Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h +0.008%

Price spread now: Backpack against GRVT+0.111%85s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as 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−$490.490% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now +0.111%, 7d avg +0.020%

Together, before fees−0.028%+ Points / potential airdropGRVT: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.092% dearer against GRVT than usual: you sell high and buy low (spread +0.111% now, against its 7-day average of +0.020%): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.1 days. The two prices were read 85 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	GRVT JUP_USDT_Perp	0.2961	0.0100	pay 0.0050% / 4h	2h 41m	$1.6M	$4.2M	10x
Short	Backpack JUP_USDC_PERP	0.2964	0.0025	get 0.0003% / 1h	41m 53s	$983K	$268K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now +0.111%Rate

Funding earned: −$15.69
Price spread: +0.111% → +0.020%: $9.16
Slippage, 4 orders: −$29.96
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$55.49
Costs to cover: 0.490%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; Backpack: live order book, 47 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 GRVT live order book, 2 min ago	1.69 bp	17.0 bp −$17	72.5 bp −$725	doesn't fit	doesn't fit
Sell Backpack live order book, 47 min ago	2.01 bp	8.8 bp −$9	doesn't fit	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	0.2929	−1.081%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0745% / S +0.0257%	1h	0.2966	+0.166%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0348%	4h	0.2966	+0.172%	$16.3M	$24.1M	50x	as long as short
Gate JUP_USDT	−0.0018%	4h	0.2967	+0.203%	$740K	$1.9M	75x	as long as short
Phoenix JUP	0.0000%	1h	0.2964	+0.095%	$94K	$447K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2966	+0.165%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2967	+0.195%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2966	+0.161%	$602K	$623K	20x	as long as short
dYdX JUP-USD	+0.0016%	1h	0.2965	+0.131%	$39K	$36K	5x	as long as short
Backpack JUP_USDC_PERPshort	+0.0025%	1h	0.2964	+0.111%	$983K	$268K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin JUP-USDT	+0.0047%	4h	0.2960	−0.034%	$866K	$330K	50x	as long as short
01 Exchange JUPUSD	+0.0048%	1h	0.2968	+0.223%	$26K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2963	+0.064%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0090%	8h	0.2964	+0.112%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2968	+0.233%	$895K	$1.3M	10x	as long as short
Variational Omni JUP	+0.0098%	4h	0.2958	−0.101%	$724K	$1.2M	—	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2966	+0.169%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2962	+0.051%	$598K	$668K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2967	+0.203%	$19.0M	$14.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2965	+0.135%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2965	+0.150%	$283K	$185K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2968	+0.236%	$16.5M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2967	+0.203%	$4.1M	$16.7M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2965	+0.124%	$58K	$4K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2968	+0.236%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2967	+0.203%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2967	+0.203%	$5.7M	$8.6M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2967	+0.203%	—	$21.6M	—	as long as short
GRVT JUP_USDT_Perplong	+0.0100%	4h	0.2961	long leg	$1.6M	$4.2M	10x
ApeX Omni JUPUSDT	+0.0100%	1h	0.2961	0.000%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2969	+0.267%	$94K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2958	−0.101%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2968	+0.236%	$2.9M	$4.1M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2963	+0.051%	$40K	—	3x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.902%	$74K	$95K	50x	as long as short
Extended JUP-USD	+0.0256%	1h	0.2966	+0.178%	$2.2M	$539K	25x	as long as short