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% APRpaid last 24h −0.030%

Price spread now: Variational Omni against Hyperliquid+0.158%7-day average −0.109% · you sell dearer than you buy

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.068%−$7 on $10k

Price spread, last 4 days (all we have)+0.130%+$13 · spread now +0.158%, 7d avg −0.109%

Together, before fees+0.062%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$6 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: Variational Omni is 0.267% dearer against Hyperliquid than usual: you sell high and buy low, +$27 on $10k if it goes back to its 7-day average of −0.109%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid JUP	0.2954	0.0100	pay 0.0013% / 1h	6m 59s	$18.6M	$9.4M	10x
Short	Variational Omni JUP	0.2958	0.0100	get 0.0050% / 4h	6m 59s	$722K	$625K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.158%Rate

Funding earned: $0
Price spread: +0.158% → −0.109%: $26.69
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $17.69
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 6 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 6 min ago	1.18 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	8.46 bp	doesn't fit	32.1 bp −$321	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	0.2920	−1.144%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2953	−0.038%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2952	−0.078%	$281K	$146K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2952	−0.047%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2952	−0.054%	—	—	150x	as long as short
dYdX JUP-USD	+0.0009%	1h	0.2955	+0.043%	$39K	$24K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2950	−0.119%	—	—	20x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2953	−0.019%	$592K	$469K	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2955	+0.044%	$781K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2952	−0.066%	$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	0.2949	−0.146%	$597K	$488K	10x	as long as short
Hyperliquid JUPlong	+0.0100%	1h	0.2954	long leg	$18.6M	$9.4M	10x
Aster JUPUSDT	+0.0100%	4h	0.2952	−0.062%	$110K	$287K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2951	−0.079%	$16.2M	$40.8M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2948	−0.210%	$15.8M	$18.1M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2951	−0.095%	$4.0M	$11.5M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2949	−0.179%	$61K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2951	−0.095%	$727K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2952	−0.061%	$7.3M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2952	−0.061%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2953	−0.027%	$5.8M	$5.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2950	−0.129%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2952	−0.074%	$975K	$234K	10x	as long as short
Variational Omni JUPshort	+0.0100%	4h	0.2958	+0.158%	$722K	$625K	—
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2965	+0.379%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2966	+0.413%	$157K	$251K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2957	+0.108%	$93K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2952	−0.061%	$30K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2944	−0.332%	$111K	$45K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2957	+0.108%	$2.9M	$3.1M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2953	−0.044%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0144%	1h	0.2949	−0.149%	$26K	$17K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2970	+0.552%	$75K	$50K	50x	as long as short
Phoenix JUP	+0.0271%	1h	0.2965	+0.369%	$98K	$304K	10x	as long as short
Extended JUP-USD	+0.0296%	1h	0.2949	−0.165%	$2.2M	$498K	25x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2952	−0.061%	$829K	$375K	50x	as long as short