Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0524%/8h= +57.4% APRpaid last 24h −0.028%

Price spread now: Phemex against Kraken Futures+0.187%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1161.158% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.612%−$61 on $10k

Price spread, last 3 days (all we have)−0.208%−$21 · spread now +0.187%, 7d avg +0.059%

Together, before fees−0.820%−$82 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Phemex is 0.128% dearer against Kraken Futures than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.059%. Mind the row above: over the last 7 days funding on this pair cost −0.612%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_JUPUSD	0.2964	−0.0024	get 0.0003% / 1h	49m 01s	$596K	$524K	20x
Short	Phemex JUPUSDT	0.2970	0.0500	get 0.0250% / 4h	2h 49m	$2.9M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.187%Rate

Funding earned: $110.05
Price spread: +0.187% → +0.059%: $12.79
Slippage, 4 orders: −$93.83
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $7.01
Costs to cover: 1.158%
Break-even: 6.6 days

Slippage from Kraken Futures: live order book, 19 min ago; Phemex: live order book, 5 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, 19 min ago	11.62 bp	19.9 bp −$20	108.2 bp −$1,082	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	18.61 bp	39.2 bp −$39	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 PERP	−0.4347%	1h	0.2904	−2.039%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2961	−0.132%	$282K	$149K	10x	as long as short
Bybit JUPUSDT	−0.0230%	4h	0.2963	−0.039%	$15.9M	$20.6M	50x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.2963	−0.052%	$16K	—	100x	as long as short
OKX JUP-USDT-SWAP	−0.0083%	4h	0.2966	+0.052%	$4.1M	$15.0M	50x	as long as short
01 Exchange JUPUSD	−0.0024%	1h	0.2966	+0.052%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSDlong	−0.0024%	1h	0.2964	long leg	$596K	$524K	20x
dYdX JUP-USD	0.0000%	1h	0.2963	−0.064%	$39K	$31K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2963	−0.036%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2964	−0.004%	—	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate JUP_USDT	+0.0050%	4h	0.2963	−0.049%	$744K	$1.5M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2962	−0.073%	—	—	20x	as long as short
Variational Omni JUP	+0.0060%	4h	0.2949	−0.537%	$715K	$768K	—	as long as short
Paradex JUP-USD-PERP	+0.0083%	8h	0.2960	−0.140%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2966	+0.052%	$784K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2964	−0.015%	$31K	$44K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2962	−0.091%	$609K	$603K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2966	+0.039%	$18.9M	$11.3M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2964	−0.005%	$114K	$325K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2967	+0.075%	$16.4M	$47.5M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2971	+0.221%	$62K	$8K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2962	−0.083%	$7.5M	$6.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2964	−0.015%	$4.1M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2967	+0.086%	$5.8M	$6.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2963	−0.049%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2965	+0.008%	$982K	$235K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2951	−0.461%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2952	−0.420%	$157K	$303K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2970	+0.204%	$94K	$110K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2956	−0.285%	$111K	$55K	20x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2961	−0.115%	$2.2M	$485K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2960	−0.135%	$40K	—	3x	as long as short
Phoenix JUP	+0.0188%	1h	0.2958	−0.211%	$97K	$402K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2967	+0.099%	$74K	$58K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2964	−0.015%	$853K	$380K	50x	as long as short
Phemex JUPUSDTshort	+0.0500%	4h	0.2970	+0.187%	$2.9M	$3.6M	50x