Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0310%/8h= +33.9% APRpaid last 24h +0.190%

Price spread now: Variational Omni against GMX−0.121%7-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 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 0.121% cheaper against GMX than usual: you would sell low and buy high (spread −0.121% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 31 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX JUP/USD [WBTC.b-USDC]	0.3006	L −0.0210% / S +0.0573%	get 0.0026% / 1h	21m 23s	$17K	—	100x
Short	Variational Omni JUP	0.3002	0.0100	get 0.0050% / 4h	3h 21m	$727K	$770K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.121%Rate

Funding earned: $65.09
Price spread: −0.121% → 0.000%: −$12.06
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $41.03
Costs to cover: 0.120%
Break-even: 2.6 days

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 3 min ago	8.30 bp	doesn't fit	31.5 bp −$315	doesn't fit	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	−0.4634%	1h	0.2976	−0.986%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0356%	1h	0.3003	−0.093%	$286K	$148K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]long	L −0.0210% / S +0.0573%	1h	0.3006	long leg	$17K	—	100x
Kraken Futures PF_JUPUSD	−0.0101%	1h	0.3006	+0.017%	$605K	$526K	20x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0083%	1h	0.3005	−0.028%	$55K	$16K	10x	as long as short
01 Exchange JUPUSD	−0.0048%	1h	0.2999	−0.204%	$27K	$19K	5x	as long as short
OKX JUP-USDT-SWAP	−0.0017%	4h	0.3003	−0.088%	$4.1M	$15.8M	50x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.3005	−0.009%	$1K	—	150x	as long as short
dYdX JUP-USD	+0.0028%	1h	0.3005	−0.008%	$39K	$32K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.3003	−0.103%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERP	+0.0076%	8h	0.3001	−0.150%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.3005	−0.011%	$753K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.3005	−0.021%	$31K	$45K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.3001	−0.154%	$622K	$628K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.3008	+0.092%	$19.3M	$11.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.3007	+0.044%	$116K	$334K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.3003	−0.088%	$16.5M	$49.2M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.3002	−0.121%	$16.5M	$20.7M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.3007	+0.053%	$63K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.3003	−0.088%	$751K	$1.6M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.3004	−0.054%	$7.9M	$7.3M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.3003	−0.088%	$4.1M	$6.8M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.3004	−0.054%	$5.9M	$6.8M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.3003	−0.088%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.3006	−0.001%	$995K	$229K	10x	as long as short
Variational Omni JUPshort	+0.0100%	4h	0.3002	−0.121%	$727K	$770K	—
GRVT JUP_USDT_Perp	+0.0100%	4h	0.3018	+0.412%	$1.7M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.3011	+0.179%	$160K	$309K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.3008	+0.072%	$95K	$112K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.3009	+0.112%	$113K	$54K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.3011	+0.179%	$3.0M	$3.7M	50x	as long as short
Extended JUP-USD	+0.0104%	1h	0.3003	−0.102%	$2.2M	$493K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.3021	+0.505%	$41K	—	3x	as long as short
BloFin JUP-USDT	+0.0165%	4h	0.3011	+0.179%	$850K	$349K	50x	as long as short
Phoenix JUP	+0.0214%	1h	0.3016	+0.335%	$98K	$469K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.3015	+0.302%	$75K	$80K	50x	as long as short