Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.016%

Price spread now: Backpack against Phemex−0.030%7-day average −0.131% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$830.832% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.455%−$46 · spread now −0.030%, 7d avg −0.131%

Together, before fees−0.450%−$45 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.101% dearer against Phemex than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.131%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.3011	0.0100	pay 0.0050% / 4h	3h 29m	$2.9M	$4.1M	50x
Short	Backpack JUP_USDC_PERP	0.3010	0.0100	get 0.0013% / 1h	29m 41s	$993K	$271K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → −0.131%: $10.09
Slippage, 4 orders: −$61.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$73.11
Costs to cover: 0.832%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, 20 min ago.

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 Phemex live order book, 5 min ago	8.31 bp	40.2 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 20 min ago	0.67 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit

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	−0.4049%	1h	0.3006	−0.166%	$3K	$110K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0608% / S +0.0214%	1h	0.3008	−0.108%	$13K	—	100x	as long as short
Gate JUP_USDT	−0.0118%	4h	0.3005	−0.199%	$754K	$2.0M	75x	as long as short
Phoenix JUP	0.0000%	1h	0.3003	−0.272%	$45K	$396K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.3009	−0.056%	$58K	$13K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.3008	−0.104%	$17K	—	150x	as long as short
dYdX JUP-USD	+0.0046%	1h	0.3011	0.000%	$39K	$41K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.3004	−0.229%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0094%	8h	0.3006	−0.174%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.3009	−0.056%	$935K	$1.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_JUP_USDC	+0.0099%	4h	0.3009	−0.066%	$31K	$52K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.3005	−0.199%	$602K	$667K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.3014	+0.086%	$19.3M	$14.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.3009	−0.057%	$109K	$368K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.3006	−0.160%	$288K	$165K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.3008	−0.097%	$16.7M	$56.6M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.3003	−0.262%	$16.9M	$23.7M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.3003	−0.266%	$4.1M	$16.9M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.3010	−0.033%	$8.3M	$8.0M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.3009	−0.066%	$4.2M	$7.3M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.3007	−0.133%	$5.8M	$8.8M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.3007	−0.133%	—	$21.6M	—	as long as short
Backpack JUP_USDC_PERPshort	+0.0100%	1h	0.3010	−0.030%	$993K	$271K	10x
Variational Omni JUP	+0.0100%	4h	0.2997	−0.466%	$736K	$1.2M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.3001	−0.332%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2997	−0.465%	$159K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.3011	+0.013%	$95K	$141K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2999	−0.399%	$113K	$69K	20x	as long as short
Phemex JUPUSDTlong	+0.0100%	4h	0.3011	long leg	$2.9M	$4.1M	50x
Bulk JUP-USD	+0.0100%	1h	0.3003	−0.279%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.3011	+0.003%	$41K	—	3x	as long as short
BloFin JUP-USDT	+0.0124%	4h	0.3003	−0.266%	$869K	$277K	50x	as long as short
01 Exchange JUPUSD	+0.0160%	1h	0.3010	−0.020%	$27K	$19K	5x	as long as short
Extended JUP-USD	+0.0200%	1h	0.3007	−0.143%	$2.2M	$542K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.3009	−0.056%	$75K	$95K	50x	as long as short
Kraken Futures PF_JUPUSD	+0.0283%	1h	0.3009	−0.066%	$608K	$623K	20x	as long as short