Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.5100%/8h= +558.5% APRpaid last 24h +0.385%

Price spread now: Phemex against Injective+1.326%7-day average +2.341% · you sell dearer than you buy

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+2.235%+$224 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now +1.326%, 7d avg +2.341%

Together, before fees+2.209%+$221 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 1.015% cheaper against Injective than usual: you would sell low and buy high (spread +1.326% now, against its 7-day average of +2.341%). If the spread goes back, that is −$102 on $10k: about 16 hours of funding at the current rate (+$153 a day). At the pace of the last 7 days (+2.235% in total) that is about 3.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 2.235% in total (about 116.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective JUP/USDC PERP	0.2941	−0.5000	get 0.0625% / 1h	54m 44s	$3K	$154K	5.5x
Short	Phemex JUPUSDT	0.2980	0.0100	get 0.0050% / 4h	2h 54m	$2.9M	$4.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee PhemexbpOrdersPrice spread, now +1.326%Rate

Funding earned: $1,071
Price spread: +1.326% → +2.341%: −$101.5
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $957.48
Costs to cover: 0.120%
Break-even: 0.7 days

Slippage unknown: Injective: live order book, 34 min ago; Phemex: live order book, 4 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 Injective live order book, 34 min ago	107.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.68 bp	20.5 bp −$20	doesn't fit	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 PERPlong	−0.5000%	1h	0.2941	long leg	$3K	$154K	5.5x
GMX JUP/USD [WBTC.b-USDC]	L −0.0703% / S +0.0244%	1h	0.2978	+1.269%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0453%	4h	0.2967	+0.870%	$16.3M	$24.1M	50x	as long as short
01 Exchange JUPUSD	−0.0264%	1h	0.2971	+1.006%	$26K	$19K	5x	as long as short
Backpack JUP_USDC_PERP	−0.0174%	1h	0.2978	+1.268%	$987K	$272K	10x	as long as short
ApeX Omni JUPUSDT	−0.0172%	1h	0.2970	+0.986%	$158K	$319K	50x	as long as short
Gate JUP_USDT	−0.0032%	4h	0.2961	+0.680%	$738K	$1.9M	75x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2972	+1.037%	$39K	$36K	5x	as long as short
Phoenix JUP	0.0000%	1h	0.2974	+1.122%	$95K	$447K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2979	+1.285%	$58K	$13K	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 +0.0002% / S −0.0001%	1h	0.2978	+1.247%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2979	+1.305%	$604K	$624K	20x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2974	+1.132%	—	—	20x	as long as short
BloFin JUP-USDT	+0.0082%	4h	0.2976	+1.190%	$873K	$332K	50x	as long as short
Paradex JUP-USD-PERP	+0.0087%	8h	0.2964	+0.785%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2973	+1.071%	$909K	$1.2M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2979	+1.292%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2974	+1.114%	$598K	$675K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2975	+1.153%	$19.1M	$14.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2974	+1.139%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2969	+0.960%	$283K	$184K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2970	+0.972%	$16.5M	$56.5M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2962	+0.714%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2970	+0.986%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2972	+1.054%	$4.5M	$7.3M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2960	+0.646%	$5.7M	$8.6M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2962	+0.714%	—	$21.5M	—	as long as short
Variational Omni JUP	+0.0100%	4h	0.2970	+1.003%	$726K	$1.2M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2971	+1.018%	$1.6M	$4.3M	10x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2980	+1.319%	$94K	$138K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2967	+0.884%	$111K	$69K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.2980	+1.326%	$2.9M	$4.1M	50x
Bulk JUP-USD	+0.0100%	1h	0.2978	+1.255%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2975	+1.156%	$41K	—	3x	as long as short
Extended JUP-USD	+0.0208%	1h	0.2959	+0.627%	$2.2M	$540K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+1.588%	$74K	$95K	50x	as long as short