Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.028%

Price spread now: Nado against Hyperliquid−0.309%7-day average −0.124% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Hyperliquid Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.062%−$6 on $10k

Price spread, last 4 days (all we have)+0.773%+$77 · spread now −0.309%, 7d avg −0.124%

Together, before fees+0.711%+ Points / potential airdropHyperliquid: Season 2 · Nado: Active · farm board+$71 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: Nado is 0.185% cheaper against Hyperliquid than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.124%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid JUP	0.2962	0.0100	pay 0.0013% / 1h	32m 09s	$18.8M	$9.3M	10x
Short	Nado JUP-PERP	0.2953	0.0100	get 0.0012% / 1h	32m 09s	$594K	$497K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.309%Rate

Funding earned: $0
Price spread: −0.309% → −0.124%: −$18.52
Slippage, 4 orders: −$22.99
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$57.5
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Nado: live order book, 26 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	0.68 bp	14.0 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 26 min ago	1.87 bp	8.5 bp −$8	34.7 bp −$347	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	−0.4661%	1h	0.2901	−2.073%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2956	−0.226%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2952	−0.339%	$281K	$147K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2955	−0.241%	—	—	150x	as long as short
dYdX JUP-USD	+0.0017%	1h	0.2953	−0.302%	$39K	$25K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2955	−0.250%	—	—	20x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2961	−0.057%	$592K	$482K	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2959	−0.108%	$783K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2953	−0.318%	$9K	$11K	10x	as long as short
Nado JUP-PERPshort	+0.0100%	1h	0.2953	−0.309%	$594K	$497K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUPlong	+0.0100%	1h	0.2962	long leg	$18.8M	$9.3M	10x
Aster JUPUSDT	+0.0100%	4h	0.2956	−0.216%	$110K	$289K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2958	−0.149%	$16.3M	$41.6M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2956	−0.216%	$15.9M	$18.5M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2959	−0.115%	$4.0M	$11.8M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2936	−0.891%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2956	−0.216%	$729K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2958	−0.149%	$7.3M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2957	−0.182%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2959	−0.115%	$5.8M	$5.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2959	−0.115%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2959	−0.101%	$981K	$237K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2927	−1.195%	$715K	$659K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2938	−0.817%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2938	−0.824%	$156K	$253K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2959	−0.118%	$94K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2956	−0.216%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2952	−0.351%	$111K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2961	−0.047%	$2.9M	$3.2M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2954	−0.267%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0152%	1h	0.2958	−0.155%	$26K	$17K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2942	−0.706%	$74K	$50K	50x	as long as short
Phoenix JUP	+0.0271%	1h	0.2942	−0.692%	$97K	$304K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	+0.0325%	1h	0.2958	−0.159%	$54K	$16K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2944	−0.621%	$837K	$383K	50x	as long as short
Extended JUP-USD	+0.0440%	1h	0.2955	−0.234%	$2.2M	$502K	25x	as long as short