Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0152%/8h= −16.6% APRpaid last 24h −0.007%

Price spread now: Backpack against Orderly+0.020%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Backpack is 0.020% dearer against Orderly than usual: you sell high and buy low (spread +0.020% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_JUP_USDC	0.2950	0.0100	pay 0.0050% / 4h	1h 57m	$31K	$51K	10x
Short	Backpack JUP_USDC_PERP	0.2951	−0.0052	pay 0.0006% / 1h	57m 45s	$976K	$263K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$31.85
Price spread: +0.020% → 0.000%: $2.03
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$45.82
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 26 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 26 min ago	0.17 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.3508%	1h	0.2922	−0.949%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0957% / S +0.0354%	1h	0.2951	+0.042%	$13K	—	100x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0597%	1h	0.2950	−0.003%	$56K	$14K	10x	as long as short
Pacifica JUP	−0.0335%	1h	0.2950	+0.013%	$281K	$177K	10x	as long as short
01 Exchange JUPUSD	−0.0296%	1h	0.2949	−0.051%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2950	+0.016%	$598K	$623K	20x	as long as short
Bybit JUPUSDT	−0.0158%	4h	0.2948	−0.068%	$16.1M	$23.9M	50x	as long as short
Gate JUP_USDT	−0.0058%	4h	0.2948	−0.068%	$733K	$1.9M	75x	as long as short
Backpack JUP_USDC_PERPshort	−0.0052%	1h	0.2951	+0.020%	$976K	$263K	10x
dYdX JUP-USD	0.0000%	1h	0.2954	+0.129%	$39K	$35K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix JUP	0.0000%	1h	0.2954	+0.146%	$94K	$440K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2952	+0.053%	$17K	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2947	−0.091%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0069%	8h	0.2948	−0.061%	$9K	$15K	10x	as long as short
Variational Omni JUP	+0.0076%	4h	0.2952	+0.081%	$722K	$1.1M	—	as long as short
Lighter JUP	+0.0096%	1h	0.2951	+0.037%	$818K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2949	−0.025%	$610K	$678K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2955	+0.156%	$18.9M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2952	+0.079%	$106K	$367K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2949	−0.034%	$16.3M	$56.1M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2950	0.000%	$4.1M	$16.6M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2950	0.000%	$8.0M	$7.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2952	+0.068%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2949	−0.034%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2948	−0.068%	—	$20.9M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2956	+0.217%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2956	+0.203%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2954	+0.122%	$93K	$139K	10x	as long as short
Orderly PERP_JUP_USDClong	+0.0100%	4h	0.2950	long leg	$31K	$51K	10x
HTX JUP-USDT	+0.0100%	4h	0.2942	−0.271%	$110K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2955	+0.169%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2954	+0.136%	$57K	$3K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2949	−0.041%	$2.2M	$541K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2949	−0.051%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0141%	4h	0.2950	0.000%	$854K	$336K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2989	+1.339%	$74K	$94K	50x	as long as short