Funding arb · Price arb /

JUP

all JUP markets

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 −0.010%

Price spread now: Bybit against Phemex−0.136%7-day average −0.195% · 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−$70as in the Price arb table

costs, in and out, $10k−$760.761% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.128%−$13 · spread now −0.136%, 7d avg −0.195%

Together, before fees−0.201%−$20 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: Bybit is 0.060% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.195%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2950	0.0100	pay 0.0050% / 4h	30m 58s	$2.9M	$3.2M	50x
Short	Bybit JUPUSDT	0.2946	0.0100	get 0.0050% / 4h	30m 58s	$15.8M	$18.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.136%Rate

Funding earned: $0
Price spread: −0.136% → −0.195%: $5.98
Slippage, 4 orders: −$53.12
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$70.14
Costs to cover: 0.761%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	5.08 bp	23.1 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	3.40 bp	15.3 bp −$15	43.0 bp −$430	268.0 bp −$26.8K	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	−0.4661%	1h	0.2907	−1.458%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2945	−0.175%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2961	+0.361%	$282K	$147K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2945	−0.163%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2945	−0.178%	—	—	150x	as long as short
dYdX JUP-USD	+0.0016%	1h	0.2960	+0.355%	$39K	$25K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2944	−0.220%	—	—	20x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2946	−0.126%	$590K	$487K	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2948	−0.085%	$778K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2962	+0.392%	$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	0.2943	−0.220%	$592K	$497K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2949	−0.034%	$18.6M	$9.5M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2948	−0.057%	$109K	$289K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2948	−0.084%	$16.3M	$41.7M	75x	as long as short
Bybit JUPUSDTshort	+0.0100%	4h	0.2946	−0.136%	$15.8M	$18.5M	50x
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2950	0.000%	$4.0M	$11.8M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2936	−0.475%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2946	−0.136%	$730K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2948	−0.068%	$7.3M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2946	−0.136%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2949	−0.034%	$5.8M	$5.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2949	−0.034%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2946	−0.142%	$977K	$237K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2941	−0.306%	$718K	$643K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2938	−0.400%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2944	−0.203%	$156K	$253K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2945	−0.156%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2945	−0.169%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2945	−0.169%	$111K	$47K	20x	as long as short
Phemex JUPUSDTlong	+0.0100%	4h	0.2950	long leg	$2.9M	$3.2M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2944	−0.186%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0160%	1h	0.2946	−0.122%	$26K	$17K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2954	+0.142%	$75K	$50K	50x	as long as short
Phoenix JUP	+0.0271%	1h	0.2959	+0.288%	$97K	$304K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2945	−0.169%	$837K	$383K	50x	as long as short
Extended JUP-USD	+0.0456%	1h	0.2949	−0.043%	$2.2M	$502K	25x	as long as short