Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.028%

Price spread now: Phoenix against GRVT−0.044%7-day average +0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$580.582% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 3 days (all we have)+0.237%+$24 · spread now −0.044%, 7d avg +0.100%

Together, before fees+0.263%+ Points / potential airdropGRVT: Active · farm board+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.144% cheaper against GRVT than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.100%). If the spread goes back, that is −$14 on $10k: about 4.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.026% in total) that is about 38 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT JUP_USDT_Perp	0.2992	0.0100	pay 0.0050% / 4h	3h 44m	$1.6M	$3.7M	10x
Short	Phoenix JUP	0.2991	0.0214	get 0.0027% / 1h	44m 20s	$97K	$469K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $23.99
Price spread: −0.044% → +0.100%: −$14.38
Slippage, 4 orders: −$42.24
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$48.63
Costs to cover: 0.582%
Break-even: 21.2 days

Slippage from GRVT: live order book, 5 min ago; Phoenix: live order book, 28 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, 5 min ago	3.35 bp	18.6 bp −$19	54.2 bp −$542	doesn't fit	doesn't fit
Sell Phoenix live order book, 28 min ago	2.52 bp	14.4 bp −$14	28.8 bp −$288	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	−0.4634%	1h	0.2959	−1.113%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0356%	1h	0.2987	−0.191%	$285K	$150K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0219%	1h	0.2985	−0.231%	$55K	$16K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.2986	−0.213%	$16K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0101%	1h	0.2987	−0.184%	$601K	$542K	20x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2987	−0.180%	$17K	—	150x	as long as short
OKX JUP-USDT-SWAP	+0.0011%	4h	0.2984	−0.278%	$4.1M	$16.1M	50x	as long as short
01 Exchange JUPUSD	+0.0024%	1h	0.2988	−0.137%	$26K	$19K	5x	as long as short
dYdX JUP-USD	+0.0032%	1h	0.2990	−0.079%	$39K	$32K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2983	−0.326%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni JUP	+0.0076%	4h	0.2985	−0.243%	$723K	$776K	—	as long as short
Paradex JUP-USD-PERP	+0.0082%	8h	0.2986	−0.196%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2987	−0.187%	$751K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2986	−0.211%	$31K	$47K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2985	−0.227%	$619K	$639K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2989	−0.117%	$19.2M	$13.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2987	−0.171%	$115K	$340K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2985	−0.244%	$16.4M	$50.9M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2983	−0.304%	$16.3M	$21.4M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2987	−0.172%	$62K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2988	−0.144%	$754K	$1.6M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2985	−0.244%	$8.1M	$7.2M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2988	−0.144%	$4.2M	$6.8M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2988	−0.144%	$5.8M	$7.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2984	−0.278%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2990	−0.067%	$990K	$232K	10x	as long as short
GRVT JUP_USDT_Perplong	+0.0100%	4h	0.2992	long leg	$1.6M	$3.7M	10x
ApeX Omni JUPUSDT	+0.0100%	1h	0.2991	−0.044%	$159K	$312K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2990	−0.077%	$94K	$117K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2979	−0.445%	$112K	$57K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2991	−0.044%	$2.9M	$3.8M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2983	−0.307%	$41K	—	3x	as long as short
Extended JUP-USD	+0.0112%	1h	0.2983	−0.307%	$2.2M	$492K	25x	as long as short
BloFin JUP-USDT	+0.0116%	4h	0.2987	−0.177%	$846K	$310K	50x	as long as short
Phoenix JUPshort	+0.0214%	1h	0.2991	−0.044%	$97K	$469K	10x
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2996	+0.130%	$75K	$88K	50x	as long as short