Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.055%

Price spread now: GRVT against Hyperliquid−0.447%85s7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as 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−$570.570% of the position

Long on Hyperliquid Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 7 days+0.534%+$53 · spread now −0.447%, 7d avg −0.023%

Together, before fees+0.528%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · farm board+$53 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.424% cheaper against Hyperliquid than usual: you would sell low and buy high, −$42 on $10k if it goes back to its 7-day average of −0.023%. 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	Hyperliquid JUP	0.2959	0.0100	pay 0.0013% / 1h	52m 13s	$18.9M	$11.3M	10x
Short	GRVT JUP_USDT_Perp	0.2945	0.0100	get 0.0050% / 4h	2h 52m	$1.6M	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Hyperliquid. 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 HyperliquidbpFee GRVTbpOrdersPrice spread, now −0.447%Rate

Funding earned: $0
Price spread: −0.447% → −0.023%: −$42.41
Slippage, 4 orders: −$38.98
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$99.38
Costs to cover: 0.570%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; GRVT: live order book, 2 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 Hyperliquid live order book, 11 min ago	0.67 bp	5.4 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	3.39 bp	11.1 bp −$11	59.5 bp −$595	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	−0.4347%	1h	0.2904	−1.842%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2954	−0.152%	$281K	$147K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.2957	−0.039%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0182%	4h	0.2953	−0.176%	$15.9M	$20.7M	50x	as long as short
OKX JUP-USDT-SWAP	−0.0088%	4h	0.2957	−0.051%	$4.0M	$15.0M	50x	as long as short
01 Exchange JUPUSD	−0.0072%	1h	0.2960	+0.037%	$26K	$19K	5x	as long as short
Backpack JUP_USDC_PERP	−0.0071%	1h	0.2958	−0.014%	$979K	$235K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2958	−0.011%	$595K	$524K	20x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2954	−0.167%	$39K	$31K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2957	−0.064%	$54K	$16K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2957	−0.041%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2956	−0.100%	—	—	20x	as long as short
Gate JUP_USDT	+0.0066%	4h	0.2954	−0.152%	$743K	$1.5M	75x	as long as short
Paradex JUP-USD-PERP	+0.0082%	8h	0.2956	−0.068%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2959	+0.020%	$783K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2958	−0.017%	$31K	$44K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2957	−0.042%	$608K	$611K	10x	as long as short
Hyperliquid JUPlong	+0.0100%	1h	0.2959	long leg	$18.9M	$11.3M	10x
Aster JUPUSDT	+0.0100%	4h	0.2957	−0.051%	$114K	$325K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2956	−0.078%	$16.3M	$47.7M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2971	+0.423%	$62K	$8K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2957	−0.051%	$7.5M	$6.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2955	−0.118%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2957	−0.051%	$5.7M	$6.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2957	−0.051%	—	$20.8M	—	as long as short
Variational Omni JUP	+0.0100%	4h	0.2938	−0.691%	$713K	$768K	—	as long as short
GRVT JUP_USDT_Perpshort	+0.0100%	4h	0.2945	−0.447%	$1.6M	$3.8M	10x
ApeX Omni JUPUSDT	+0.0100%	1h	0.2964	+0.186%	$158K	$303K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2963	+0.166%	$93K	$111K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2952	−0.220%	$111K	$55K	20x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2954	−0.160%	$2.2M	$485K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2954	−0.169%	$40K	—	3x	as long as short
Phoenix JUP	+0.0188%	1h	0.2941	−0.578%	$96K	$402K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2960	+0.047%	$74K	$58K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2951	−0.254%	$854K	$380K	50x	as long as short
Phemex JUPUSDT	+0.0537%	4h	0.2961	+0.085%	$2.9M	$3.6M	50x	as long as short