Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.036%

Price spread now: Variational Omni against Deribit−0.123%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.123% cheaper against Deribit than usual: you would sell low and buy high (spread −0.123% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit JUP_USDC-PERPETUAL	0.2979	0	get 0.0000% / 1h	11m 57s	$58K	$13K	10x
Short	Variational Omni JUP	0.2976	0.0100	get 0.0050% / 4h	3h 11m	$728K	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.123%Rate

Funding earned: $21
Price spread: −0.123% → 0.000%: −$12.27
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1.73
Costs to cover: 0.070%
Break-even: 6.4 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	6.73 bp	doesn't fit	40.4 bp −$404	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	−0.4049%	1h	0.3006	+0.900%	$3K	$110K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0608% / S +0.0214%	1h	0.2979	−0.016%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0235%	4h	0.2972	−0.242%	$16.3M	$24.2M	50x	as long as short
Phoenix JUP	0.0000%	1h	0.2977	−0.091%	$95K	$396K	10x	as long as short
Deribit JUP_USDC-PERPETUALlong	0.0000%	1h	0.2979	long leg	$58K	$13K	10x
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2978	−0.028%	$17K	—	150x	as long as short
Gate JUP_USDT	+0.0040%	4h	0.2975	−0.141%	$745K	$2.0M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2975	−0.128%	—	—	20x	as long as short
dYdX JUP-USD	+0.0061%	1h	0.2975	−0.141%	$39K	$40K	5x	as long as short
Paradex JUP-USD-PERP	+0.0095%	8h	0.2977	−0.084%	$9K	$15K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter JUP	+0.0096%	1h	0.2982	+0.097%	$930K	$1.2M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2979	−0.007%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2973	−0.217%	$599K	$674K	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2977	−0.069%	$107K	$368K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2975	−0.153%	$283K	$179K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2978	−0.046%	$16.6M	$56.8M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2972	−0.242%	$4.1M	$16.8M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2975	−0.141%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2977	−0.074%	$4.5M	$7.3M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2973	−0.208%	$5.7M	$8.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2974	−0.175%	—	$21.6M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2979	−0.020%	$988K	$274K	10x	as long as short
Variational Omni JUPshort	+0.0100%	4h	0.2976	−0.123%	$728K	$1.2M	—
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2978	−0.040%	$1.6M	$4.3M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2980	+0.027%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2982	+0.087%	$94K	$138K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2970	−0.309%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2983	+0.128%	$2.9M	$4.2M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2980	+0.027%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2975	−0.127%	$41K	—	3x	as long as short
Hyperliquid JUP	+0.0106%	1h	0.2982	+0.107%	$19.1M	$14.2M	10x	as long as short
01 Exchange JUPUSD	+0.0144%	1h	0.2980	+0.013%	$26K	$19K	5x	as long as short
BloFin JUP-USDT	+0.0168%	4h	0.2978	−0.040%	$874K	$304K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.2988	+0.285%	$74K	$95K	50x	as long as short
Extended JUP-USD	+0.0280%	1h	0.2973	−0.216%	$2.2M	$543K	25x	as long as short
Kraken Futures PF_JUPUSD	+0.0286%	1h	0.2979	+0.007%	$604K	$623K	20x	as long as short