Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.005%

Price spread now: Phemex against Lighter+0.127%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$600.604% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$2 on $10k

Price spread, last 4 days (all we have)+0.088%+$9 · spread now +0.127%, 7d avg +0.071%

Together, before fees+0.104%+ Points / potential airdropLighter: Season 3 · farm board+$10 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: Phemex is 0.057% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter JUP	0.2982	0.0096	pay 0.0012% / 1h	15m 49s	$788K	$1.1M	10x
Short	Phemex JUPUSDT	0.2986	0.0100	get 0.0050% / 4h	1h 15m	$2.9M	$3.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.127%Rate

Funding earned: $0.84
Price spread: +0.127% → +0.071%: $5.65
Slippage, 4 orders: −$48.41
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$53.92
Costs to cover: 0.604%
Break-even: 456.3 days

Slippage from Lighter: live order book, 5 min ago; Phemex: live order book, 3 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	3.35 bp	11.5 bp −$12	43.8 bp −$438	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	6.71 bp	17.2 bp −$17	67.9 bp −$679	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	0.2941	−1.382%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2982	+0.005%	$16K	—	100x	as long as short
Pacifica JUP	−0.0224%	1h	0.2981	−0.026%	$284K	$147K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2981	−0.040%	$55K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2982	−0.006%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2981	−0.041%	—	—	20x	as long as short
Bybit JUPUSDT	+0.0076%	4h	0.2977	−0.184%	$16.0M	$19.0M	50x	as long as short
Lighter JUPlong	+0.0096%	1h	0.2982	long leg	$788K	$1.1M	10x
Paradex JUP-USD-PERP	+0.0098%	8h	0.2982	−0.018%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2981	−0.049%	$602K	$504K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.2981	−0.050%	$18.9M	$9.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2981	−0.046%	$115K	$290K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2978	−0.141%	$16.4M	$42.7M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2975	−0.241%	$4.1M	$12.4M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2958	−0.811%	$62K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2979	−0.107%	$743K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2978	−0.141%	$7.4M	$6.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2980	−0.074%	$4.1M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2976	−0.208%	$5.8M	$5.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2979	−0.107%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2979	−0.117%	$986K	$247K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2978	−0.127%	$727K	$694K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2984	+0.055%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2979	−0.107%	$158K	$266K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2984	+0.057%	$94K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2981	−0.040%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2974	−0.275%	$112K	$47K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.2986	+0.127%	$2.9M	$3.3M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2977	−0.174%	$41K	—	3x	as long as short
dYdX JUP-USD	+0.0127%	1h	0.2980	−0.060%	$39K	$26K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0199%	1h	0.2979	−0.096%	$596K	$488K	20x	as long as short
01 Exchange JUPUSD	+0.0208%	1h	0.2984	+0.070%	$26K	$19K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2983	+0.030%	$75K	$50K	50x	as long as short
Phoenix JUP	+0.0244%	1h	0.2979	−0.091%	$98K	$329K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2979	−0.107%	$644K	$388K	50x	as long as short
Extended JUP-USD	+0.0416%	1h	0.2976	−0.201%	$2.2M	$495K	25x	as long as short