Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.3608%/8h= −395.1% APRpaid last 24h −0.428%

Price spread now: Injective against Orderly−1.284%58s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Injective

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

Both sides work against this trade now: funding costs −$108 a day on $10k at the current rate, and Injective is 1.284% cheaper against Orderly than usual: you would sell low and buy high (−$128 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 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	Orderly PERP_JUP_USDC	0.2960	0.0100	pay 0.0050% / 4h	1h 55m	$31K	$51K	10x
Short	Injective JUP/USDC PERP	0.2922	−0.3508	pay 0.0439% / 1h	55m 38s	$3K	$206K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.284%Rate

Funding earned: −$757.69
Price spread: −1.284% → 0.000%: −$128.38
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$892.09
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: live order book, 28 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 Injective live order book, 28 min ago	70.66 bp	doesn't fit	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 PERPshort	−0.3508%	1h	0.2922	−1.284%	$3K	$206K	5.5x
GMX JUP/USD [WBTC.b-USDC]	L −0.0966% / S +0.0357%	1h	0.2961	+0.029%	$13K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2964	+0.148%	$282K	$177K	10x	as long as short
01 Exchange JUPUSD	−0.0240%	1h	0.2961	+0.020%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2960	+0.004%	$600K	$623K	20x	as long as short
Bybit JUPUSDT	−0.0103%	4h	0.2963	+0.084%	$16.2M	$23.9M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0088%	1h	0.2961	+0.024%	$56K	$14K	10x	as long as short
Gate JUP_USDT	−0.0036%	4h	0.2961	+0.034%	$736K	$1.9M	75x	as long as short
Phoenix JUP	0.0000%	1h	0.2956	−0.132%	$95K	$441K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2961	+0.019%	$17K	—	150x	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	0.2958	−0.066%	—	—	20x	as long as short
dYdX JUP-USD	+0.0067%	1h	0.2965	+0.160%	$39K	$35K	5x	as long as short
Paradex JUP-USD-PERP	+0.0069%	8h	0.2965	+0.153%	$9K	$15K	10x	as long as short
Variational Omni JUP	+0.0076%	4h	0.2952	−0.257%	$722K	$1.1M	—	as long as short
Lighter JUP	+0.0096%	1h	0.2965	+0.159%	$816K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2958	−0.076%	$612K	$677K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2967	+0.240%	$19.0M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2961	+0.037%	$106K	$367K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2965	+0.156%	$16.4M	$56.0M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2962	+0.068%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2965	+0.169%	$8.0M	$7.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2965	+0.169%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2964	+0.135%	$5.7M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2963	+0.101%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2961	+0.024%	$980K	$263K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2956	−0.121%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2956	−0.135%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2963	+0.098%	$93K	$139K	10x	as long as short
Orderly PERP_JUP_USDClong	+0.0100%	4h	0.2960	long leg	$31K	$51K	10x
HTX JUP-USDT	+0.0100%	4h	0.2952	−0.270%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2961	+0.034%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2954	−0.203%	$57K	$3K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2962	+0.077%	$2.2M	$540K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2958	−0.055%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0104%	4h	0.2953	−0.236%	$855K	$331K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2989	+0.997%	$74K	$94K	50x	as long as short