Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.048%

Price spread now: Deribit against Phemex−0.171%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.281%−$28 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.171% cheaper against Phemex than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2987	0.0100	pay 0.0050% / 4h	29m 48s	$2.9M	$3.9M	50x
Short	Deribit JUP_USDC-PERPETUAL	0.2982	0	get 0.0000% / 1h	29m 48s	$56K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$21
Price spread: −0.171% → 0.000%: −$17.07
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$57.07
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; Deribit: no order-book sample. 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 Phemex live order book, 4 min ago	1.67 bp	18.5 bp −$19	70.3 bp −$703	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.4371%	1h	0.2950	−1.239%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2982	−0.180%	$16K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0208%	1h	0.2982	−0.160%	$601K	$601K	20x	as long as short
Pacifica JUP	−0.0199%	1h	0.2980	−0.234%	$284K	$168K	10x	as long as short
Bybit JUPUSDT	−0.0029%	4h	0.2976	−0.368%	$16.2M	$22.7M	50x	as long as short
Deribit JUP_USDC-PERPETUALshort	0.0000%	1h	0.2982	−0.171%	$56K	$14K	10x
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2983	−0.134%	$17K	—	150x	as long as short
01 Exchange JUPUSD	+0.0032%	1h	0.2981	−0.204%	$26K	$19K	5x	as long as short
Gate JUP_USDT	+0.0048%	4h	0.2979	−0.268%	$746K	$1.8M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2978	−0.305%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX JUP-USD	+0.0071%	1h	0.2984	−0.099%	$39K	$34K	5x	as long as short
Paradex JUP-USD-PERP	+0.0086%	8h	0.2980	−0.223%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2983	−0.137%	$797K	$1.4M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2982	−0.167%	$31K	$48K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2978	−0.296%	$721K	$941K	—	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2978	−0.293%	$614K	$658K	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2983	−0.118%	$116K	$361K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2981	−0.201%	$16.4M	$53.5M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2978	−0.301%	$4.1M	$16.4M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2981	−0.198%	$58K	$2K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2979	−0.268%	$8.1M	$7.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2983	−0.134%	$4.2M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2980	−0.234%	$5.8M	$8.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2979	−0.268%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2980	−0.218%	$986K	$244K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2987	−0.002%	$1.7M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2987	0.000%	$159K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2984	−0.084%	$94K	$128K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2974	−0.435%	$112K	$66K	20x	as long as short
Phemex JUPUSDTlong	+0.0100%	4h	0.2987	long leg	$2.9M	$3.9M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2978	−0.293%	$41K	—	3x	as long as short
BloFin JUP-USDT	+0.0131%	4h	0.2980	−0.234%	$846K	$329K	50x	as long as short
Hyperliquid JUP	+0.0148%	1h	0.2984	−0.090%	$19.2M	$13.1M	10x	as long as short
Phoenix JUP	+0.0162%	1h	0.2989	+0.060%	$97K	$479K	10x	as long as short
Extended JUP-USD	+0.0256%	1h	0.2978	−0.311%	$2.2M	$507K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.3000	+0.449%	$75K	$93K	50x	as long as short