Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.009%

Price spread now: Phoenix against MEXC−0.044%7-day average +0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 4 days (all we have)+1.713%+$171 · spread now −0.044%, 7d avg +0.117%

Together, before fees+1.796%+$180 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.161% cheaper against MEXC than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.117%). If the spread goes back, that is −$16 on $10k: about 6.1 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.083% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC JUP_USDT	0.2953	0.0100	pay 0.0050% / 4h	2h 31m	$7.4M	$7.0M	200x
Short	Phoenix JUP	0.2952	0.0188	get 0.0023% / 1h	31m 15s	$97K	$402K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $18.44
Price spread: −0.044% → +0.117%: −$16.12
Slippage, 4 orders: −$31.12
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$35.79
Costs to cover: 0.381%
Break-even: 20.6 days

Slippage from MEXC: live order book, 2 min ago; Phoenix: live order book, 36 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 MEXC live order book, 2 min ago	1.69 bp	5.1 bp −$5	17.3 bp −$173	107.1 bp −$10.7K	251.7 bp −$125.8K
Sell Phoenix live order book, 36 min ago	2.49 bp	14.3 bp −$14	29.3 bp −$293	doesn't fit	doesn't fit

JUP on 35 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	0.2901	−1.761%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2950	−0.100%	$281K	$149K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0619%	1h	0.2952	−0.033%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0267%	4h	0.2950	−0.115%	$15.8M	$20.3M	50x	as long as short
OKX JUP-USDT-SWAP	−0.0069%	4h	0.2951	−0.068%	$4.0M	$14.5M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2954	+0.022%	$591K	$526K	20x	as long as short
Gate JUP_USDT	−0.0006%	4h	0.2950	−0.102%	$730K	$1.5M	75x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2954	+0.017%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2952	−0.034%	—	—	150x	as long as short
Variational Omni JUP	+0.0009%	4h	0.2947	−0.202%	$720K	$751K	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX JUP-USD	+0.0018%	1h	0.2951	−0.084%	$39K	$29K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2952	−0.041%	—	—	20x	as long as short
01 Exchange JUPUSD	+0.0072%	1h	0.2953	+0.007%	$26K	$19K	5x	as long as short
Paradex JUP-USD-PERP	+0.0089%	8h	0.2949	−0.143%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2955	+0.075%	$781K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2954	+0.034%	$31K	$43K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2950	−0.110%	$599K	$604K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2955	+0.085%	$18.8M	$11.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2952	−0.051%	$114K	$323K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2952	−0.037%	$16.3M	$46.7M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2936	−0.571%	$61K	$8K	10x	as long as short
MEXC JUP_USDTlong	+0.0100%	4h	0.2953	long leg	$7.4M	$7.0M	200x
KuCoin JUPUSDTM	+0.0100%	4h	0.2952	−0.034%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2952	−0.034%	$5.7M	$6.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2951	−0.068%	—	$20.8M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2951	−0.068%	$977K	$237K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2948	−0.169%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2948	−0.169%	$157K	$302K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2954	+0.051%	$93K	$110K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2945	−0.271%	$111K	$49K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2950	−0.086%	$40K	—	3x	as long as short
Phoenix JUPshort	+0.0188%	1h	0.2952	−0.044%	$97K	$402K	10x
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2953	−0.017%	$74K	$52K	50x	as long as short
Extended JUP-USD	+0.0296%	1h	0.2950	−0.085%	$2.2M	$486K	25x	as long as short
Phemex JUPUSDT	+0.0300%	4h	0.2957	+0.135%	$2.9M	$3.6M	50x	as long as short