Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h +0.039%

Price spread now: Phoenix against Gate+0.312%107s7-day average +0.159% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as 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−$780.785% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 3 days (all we have)+0.485%+$49 · spread now +0.312%, 7d avg +0.159%

Together, before fees+0.594%+$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.154% dearer against Gate than usual: you sell high and buy low (spread +0.312% now, against its 7-day average of +0.159%): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 23 days. Mind the row above: over the last 7 days funding on this pair paid +0.109%, so the current rate has only just turned against you. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate JUP_USDT	0.2977	0.0022	pay 0.0011% / 4h	2h 19m	$741K	$1.9M	75x
Short	Phoenix JUP	0.2986	0	get 0.0000% / 1h	19m 35s	$95K	$447K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.312%Rate

Funding earned: −$4.62
Price spread: +0.312% → +0.159%: $15.39
Slippage, 4 orders: −$56.46
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$67.69
Costs to cover: 0.785%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Phoenix: live order book, 67 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 Gate live order book, 3 min ago	1.68 bp	27.7 bp −$28	129.1 bp −$1,291	doesn't fit	doesn't fit
Sell Phoenix live order book, 67 min ago	2.51 bp	14.3 bp −$14	29.5 bp −$295	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	−0.5000%	1h	0.2933	−1.478%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0856% / S +0.0322%	1h	0.2977	+0.005%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0077%	4h	0.2975	−0.077%	$16.3M	$24.1M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0019%	1h	0.2977	−0.003%	$56K	$14K	10x	as long as short
Phoenix JUPshort	0.0000%	1h	0.2986	+0.312%	$95K	$447K	10x
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2979	+0.056%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2977	+0.013%	$604K	$624K	20x	as long as short
Gate JUP_USDTlong	+0.0022%	4h	0.2977	long leg	$741K	$1.9M	75x
dYdX JUP-USD	+0.0030%	1h	0.2980	+0.096%	$39K	$36K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2975	−0.072%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange JUPUSD	+0.0064%	1h	0.2977	+0.007%	$26K	$19K	5x	as long as short
BloFin JUP-USDT	+0.0067%	4h	0.2981	+0.134%	$858K	$331K	50x	as long as short
Paradex JUP-USD-PERP	+0.0093%	8h	0.2975	−0.053%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2979	+0.064%	$869K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2978	+0.034%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2975	−0.067%	$599K	$671K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2980	+0.091%	$19.1M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2979	+0.079%	$107K	$367K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2976	−0.026%	$284K	$181K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2976	−0.028%	$16.5M	$56.3M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2975	−0.067%	$4.1M	$16.8M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2977	0.000%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2980	+0.101%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2978	+0.034%	$5.7M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2976	−0.034%	—	$21.0M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2977	−0.017%	$986K	$266K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2979	+0.078%	$729K	$1.2M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2982	+0.182%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2979	+0.067%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2983	+0.205%	$94K	$138K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2969	−0.269%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2982	+0.168%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2982	+0.168%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2975	−0.072%	$41K	—	3x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2989	+0.420%	$74K	$95K	50x	as long as short
Extended JUP-USD	+0.0272%	1h	0.2975	−0.060%	$2.2M	$539K	25x	as long as short