Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0198%/8h= +21.6% APRpaid last 24h +0.018%

Price spread now: Phoenix against Bybit+0.504%75s7-day average +0.155% · 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—prices read too far apart to compare

costs, in and out, $10k−$550.546% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 4 days (all we have)−0.115%−$12 · spread now +0.504%, 7d avg +0.155%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.349% dearer against Bybit than usual: you sell high and buy low: +$35 more if the spread goes back to its 7-day average of +0.155%. The two prices were read 75 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 0.083% in total (about 4.4% 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	0.2936	0.0073	pay 0.0037% / 4h	2h 44m	$15.8M	$17.7M	50x
Short	Phoenix JUP	0.2951	0.0271	get 0.0034% / 1h	44m 08s	$99K	$280K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.504%Rate

Funding earned: $41.49
Price spread: +0.504% → +0.155%: $34.91
Slippage, 4 orders: −$36.6
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $21.8
Costs to cover: 0.546%
Break-even: 3.3 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 2 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, 4 min ago	3.39 bp	14.7 bp −$15	40.6 bp −$406	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	2.54 bp	14.3 bp −$14	29.3 bp −$293	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	−0.4499%	1h	0.2910	−0.886%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2940	+0.120%	$16K	—	100x	as long as short
Pacifica JUP	−0.0230%	1h	0.2940	+0.136%	$280K	$146K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2940	+0.133%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2940	+0.142%	—	—	150x	as long as short
dYdX JUP-USD	+0.0027%	1h	0.2939	+0.116%	$38K	$20K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2939	+0.086%	—	—	20x	as long as short
Bybit JUPUSDTlong	+0.0073%	4h	0.2936	long leg	$15.8M	$17.7M	50x
Lighter JUP	+0.0096%	1h	0.2942	+0.208%	$776K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2940	+0.133%	$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	0.2940	+0.128%	$593K	$487K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2942	+0.208%	$18.5M	$8.8M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2939	+0.119%	$109K	$270K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2939	+0.094%	$16.1M	$39.3M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2940	+0.136%	$4.1M	$10.9M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2954	+0.630%	$61K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2939	+0.102%	$730K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2938	+0.068%	$7.3M	$6.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2940	+0.136%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2939	+0.102%	$5.7M	$5.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2941	+0.170%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2940	+0.123%	$973K	$188K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2940	+0.136%	$719K	$625K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2949	+0.443%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2948	+0.409%	$163K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2943	+0.242%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2939	+0.102%	$30K	$26K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2932	−0.136%	$110K	$44K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2945	+0.307%	$2.9M	$3.0M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2937	+0.034%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0168%	1h	0.2939	+0.112%	$26K	$12K	5x	as long as short
Extended JUP-USD	+0.0192%	1h	0.2938	+0.067%	$2.2M	$508K	25x	as long as short
Kraken Futures PF_JUPUSD	+0.0257%	1h	0.2941	+0.173%	$584K	$458K	20x	as long as short
Phoenix JUPshort	+0.0271%	1h	0.2951	+0.504%	$99K	$280K	10x
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2968	+1.083%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2942	+0.204%	$831K	$377K	50x	as long as short