Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.5100%/8h= +558.5% APRpaid last 24h +0.730%

Price spread now: Variational Omni against Injective+1.230%61s7-day average +2.034% · you sell dearer than you buy

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+2.286%+$229 on $10k

Price spread, last 4 days (all we have)−0.335%−$34 · spread now +1.230%, 7d avg +2.034%

Together, before fees+1.951%+ Points / potential airdropVariational Omni: Active · farm board+$195 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.804% cheaper against Injective than usual: you would sell low and buy high (spread +1.230% now, against its 7-day average of +2.034%). If the spread goes back, that is −$80 on $10k: about 13 hours of funding at the current rate (+$153 a day). At the pace of the last 3 days (+2.286% in total) that is about 29 hours. 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	Injective JUP/USDC PERP	0.2918	−0.5000	get 0.0625% / 1h	22m 15s	$3K	$206K	5.5x
Short	Variational Omni JUP	0.2954	0.0100	get 0.0050% / 4h	1h 22m	$721K	$697K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +1.230%Rate

Funding earned: $1,071
Price spread: +1.230% → +2.034%: −$80.42
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $990.56
Costs to cover: 0.000%
Break-even: 0.5 days

Slippage unknown: Injective: live order book, 42 min ago; Variational Omni: RFQ quote, 57 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, 42 min ago	78.26 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 57 min ago	6.77 bp	doesn't fit	37.3 bp −$373	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	0.2918	long leg	$3K	$206K	5.5x
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2975	+1.959%	$16K	—	100x	as long as short
Pacifica JUP	−0.0224%	1h	0.2973	+1.896%	$283K	$147K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2976	+1.991%	$55K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2976	+1.996%	—	—	150x	as long as short
Bybit JUPUSDT	+0.0056%	4h	0.2973	+1.899%	$15.9M	$19.0M	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2974	+1.927%	—	—	20x	as long as short
OKX JUP-USDT-SWAP	+0.0087%	4h	0.2974	+1.919%	$4.1M	$12.4M	50x	as long as short
Lighter JUP	+0.0096%	1h	0.2979	+2.073%	$787K	$1.1M	10x	as long as short
Paradex JUP-USD-PERP	+0.0098%	8h	0.2977	+2.006%	$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	0.2976	+2.005%	$601K	$507K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2979	+2.077%	$18.9M	$9.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2976	+1.975%	$115K	$297K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2975	+1.954%	$16.4M	$42.7M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2958	+1.371%	$62K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2976	+1.988%	$743K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2974	+1.919%	$7.4M	$6.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2976	+1.988%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2975	+1.953%	$5.8M	$5.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2975	+1.953%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2972	+1.844%	$987K	$247K	10x	as long as short
Variational Omni JUPshort	+0.0100%	4h	0.2954	+1.230%	$721K	$697K	—
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2955	+1.268%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2960	+1.439%	$157K	$266K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2979	+2.077%	$94K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2976	+1.988%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2972	+1.851%	$112K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2980	+2.125%	$2.9M	$3.3M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2973	+1.883%	$41K	—	3x	as long as short
dYdX JUP-USD	+0.0116%	1h	0.2972	+1.864%	$39K	$26K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0199%	1h	0.2976	+2.000%	$595K	$488K	20x	as long as short
01 Exchange JUPUSD	+0.0200%	1h	0.2979	+2.077%	$26K	$19K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2979	+2.101%	$75K	$50K	50x	as long as short
Phoenix JUP	+0.0244%	1h	0.2961	+1.470%	$97K	$329K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2973	+1.885%	$850K	$382K	50x	as long as short
Extended JUP-USD	+0.0392%	1h	0.2974	+1.918%	$2.2M	$495K	25x	as long as short