Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.012%

Price spread now: Phoenix against KuCoin−0.128%7-day average +0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$970.968% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 3 days (all we have)+0.638%+$64 · spread now −0.128%, 7d avg +0.093%

Together, before fees+0.748%+$75 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.220% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.128% now, against its 7-day average of +0.093%). If the spread goes back, that is −$22 on $10k: about 8.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin JUPUSDTM	0.2977	0.0100	pay 0.0050% / 4h	57m 18s	$4.3M	$7.0M	50x
Short	Phoenix JUP	0.2973	0.0190	get 0.0024% / 1h	57m 18s	$97K	$479K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.128%Rate

Funding earned: $18.8
Price spread: −0.128% → +0.093%: −$22.02
Slippage, 4 orders: −$77.77
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$99.99
Costs to cover: 0.968%
Break-even: 44.2 days

Slippage from KuCoin: live order book, 1 min ago; Phoenix: live order book, 19 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 KuCoin live order book, 1 min ago	6.72 bp	28.4 bp −$28	95.7 bp −$957	doesn't fit	doesn't fit
Sell Phoenix live order book, 19 min ago	2.53 bp	14.4 bp −$14	29.6 bp −$296	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	−0.4371%	1h	0.2935	−1.411%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0398% / S +0.0663%	1h	0.2976	−0.044%	$15K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0209%	1h	0.2975	−0.062%	$602K	$618K	20x	as long as short
Pacifica JUP	−0.0199%	1h	0.2972	−0.153%	$283K	$169K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2975	−0.057%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2975	−0.051%	$17K	—	150x	as long as short
Gate JUP_USDT	+0.0040%	4h	0.2973	−0.134%	$749K	$1.8M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2973	−0.132%	—	—	20x	as long as short
Bybit JUPUSDT	+0.0062%	4h	0.2972	−0.168%	$16.3M	$23.0M	50x	as long as short
Paradex JUP-USD-PERP	+0.0080%	8h	0.2972	−0.152%	$9K	$13K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter JUP	+0.0096%	1h	0.2977	−0.007%	$798K	$1.3M	10x	as long as short
01 Exchange JUPUSD	+0.0096%	1h	0.2978	+0.030%	$26K	$19K	5x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2973	−0.118%	$614K	$667K	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2976	−0.034%	$107K	$356K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2974	−0.097%	$16.4M	$54.0M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2973	−0.134%	$4.0M	$16.5M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2975	−0.067%	$8.1M	$7.7M	200x	as long as short
KuCoin JUPUSDTMlong	+0.0100%	4h	0.2977	long leg	$4.3M	$7.0M	50x
Bitget JUPUSDT	+0.0100%	4h	0.2974	−0.101%	$5.7M	$8.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2973	−0.134%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2974	−0.104%	$984K	$252K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2961	−0.534%	$715K	$1.0M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2966	−0.369%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2969	−0.269%	$158K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2981	+0.144%	$94K	$130K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2977	0.000%	$31K	$49K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2965	−0.403%	$111K	$67K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2977	0.000%	$2.9M	$4.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2966	−0.369%	$58K	$2K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2974	−0.112%	$41K	—	3x	as long as short
BloFin JUP-USDT	+0.0109%	4h	0.2976	−0.034%	$846K	$329K	50x	as long as short
dYdX JUP-USD	+0.0110%	1h	0.2973	−0.149%	$39K	$35K	5x	as long as short
Hyperliquid JUP	+0.0189%	1h	0.2980	+0.118%	$19.2M	$13.3M	10x	as long as short
Phoenix JUPshort	+0.0190%	1h	0.2973	−0.128%	$97K	$479K	10x
Extended JUP-USD	+0.0208%	1h	0.2972	−0.154%	$2.2M	$505K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.2977	+0.003%	$74K	$95K	50x	as long as short