Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.012%

Price spread now: Phoenix against Orderly+0.401%66s7-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 Phoenix

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 for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.401% dearer against Orderly than usual: you sell high and buy low: +$40 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 66 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	0.2939	0.0100	pay 0.0050% / 4h	2h 43m	$30K	$26K	10x
Short	Phoenix JUP	0.2951	0.0271	get 0.0034% / 1h	43m 49s	$99K	$280K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.401%Rate

Funding earned: $35.92
Price spread: +0.401% → 0.000%: $40.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $63.07
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 2 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 Phoenix live order book, 2 min ago	2.54 bp	14.3 bp −$14	29.3 bp −$293	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	−0.4499%	1h	0.2910	−0.987%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2940	+0.018%	$16K	—	100x	as long as short
Pacifica JUP	−0.0230%	1h	0.2940	+0.033%	$280K	$146K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2940	+0.031%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2940	+0.040%	—	—	150x	as long as short
dYdX JUP-USD	+0.0027%	1h	0.2939	+0.014%	$38K	$20K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2939	−0.016%	—	—	20x	as long as short
Bybit JUPUSDT	+0.0073%	4h	0.2935	−0.136%	$15.8M	$17.7M	50x	as long as short
Lighter JUP	+0.0096%	1h	0.2942	+0.105%	$776K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2940	+0.031%	$9K	$11K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado JUP-PERP	+0.0100%	1h	0.2940	+0.026%	$593K	$487K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2942	+0.102%	$18.5M	$8.8M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2940	+0.026%	$109K	$270K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2938	−0.024%	$16.1M	$39.3M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2937	−0.068%	$4.1M	$10.8M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2954	+0.527%	$61K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2939	0.000%	$730K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2939	0.000%	$7.3M	$6.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2939	0.000%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2939	0.000%	$5.7M	$5.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2938	−0.034%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2940	+0.020%	$973K	$188K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2940	+0.034%	$719K	$625K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2949	+0.340%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2948	+0.306%	$163K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2943	+0.140%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDClong	+0.0100%	4h	0.2939	long leg	$30K	$26K	10x
HTX JUP-USDT	+0.0100%	4h	0.2932	−0.238%	$110K	$44K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2945	+0.204%	$2.9M	$3.0M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2937	−0.068%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0168%	1h	0.2939	+0.010%	$26K	$12K	5x	as long as short
Extended JUP-USD	+0.0192%	1h	0.2937	−0.069%	$2.2M	$508K	25x	as long as short
Kraken Futures PF_JUPUSD	+0.0257%	1h	0.2941	+0.071%	$584K	$458K	20x	as long as short
Phoenix JUPshort	+0.0271%	1h	0.2951	+0.401%	$99K	$280K	10x
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2968	+0.980%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2942	+0.102%	$831K	$377K	50x	as long as short