Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0440%/8h= +48.2% APRpaid last 24h +0.214%

Price spread now: Bybit against GMX−0.117%71s7-day average — · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.117% cheaper against GMX than usual: you would sell low and buy high (spread −0.117% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 21 hours of funding at the current rate (+$13 a day). The two prices were read 71 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	GMX JUP/USD [WBTC.b-USDC]	0.3017	L −0.0340% / S +0.0664%	get 0.0043% / 1h	5m 07s	$17K	—	100x
Short	Bybit JUPUSDT	0.3014	0.0100	get 0.0050% / 4h	3h 05m	$16.3M	$16.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.117%Rate

Funding earned: $92.41
Price spread: −0.117% → 0.000%: −$11.67
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $57.75
Costs to cover: 0.230%
Break-even: 2.6 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 3 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	3.32 bp	10.3 bp −$10	29.7 bp −$297	195.1 bp −$19.5K	doesn't fit

GMX: 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	−0.3798%	1h	0.2931	−2.858%	$3K	$205K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]long	L −0.0340% / S +0.0664%	1h	0.3017	long leg	$17K	—	100x
Pacifica JUP	−0.0070%	1h	0.3018	+0.040%	$288K	$129K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.3018	+0.029%	$54K	$8K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S 0.0000%	1h	0.3017	+0.008%	$18K	—	150x	as long as short
dYdX JUP-USD	+0.0041%	1h	0.3018	+0.042%	$40K	$16K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.3015	−0.065%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.3020	+0.079%	$778K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0098%	8h	0.3018	+0.023%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.3015	−0.065%	$588K	$483K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.3021	+0.125%	$18.7M	$8.6M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.3015	−0.058%	$102K	$297K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.3016	−0.037%	$16.8M	$37.9M	75x	as long as short
Bybit JUPUSDTshort	+0.0100%	4h	0.3014	−0.117%	$16.3M	$16.7M	50x
OKX JUP-USDT-SWAP	+0.0100%	4h	0.3016	−0.040%	$4.2M	$10.3M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.3016	−0.040%	$63K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.3017	−0.007%	$714K	$1.3M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.3016	−0.040%	$8.0M	$5.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.3018	+0.026%	$4.2M	$6.8M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.3018	+0.026%	$5.9M	$4.3M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.3016	−0.040%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.3017	+0.003%	$1.0M	$213K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.3013	−0.140%	$728K	$470K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.3011	−0.206%	$1.7M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.3010	−0.239%	$166K	$250K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.3018	+0.026%	$95K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.3018	+0.026%	$34K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.3010	−0.239%	$114K	$51K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.3021	+0.125%	$2.9M	$2.9M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.3015	−0.083%	$41K	—	3x	as long as short
Extended JUP-USD	+0.0192%	1h	0.3015	−0.067%	$2.2M	$543K	25x	as long as short
01 Exchange JUPUSD	+0.0248%	1h	0.3021	+0.122%	$27K	$2K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0271%	1h	0.3019	+0.064%	$593K	$397K	20x	as long as short
Phoenix JUP	+0.0272%	1h	0.3019	+0.056%	$109K	$275K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.3041	+0.778%	$78K	$52K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.3011	−0.206%	$832K	$384K	50x	as long as short