Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0125%/8h= +13.6% APRpaid last 24h +0.013%

Price spread now: Phoenix against Paradex+0.237%46s7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.237% dearer against Paradex than usual: you sell high and buy low: +$24 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	Paradex JUP-USD-PERP	0.2951	0.0065	pay 0.0065% / 8h	1h 50m	$9K	$15K	10x
Short	Phoenix JUP	0.2958	0.0190	get 0.0024% / 1h	50m 27s	$95K	$441K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.237%Rate

Funding earned: $26.16
Price spread: +0.237% → 0.000%: $23.67
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $38.82
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 31 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 31 min ago	2.51 bp	14.3 bp −$14	29.8 bp −$298	doesn't fit	doesn't fit

Paradex: 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	−0.973%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0989% / S +0.0364%	1h	0.2952	+0.048%	$13K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2951	+0.026%	$281K	$177K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0190%	1h	0.2952	+0.030%	$56K	$14K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2954	+0.111%	$599K	$623K	20x	as long as short
01 Exchange JUPUSD	−0.0096%	1h	0.2950	−0.028%	$26K	$19K	5x	as long as short
Bybit JUPUSDT	−0.0040%	4h	0.2949	−0.051%	$16.1M	$23.9M	50x	as long as short
Gate JUP_USDT	−0.0030%	4h	0.2950	−0.024%	$734K	$1.9M	75x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2953	+0.063%	$17K	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2947	−0.124%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERPlong	+0.0065%	8h	0.2951	long leg	$9K	$15K	10x
Variational Omni JUP	+0.0074%	4h	0.2956	+0.187%	$721K	$1.1M	—	as long as short
dYdX JUP-USD	+0.0079%	1h	0.2953	+0.067%	$39K	$35K	5x	as long as short
Lighter JUP	+0.0096%	1h	0.2954	+0.094%	$805K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2948	−0.075%	$610K	$672K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2953	+0.071%	$18.9M	$13.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2954	+0.113%	$106K	$367K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2950	−0.017%	$16.3M	$56.0M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2948	−0.092%	$4.0M	$16.6M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2952	+0.043%	$57K	$3K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2952	+0.043%	$8.0M	$7.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2954	+0.111%	$4.3M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2949	−0.058%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2950	−0.024%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2951	+0.006%	$977K	$263K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2967	+0.537%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2955	+0.145%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2953	+0.071%	$93K	$138K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2952	+0.043%	$31K	$51K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2952	+0.043%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2955	+0.145%	$2.9M	$4.1M	50x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2949	−0.057%	$2.2M	$540K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2949	−0.052%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0149%	4h	0.2955	+0.145%	$851K	$331K	50x	as long as short
Phoenix JUPshort	+0.0190%	1h	0.2958	+0.237%	$95K	$441K	10x
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2989	+1.314%	$74K	$94K	50x	as long as short