JUP

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0144%/8h= +15.8% APRnext payment +$0.18 per $10,000 · paid last 24h −0.020%

Price spread now: Phoenix against Hyperliquid+0.166%61s7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as 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−$510.509% of the position

Long on Hyperliquid 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 4 days (all we have)+0.845%+$85 · spread now +0.166%, 7d avg +0.015%

Together, before fees+0.871%+ Points / potential airdropHyperliquid: Season 2 · farm board+$87 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.151% dearer against Hyperliquid than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.015%. The two prices were read 61 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	0.2952	0.0100	pay 0.0013% / 1h	58m 23s	$18.7M	$9.6M	10x
Short	Phoenix JUP	0.2957	0.0244	get 0.0031% / 1h	58m 23s	$99K	$303K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.166%Rate

Funding earned: $30.29
Price spread: +0.166% → +0.015%: $15.11
Slippage, 4 orders: −$34.92
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$5.52
Costs to cover: 0.509%
Break-even: 8.3 days

Slippage from Hyperliquid: live order book, 5 min ago; Phoenix: live order book, 63 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, 5 min ago	1.86 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 63 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	−0.4661%	1h	0.2921	−1.053%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2949	−0.122%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2953	+0.023%	$281K	$147K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2948	−0.125%	$39K	$26K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2949	−0.105%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2948	−0.129%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2946	−0.196%	—	—	20x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2950	−0.076%	$590K	$488K	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2957	+0.152%	$782K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2953	+0.014%	$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	0.2950	−0.054%	$595K	$501K	10x	as long as short
Hyperliquid JUPlong	+0.0100%	1h	0.2952	long leg	$18.7M	$9.6M	10x
Aster JUPUSDT	+0.0100%	4h	0.2953	+0.026%	$114K	$289K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2952	−0.012%	$16.3M	$42.5M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2948	−0.149%	$15.8M	$18.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2949	−0.105%	$4.0M	$12.2M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2953	+0.030%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2951	−0.037%	$734K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2949	−0.105%	$7.3M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2950	−0.071%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2949	−0.105%	$5.7M	$5.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2948	−0.139%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2949	−0.091%	$978K	$249K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2948	−0.142%	$720K	$693K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2953	+0.031%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2953	+0.030%	$157K	$266K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2951	−0.044%	$93K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2948	−0.139%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2939	−0.444%	$110K	$49K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2954	+0.064%	$2.9M	$3.3M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2950	−0.067%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0136%	1h	0.2954	+0.051%	$26K	$19K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2951	−0.034%	$74K	$49K	50x	as long as short
Phoenix JUPshort	+0.0244%	1h	0.2957	+0.166%	$99K	$303K	10x
BloFin JUP-USDT	+0.0340%	4h	0.2950	−0.071%	$845K	$384K	50x	as long as short
Extended JUP-USD	+0.0440%	1h	0.2950	−0.077%	$2.2M	$502K	25x	as long as short