Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.009%

Price spread now: Phoenix against HTX−0.373%72s7-day average +0.314% · you buy dearer than you sell

Net, funding: paid 7d − costs−$251as 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−$2542.539% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 4 days (all we have)+0.615%+$62 · spread now −0.373%, 7d avg +0.314%

Together, before fees+0.640%+$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.688% cheaper against HTX than usual: you would sell low and buy high (spread −0.373% now, against its 7-day average of +0.314%). If the spread goes back, that is −$69 on $10k: about 16 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.025% in total) that is about 7 months. The two prices were read 72 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	HTX JUP-USDT	0.2972	0.0100	pay 0.0050% / 4h	1h 22m	$112K	$47K	20x
Short	Phoenix JUP	0.2961	0.0244	get 0.0031% / 1h	22m 19s	$97K	$329K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now −0.373%Rate

Funding earned: $30.29
Price spread: −0.373% → +0.314%: −$68.75
Slippage, 4 orders: −$234.94
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$292.4
Costs to cover: 2.539%
Break-even: 74.6 days

Slippage from HTX: live order book, 39 min ago; Phoenix: live order book, 39 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 HTX live order book, 39 min ago	10.20 bp	92.9 bp −$93	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 39 min ago	2.54 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	0.2918	−1.817%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2975	+0.106%	$16K	—	100x	as long as short
Pacifica JUP	−0.0224%	1h	0.2973	+0.044%	$283K	$147K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2976	+0.138%	$55K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2976	+0.143%	—	—	150x	as long as short
Bybit JUPUSDT	+0.0056%	4h	0.2973	+0.047%	$15.9M	$19.0M	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2974	+0.075%	—	—	20x	as long as short
OKX JUP-USDT-SWAP	+0.0087%	4h	0.2974	+0.067%	$4.1M	$12.4M	50x	as long as short
Lighter JUP	+0.0096%	1h	0.2979	+0.219%	$787K	$1.1M	10x	as long as short
Paradex JUP-USD-PERP	+0.0098%	8h	0.2977	+0.152%	$9K	$11K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado JUP-PERP	+0.0100%	1h	0.2976	+0.151%	$601K	$507K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2979	+0.222%	$18.9M	$9.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2976	+0.122%	$115K	$297K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2975	+0.101%	$16.4M	$42.7M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2958	−0.471%	$62K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2976	+0.135%	$743K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2974	+0.067%	$7.4M	$6.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2976	+0.135%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2975	+0.101%	$5.8M	$5.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2975	+0.101%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2972	−0.007%	$987K	$247K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2954	−0.609%	$721K	$697K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2955	−0.572%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2960	−0.404%	$157K	$266K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2979	+0.222%	$94K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2976	+0.135%	$31K	$42K	10x	as long as short
HTX JUP-USDTlong	+0.0100%	4h	0.2972	long leg	$112K	$47K	20x
Phemex JUPUSDT	+0.0100%	4h	0.2980	+0.269%	$2.9M	$3.3M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2973	+0.032%	$41K	—	3x	as long as short
dYdX JUP-USD	+0.0116%	1h	0.2972	+0.014%	$39K	$26K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0199%	1h	0.2976	+0.147%	$595K	$488K	20x	as long as short
01 Exchange JUPUSD	+0.0200%	1h	0.2979	+0.222%	$26K	$19K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2979	+0.246%	$75K	$50K	50x	as long as short
Phoenix JUPshort	+0.0244%	1h	0.2961	−0.373%	$97K	$329K	10x
BloFin JUP-USDT	+0.0340%	4h	0.2973	+0.034%	$850K	$382K	50x	as long as short
Extended JUP-USD	+0.0392%	1h	0.2974	+0.066%	$2.2M	$495K	25x	as long as short