.062% dearer against Bybit than usual: you sell high and buy low (spread +0.198% now, against its 7-day average of +0.135%): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 31 hours. Mind the row above: over the last 7 days funding on this pair paid +0.684%, 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	Bybit JUPUSDT	0.2977	−0.0048	get 0.0024% / 4h	27m 30s	$16.2M	$22.6M	50x
Short	Kraken Futures PF_JUPUSD	0.2983	−0.0208	pay 0.0026% / 1h	27m 30s	$601K	$601K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.198%Rate

Funding earned: −$33.78
Price spread: +0.198% → +0.135%: $6.22
Slippage, 4 orders: −$58.9
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$107.46
Costs to cover: 0.799%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 51 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	1.68 bp	15.8 bp −$16	40.7 bp −$407	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 51 min ago	11.84 bp	21.0 bp −$21	69.6 bp −$696	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	−0.4371%	1h	0.2950	−0.907%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2982	+0.163%	$16K	—	100x	as long as short
Kraken Futures PF_JUPUSDshort	−0.0208%	1h	0.2983	+0.198%	$601K	$601K	20x
Pacifica JUP	−0.0199%	1h	0.2979	+0.055%	$284K	$167K	10x	as long as short
Bybit JUPUSDTlong	−0.0048%	4h	0.2977	long leg	$16.2M	$22.6M	50x
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2981	+0.148%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2982	+0.183%	$17K	—	150x	as long as short
01 Exchange JUPUSD	+0.0024%	1h	0.2981	+0.121%	$26K	$19K	5x	as long as short
Gate JUP_USDT	+0.0042%	4h	0.2977	0.000%	$745K	$1.8M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2976	−0.020%	—	—	20x	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	+0.0066%	1h	0.2981	+0.151%	$39K	$33K	5x	as long as short
Paradex JUP-USD-PERP	+0.0086%	8h	0.2979	+0.068%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2982	+0.151%	$797K	$1.4M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2982	+0.168%	$31K	$48K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2978	+0.039%	$721K	$941K	—	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2978	+0.025%	$614K	$657K	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2981	+0.141%	$116K	$361K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2979	+0.067%	$16.4M	$53.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2977	0.000%	$4.1M	$16.4M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2981	+0.137%	$58K	$2K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2979	+0.067%	$8.1M	$7.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2981	+0.134%	$4.2M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2978	+0.034%	$5.8M	$8.0M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2976	−0.034%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2981	+0.134%	$987K	$244K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2984	+0.235%	$1.7M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2983	+0.202%	$159K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2982	+0.181%	$94K	$128K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2974	−0.101%	$112K	$66K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2988	+0.369%	$2.9M	$3.9M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2979	+0.067%	$41K	—	3x	as long as short
Hyperliquid JUP	+0.0136%	1h	0.2984	+0.249%	$19.2M	$13.1M	10x	as long as short
BloFin JUP-USDT	+0.0149%	4h	0.2981	+0.134%	$846K	$327K	50x	as long as short
Phoenix JUP	+0.0162%	1h	0.2986	+0.299%	$97K	$479K	10x	as long as short
Extended JUP-USD	+0.0248%	1h	0.2977	−0.002%	$2.2M	$507K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.3000	+0.786%	$75K	$93K	50x	as long as short