Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.033%

Price spread now: Phoenix against OKX+0.115%86s7-day average +0.167% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$580.580% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.098%+$10 on $10k

Price spread, last 3 days (all we have)+0.568%+$57 · spread now +0.115%, 7d avg +0.167%

Together, before fees+0.666%+$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.052% cheaper against OKX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.167%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.098%, so the current rate has only just turned against you. The two prices were read 86 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX JUP-USDT-SWAP	0.2968	0.0100	pay 0.0050% / 4h	2h 39m	$4.1M	$16.7M	50x
Short	Phoenix JUP	0.2971	0	get 0.0000% / 1h	39m 55s	$94K	$447K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.115%Rate

Funding earned: −$21
Price spread: +0.115% → +0.167%: −$5.2
Slippage, 4 orders: −$41.03
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$84.24
Costs to cover: 0.580%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 47 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 OKX live order book, 3 min ago	1.69 bp	16.1 bp −$16	61.5 bp −$615	doesn't fit	doesn't fit
Sell Phoenix live order book, 47 min ago	2.51 bp	14.3 bp −$14	29.5 bp −$295	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	0.2929	−1.314%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0751% / S +0.0259%	1h	0.2970	+0.057%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0348%	4h	0.2966	−0.067%	$16.3M	$24.1M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0019%	1h	0.2970	+0.061%	$56K	$14K	10x	as long as short
Gate JUP_USDT	−0.0004%	4h	0.2966	−0.067%	$740K	$1.9M	75x	as long as short
Phoenix JUPshort	0.0000%	1h	0.2971	+0.115%	$94K	$447K	10x
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2970	+0.052%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2971	+0.088%	$603K	$623K	20x	as long as short
dYdX JUP-USD	+0.0014%	1h	0.2970	+0.064%	$39K	$36K	5x	as long as short
01 Exchange JUPUSD	+0.0056%	1h	0.2970	+0.057%	$26K	$19K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya JUPRUSDPERP	+0.0057%	1h	0.2967	−0.027%	—	—	20x	as long as short
Backpack JUP_USDC_PERP	+0.0063%	1h	0.2969	+0.047%	$985K	$268K	10x	as long as short
Variational Omni JUP	+0.0089%	4h	0.2965	−0.101%	$725K	$1.2M	—	as long as short
Paradex JUP-USD-PERP	+0.0090%	8h	0.2968	0.000%	$9K	$15K	10x	as long as short
BloFin JUP-USDT	+0.0094%	4h	0.2966	−0.067%	$868K	$329K	50x	as long as short
Lighter JUP	+0.0096%	1h	0.2972	+0.131%	$894K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2970	+0.067%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2966	−0.051%	$598K	$668K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2972	+0.145%	$19.1M	$14.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2970	+0.058%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2968	−0.009%	$283K	$185K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2968	+0.005%	$16.5M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAPlong	+0.0100%	4h	0.2968	long leg	$4.1M	$16.7M	50x
MEXC JUP_USDT	+0.0100%	4h	0.2968	0.000%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2969	+0.034%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2967	−0.034%	$5.7M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2967	−0.034%	—	$21.6M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2961	−0.236%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2961	−0.236%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2972	+0.145%	$94K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2961	−0.236%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2972	+0.135%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2965	−0.084%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2966	−0.067%	$40K	—	3x	as long as short
Extended JUP-USD	+0.0248%	1h	0.2966	−0.079%	$2.2M	$539K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.664%	$74K	$95K	50x	as long as short