Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0101%/8h= −11.0% APRpaid last 24h −0.028%

Price spread now: GRVT against Kraken Futures−0.626%75s7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$142as 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−$790.791% of the position

Long on Kraken Futures Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.630%−$63 on $10k

Price spread, last 4 days (all we have)+0.346%+$35 · spread now −0.626%, 7d avg −0.114%

Together, before fees−0.284%+ Points / potential airdropGRVT: Active · farm board−$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and GRVT is 0.512% cheaper against Kraken Futures than usual: you would sell low and buy high (−$51 if the spread goes back to its 7-day average of −0.114%). Swap the legs. The two prices were read 75 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	Kraken Futures PF_JUPUSD	0.2953	0.0201	pay 0.0025% / 1h	42m 19s	$589K	$496K	20x
Short	GRVT JUP_USDT_Perp	0.2934	0.0100	get 0.0050% / 4h	1h 42m	$1.6M	$3.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Kraken Futures. 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 Kraken FuturesbpFee GRVTbpOrdersPrice spread, now −0.626%Rate

Funding earned: −$21.13
Price spread: −0.626% → −0.114%: −$51.19
Slippage, 4 orders: −$60.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$151.46
Costs to cover: 0.791%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; GRVT: live order book, 2 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 Kraken Futures live order book, 21 min ago	13.56 bp	23.4 bp −$23	111.9 bp −$1,119	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	1.70 bp	18.6 bp −$19	63.1 bp −$631	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	−0.5000%	1h	0.2904	−1.643%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2951	−0.050%	$16K	—	100x	as long as short
Pacifica JUP	−0.0224%	1h	0.2951	−0.040%	$281K	$147K	10x	as long as short
Backpack JUP_USDC_PERP	−0.0020%	1h	0.2951	−0.061%	$979K	$231K	10x	as long as short
Bybit JUPUSDT	−0.0006%	4h	0.2948	−0.146%	$15.8M	$19.3M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2951	−0.044%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2950	−0.076%	—	—	150x	as long as short
OKX JUP-USDT-SWAP	+0.0026%	4h	0.2950	−0.085%	$4.1M	$12.6M	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2950	−0.085%	—	—	20x	as long as short
dYdX JUP-USD	+0.0075%	1h	0.2949	−0.105%	$39K	$27K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni JUP	+0.0076%	4h	0.2933	−0.644%	$715K	$698K	—	as long as short
Lighter JUP	+0.0096%	1h	0.2954	+0.064%	$781K	$1.1M	10x	as long as short
Paradex JUP-USD-PERP	+0.0096%	8h	0.2951	−0.050%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2951	−0.060%	$597K	$511K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2954	+0.047%	$18.8M	$10.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2951	−0.051%	$114K	$298K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2951	−0.056%	$16.3M	$43.5M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2939	−0.470%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2948	−0.153%	$736K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2951	−0.051%	$7.5M	$6.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2950	−0.085%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2951	−0.051%	$5.7M	$6.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2948	−0.153%	—	$20.8M	—	as long as short
GRVT JUP_USDT_Perpshort	+0.0100%	4h	0.2934	−0.626%	$1.6M	$3.7M	10x
ApeX Omni JUPUSDT	+0.0100%	1h	0.2937	−0.525%	$156K	$274K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2954	+0.047%	$93K	$107K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2950	−0.085%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2945	−0.254%	$111K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2950	−0.085%	$2.9M	$3.4M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2949	−0.119%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0176%	1h	0.2953	+0.030%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSDlong	+0.0201%	1h	0.2953	long leg	$589K	$496K	20x
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2954	+0.067%	$74K	$50K	50x	as long as short
Phoenix JUP	+0.0244%	1h	0.2937	−0.532%	$97K	$329K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2948	−0.153%	$843K	$369K	50x	as long as short
Extended JUP-USD	+0.0352%	1h	0.2950	−0.095%	$2.2M	$491K	25x	as long as short