Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.008%

Price spread now: Phemex against Orderly+0.068%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 Phemex

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.068% dearer against Orderly than usual: you sell high and buy low, +$7 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_JUP_USDC	0.2955	0.0100	pay 0.0050% / 4h	2h 07m	$31K	$43K	10x
Short	Phemex JUPUSDT	0.2957	0.0100	get 0.0050% / 4h	2h 07m	$2.9M	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.068%Rate

Funding earned: $0
Price spread: +0.068% → 0.000%: $6.77
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$11.23
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Phemex: live order book, 1 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 Phemex live order book, 1 min ago	5.07 bp	22.8 bp −$23	76.4 bp −$764	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 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	0.2917	−1.286%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2956	+0.029%	$282K	$147K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0619%	1h	0.2955	−0.011%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0111%	4h	0.2952	−0.098%	$15.8M	$19.7M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2957	+0.058%	$590K	$505K	20x	as long as short
OKX JUP-USDT-SWAP	−0.0005%	4h	0.2954	−0.034%	$4.1M	$13.1M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2955	+0.010%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2954	−0.023%	—	—	150x	as long as short
Variational Omni JUP	+0.0026%	4h	0.2953	−0.068%	$721K	$750K	—	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2954	−0.042%	—	—	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate JUP_USDT	+0.0064%	4h	0.2955	0.000%	$736K	$1.5M	75x	as long as short
dYdX JUP-USD	+0.0068%	1h	0.2952	−0.088%	$39K	$28K	5x	as long as short
Paradex JUP-USD-PERP	+0.0093%	8h	0.2953	−0.063%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2958	+0.088%	$782K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2953	−0.085%	$597K	$524K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2957	+0.083%	$18.8M	$10.2M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2955	−0.016%	$114K	$317K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2954	−0.018%	$16.3M	$44.6M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2956	+0.034%	$62K	$8K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2954	−0.034%	$7.3M	$7.0M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2954	−0.034%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2955	0.000%	$5.8M	$6.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2952	−0.102%	—	$20.8M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2956	+0.037%	$979K	$236K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2950	−0.178%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2950	−0.169%	$157K	$285K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2957	+0.078%	$93K	$109K	10x	as long as short
Orderly PERP_JUP_USDClong	+0.0100%	4h	0.2955	long leg	$31K	$43K	10x
HTX JUP-USDT	+0.0100%	4h	0.2949	−0.203%	$111K	$47K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.2957	+0.068%	$2.9M	$3.5M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2954	−0.034%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0144%	1h	0.2957	+0.068%	$26K	$19K	5x	as long as short
Phoenix JUP	+0.0188%	1h	0.2954	−0.030%	$97K	$402K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2959	+0.135%	$74K	$50K	50x	as long as short
Extended JUP-USD	+0.0448%	1h	0.2954	−0.048%	$2.2M	$489K	25x	as long as short