Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0461%/8h= −50.5% APRpaid last 24h −0.005%

Price spread now: Bybit against Lighter−0.222%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$490.487% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.229%+$23 · spread now −0.222%, 7d avg −0.114%

Together, before fees+0.177%+ Points / potential airdropLighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bybit is 0.109% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.114%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.052% in total (about -2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter JUP	0.2972	0.0096	pay 0.0012% / 1h	41m 14s	$896K	$1.3M	10x
Short	Bybit JUPUSDT	0.2965	−0.0365	pay 0.0183% / 4h	2h 41m	$16.3M	$24.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.222%Rate

Funding earned: −$96.83
Price spread: −0.222% → −0.114%: −$10.86
Slippage, 4 orders: −$37.66
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$156.35
Costs to cover: 0.487%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bybit: 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 Lighter live order book, 5 min ago	2.70 bp	12.9 bp −$13	53.3 bp −$533	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.69 bp	12.8 bp −$13	41.6 bp −$416	222.5 bp −$22.3K	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	0.2929	−1.434%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0748% / S +0.0258%	1h	0.2969	−0.075%	$13K	—	100x	as long as short
Bybit JUPUSDTshort	−0.0365%	4h	0.2965	−0.222%	$16.3M	$24.1M	50x
Deribit JUP_USDC-PERPETUAL	−0.0053%	1h	0.2970	−0.050%	$56K	$14K	10x	as long as short
Gate JUP_USDT	−0.0018%	4h	0.2965	−0.222%	$740K	$1.9M	75x	as long as short
Phoenix JUP	0.0000%	1h	0.2971	−0.007%	$94K	$447K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2969	−0.085%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2970	−0.046%	$603K	$623K	20x	as long as short
dYdX JUP-USD	+0.0015%	1h	0.2970	−0.057%	$39K	$36K	5x	as long as short
Backpack JUP_USDC_PERP	+0.0025%	1h	0.2964	−0.246%	$983K	$268K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange JUPUSD	+0.0056%	1h	0.2969	−0.098%	$26K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2966	−0.188%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0090%	8h	0.2967	−0.151%	$9K	$15K	10x	as long as short
BloFin JUP-USDT	+0.0094%	4h	0.2966	−0.188%	$868K	$329K	50x	as long as short
Lighter JUPlong	+0.0096%	1h	0.2972	long leg	$896K	$1.3M	10x
Variational Omni JUP	+0.0098%	4h	0.2958	−0.457%	$724K	$1.2M	—	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2970	−0.054%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2966	−0.188%	$598K	$668K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2971	−0.030%	$19.0M	$14.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2968	−0.108%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2968	−0.135%	$283K	$185K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2967	−0.155%	$16.5M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2967	−0.155%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2968	−0.121%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2969	−0.087%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2967	−0.155%	$5.7M	$8.6M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2966	−0.188%	—	$21.6M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2961	−0.357%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2961	−0.357%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2971	−0.010%	$94K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2960	−0.390%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2972	+0.013%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2965	−0.205%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2966	−0.194%	$40K	—	3x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.542%	$74K	$95K	50x	as long as short
Extended JUP-USD	+0.0256%	1h	0.2966	−0.187%	$2.2M	$539K	25x	as long as short