Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.048%

Price spread now: Phemex against Deribit+0.171%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.171% dearer against Deribit than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit JUP_USDC-PERPETUAL	0.2982	0	get 0.0000% / 1h	30m 00s	$56K	$14K	10x
Short	Phemex JUPUSDT	0.2987	0.0100	get 0.0050% / 4h	30m 00s	$2.9M	$3.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.171%Rate

Funding earned: $21
Price spread: +0.171% → 0.000%: $17.1
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $19.1
Costs to cover: 0.190%
Break-even: 0.6 days

Slippage unknown: Deribit: no order-book sample; Phemex: live order book, 4 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 Deribit no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	1.67 bp	20.1 bp −$20	70.0 bp −$700	doesn't fit	doesn't fit

Deribit: 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	−0.4371%	1h	0.2950	−1.070%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2982	−0.009%	$16K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0208%	1h	0.2982	+0.011%	$601K	$601K	20x	as long as short
Pacifica JUP	−0.0199%	1h	0.2980	−0.063%	$284K	$168K	10x	as long as short
Bybit JUPUSDT	−0.0029%	4h	0.2977	−0.171%	$16.2M	$22.7M	50x	as long as short
Deribit JUP_USDC-PERPETUALlong	0.0000%	1h	0.2982	long leg	$56K	$14K	10x
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2983	+0.037%	$17K	—	150x	as long as short
01 Exchange JUPUSD	+0.0032%	1h	0.2981	−0.034%	$26K	$19K	5x	as long as short
Gate JUP_USDT	+0.0048%	4h	0.2979	−0.097%	$746K	$1.8M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2978	−0.134%	—	—	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	+0.0071%	1h	0.2984	+0.072%	$39K	$34K	5x	as long as short
Paradex JUP-USD-PERP	+0.0086%	8h	0.2980	−0.052%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2983	+0.034%	$797K	$1.4M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2982	+0.003%	$31K	$48K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2978	−0.126%	$721K	$941K	—	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2978	−0.122%	$614K	$658K	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2984	+0.058%	$116K	$361K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2980	−0.068%	$16.4M	$53.5M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2978	−0.131%	$4.1M	$16.4M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2981	−0.027%	$58K	$2K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2979	−0.097%	$8.2M	$7.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2983	+0.037%	$4.2M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2979	−0.097%	$5.8M	$8.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2979	−0.097%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2980	−0.047%	$986K	$244K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2987	+0.169%	$1.7M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2987	+0.171%	$159K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2984	+0.087%	$94K	$128K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2974	−0.265%	$112K	$66K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.2987	+0.171%	$2.9M	$3.9M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2978	−0.122%	$41K	—	3x	as long as short
BloFin JUP-USDT	+0.0131%	4h	0.2980	−0.064%	$846K	$329K	50x	as long as short
Hyperliquid JUP	+0.0148%	1h	0.2984	+0.080%	$19.2M	$13.1M	10x	as long as short
Phoenix JUP	+0.0162%	1h	0.2989	+0.231%	$97K	$479K	10x	as long as short
Extended JUP-USD	+0.0256%	1h	0.2978	−0.140%	$2.2M	$507K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.3000	+0.620%	$75K	$93K	50x	as long as short