Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Backpack against Nado+0.005%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−1.530%−$153 · spread now +0.005%, 7d avg +0.046%

Together, before fees−1.539%+ Points / potential airdropNado: Active · farm board−$154 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: Backpack is 0.041% cheaper against Nado than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado JUP-PERP	0.2926	0.0100	pay 0.0012% / 1h	43m 35s	$572K	$490K	10x
Short	Backpack JUP_USDC_PERP	0.2926	0.0100	get 0.0013% / 1h	43m 35s	$968K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.005%Rate

Funding earned: $0
Price spread: +0.005% → +0.046%: −$4.09
Slippage, 4 orders: −$20.65
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.74
Costs to cover: 0.377%
Break-even: 4288384850166399.5 days

Slippage from Nado: live order book, 60 min ago; Backpack: live order book, 60 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 Nado live order book, 60 min ago	3.07 bp	10.0 bp −$10	38.2 bp −$382	doesn't fit	doesn't fit
Sell Backpack live order book, 60 min ago	0.17 bp	6.4 bp −$6	doesn't fit	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	−0.3836%	1h	0.2889	−1.256%	$3K	$207K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2928	+0.067%	$16K	—	100x	as long as short
Pacifica JUP	−0.0058%	1h	0.2926	−0.001%	$279K	$138K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2929	+0.104%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2927	+0.033%	—	—	150x	as long as short
dYdX JUP-USD	+0.0037%	1h	0.2926	+0.023%	$39K	$15K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2926	+0.008%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2929	+0.104%	$759K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2926	+0.003%	$9K	$11K	10x	as long as short
Nado JUP-PERPlong	+0.0100%	1h	0.2926	long leg	$572K	$490K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.2927	+0.057%	$18.1M	$8.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2928	+0.074%	$99K	$296K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2927	+0.043%	$16.0M	$38.9M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2925	−0.026%	$15.9M	$17.4M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2927	+0.043%	$4.1M	$10.2M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2913	−0.419%	$60K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2927	+0.043%	$701K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2926	+0.009%	$6.7M	$5.5M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2927	+0.043%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2927	+0.043%	$5.8M	$5.0M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2928	+0.077%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERPshort	+0.0100%	1h	0.2926	+0.005%	$968K	$223K	10x
Variational Omni JUP	+0.0100%	4h	0.2927	+0.040%	$708K	$530K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2928	+0.072%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2928	+0.077%	$161K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2929	+0.108%	$93K	$106K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2928	+0.077%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2925	−0.026%	$110K	$42K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2926	−0.005%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0152%	1h	0.2928	+0.091%	$26K	$6K	5x	as long as short
Extended JUP-USD	+0.0184%	1h	0.2927	+0.033%	$2.2M	$573K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2931	+0.176%	$74K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2927	+0.043%	$821K	$372K	50x	as long as short
Phoenix JUP	+0.0355%	1h	0.2929	+0.111%	$105K	$284K	10x	as long as short
Kraken Futures PF_JUPUSD	+0.0414%	1h	0.2928	+0.063%	$576K	$417K	20x	as long as short
Phemex JUPUSDT	+0.0431%	4h	0.2931	+0.179%	$2.9M	$3.0M	50x	as long as short