JUP

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0006%/8h= −0.6% APRnext payment −$0.01 per $10,000 · paid last 24h −0.013%

Price spread now: Phoenix against Kraken Futures+0.325%71s7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$146as 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−$850.848% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.508%−$51 · spread now +0.325%, 7d avg +0.011%

Together, before fees−1.120%−$112 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: Phoenix is 0.314% dearer against Kraken Futures than usual: you sell high and buy low, +$31 on $10k if it goes back to its 7-day average of +0.011%. The two prices were read 71 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	0.2946	0.0278	pay 0.0035% / 1h	39m 47s	$580K	$414K	20x
Short	Phoenix JUP	0.2955	0.0272	get 0.0034% / 1h	39m 47s	$107K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.325%Rate

Funding earned: −$1.16
Price spread: +0.325% → +0.011%: $31.43
Slippage, 4 orders: −$67.76
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$54.49
Costs to cover: 0.848%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 58 min ago; Phoenix: live order book, 56 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, 58 min ago	20.56 bp	29.2 bp −$29	133.6 bp −$1,336	doesn't fit	doesn't fit
Sell Phoenix live order book, 56 min ago	2.57 bp	14.3 bp −$14	29.3 bp −$293	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	−0.3798%	1h	0.2898	−1.627%	$3K	$205K	5.5x	as long as short
Bybit JUPUSDT	−0.0313%	4h	0.2941	−0.167%	$16.0M	$17.1M	50x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2948	+0.072%	$16K	—	100x	as long as short
Pacifica JUP	−0.0070%	1h	0.2946	+0.002%	$281K	$138K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2943	−0.114%	$16K	—	150x	as long as short
HTX JUP-USDT	+0.0027%	4h	0.2936	−0.337%	$113K	$47K	20x	as long as short
dYdX JUP-USD	+0.0032%	1h	0.2947	+0.054%	$39K	$15K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	+0.0056%	1h	0.2944	−0.065%	$53K	$17K	10x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2942	−0.149%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2947	+0.026%	$761K	$1.0M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERP	+0.0099%	8h	0.2944	−0.054%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2940	−0.193%	$579K	$490K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2947	+0.047%	$18.2M	$8.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2945	−0.022%	$102K	$300K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2944	−0.061%	$16.1M	$38.7M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2943	−0.099%	$4.1M	$10.2M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2945	−0.031%	$61K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2943	−0.099%	$698K	$1.3M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2945	−0.031%	$7.9M	$5.5M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2944	−0.065%	$4.0M	$6.8M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2945	−0.031%	$5.8M	$4.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2943	−0.099%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2944	−0.058%	$978K	$222K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2940	−0.201%	$714K	$527K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2950	+0.138%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2953	+0.240%	$163K	$249K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2943	−0.116%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2943	−0.099%	$33K	$29K	10x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2949	+0.104%	$2.9M	$3.0M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2941	−0.168%	$40K	—	3x	as long as short
Extended JUP-USD	+0.0128%	1h	0.2942	−0.117%	$2.2M	$577K	25x	as long as short
01 Exchange JUPUSD	+0.0216%	1h	0.2947	+0.026%	$26K	$2K	5x	as long as short
Phoenix JUPshort	+0.0272%	1h	0.2955	+0.325%	$107K	$275K	10x
Kraken Futures PF_JUPUSDlong	+0.0278%	1h	0.2946	long leg	$580K	$414K	20x
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2957	+0.359%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2945	−0.031%	$821K	$377K	50x	as long as short