Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0043%/8h= −4.7% APRnext payment −$0.05 per $10,000 · paid last 24h —

Price spread now: Reya against Hyperliquid−0.051%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · Reya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Reya is 0.051% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid JUP	0.2938	0.0100	pay 0.0013% / 1h	9m 01s	$18.1M	$8.9M	10x
Short	Reya JUPRUSDPERP	0.2937	0.0057	get 0.0007% / 1h	9m 01s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.051%Rate

Funding earned: −$9.09
Price spread: −0.051% → 0.000%: −$5.08
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: −$29.17
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; Reya: no order-book sample. Net counts fees only.

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, 4 min ago	0.85 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2906	−1.089%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2934	−0.139%	$16K	—	100x	as long as short
Pacifica JUP	−0.0041%	1h	0.2935	−0.113%	$280K	$138K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2934	−0.131%	—	—	150x	as long as short
dYdX JUP-USD	+0.0036%	1h	0.2935	−0.088%	$39K	$16K	5x	as long as short
Reya JUPRUSDPERPshort	+0.0057%	1h	0.2937	−0.051%	—	—	20x
Lighter JUP	+0.0096%	1h	0.2939	+0.041%	$760K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2934	−0.132%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2938	−0.009%	$573K	$490K	10x	as long as short
Hyperliquid JUPlong	+0.0100%	1h	0.2938	long leg	$18.1M	$8.9M	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster JUPUSDT	+0.0100%	4h	0.2936	−0.058%	$106K	$280K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2936	−0.058%	$16.1M	$39.0M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2934	−0.136%	$15.9M	$17.4M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2935	−0.102%	$4.1M	$10.4M	50x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2936	−0.068%	$701K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2936	−0.068%	$6.7M	$5.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2937	−0.034%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2936	−0.068%	$5.8M	$5.0M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2936	−0.068%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2938	−0.017%	$972K	$227K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2931	−0.240%	$710K	$531K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2936	−0.063%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2934	−0.136%	$162K	$254K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2939	+0.048%	$93K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2938	0.000%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2929	−0.306%	$110K	$43K	20x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2934	−0.119%	$61K	$2K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2937	−0.034%	$40K	—	3x	as long as short
Deribit JUP_USDC-PERPETUAL	+0.0125%	1h	0.2938	+0.010%	$53K	$17K	10x	as long as short
01 Exchange JUPUSD	+0.0208%	1h	0.2938	+0.014%	$26K	$6K	5x	as long as short
Phoenix JUP	+0.0244%	1h	0.2938	+0.003%	$98K	$285K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0304%	1h	0.2940	+0.085%	$74K	$48K	50x	as long as short
Extended JUP-USD	+0.0320%	1h	0.2937	−0.037%	$2.2M	$572K	25x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2938	0.000%	$823K	$374K	50x	as long as short
Kraken Futures PF_JUPUSD	+0.0374%	1h	0.2938	+0.003%	$579K	$418K	20x	as long as short
Phemex JUPUSDT	+0.0507%	4h	0.2942	+0.136%	$2.9M	$3.0M	50x	as long as short