Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Hyperliquid against Phemex−0.088%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$630.632% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.088%, 7d avg −0.052%

Together, before fees−0.037%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 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: Hyperliquid is 0.037% cheaper against Phemex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.052%.

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	3h 08m	$2.9M	$3.0M	50x
Short	Hyperliquid JUP	0.2947	0.0100	get 0.0013% / 1h	8m 45s	$18.5M	$8.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.088%Rate

Funding earned: $0
Price spread: −0.088% → −0.052%: −$3.66
Slippage, 4 orders: −$42.25
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$66.91
Costs to cover: 0.632%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Hyperliquid: live order book, 4 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	6.74 bp	22.9 bp −$23	70.1 bp −$701	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.17 bp	10.2 bp −$10	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	−0.5000%	1h	0.2918	−1.085%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2945	−0.173%	$16K	—	100x	as long as short
Pacifica JUP	−0.0183%	1h	0.2947	−0.102%	$281K	$146K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2947	−0.086%	$38K	$21K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2945	−0.183%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2946	−0.140%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2942	−0.263%	—	—	20x	as long as short
Backpack JUP_USDC_PERP	+0.0068%	1h	0.2945	−0.169%	$975K	$186K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2949	−0.027%	$778K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2948	−0.057%	$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	0.2945	−0.169%	$594K	$488K	10x	as long as short
Hyperliquid JUPshort	+0.0100%	1h	0.2947	−0.088%	$18.5M	$8.9M	10x
Aster JUPUSDT	+0.0100%	4h	0.2947	−0.105%	$110K	$273K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2946	−0.136%	$16.1M	$39.5M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2944	−0.203%	$15.9M	$17.7M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2948	−0.068%	$4.1M	$11.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2955	+0.169%	$61K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2945	−0.169%	$730K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2947	−0.102%	$7.3M	$6.2M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2948	−0.068%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2948	−0.068%	$5.8M	$5.3M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2947	−0.102%	—	$20.7M	—	as long as short
Variational Omni JUP	+0.0100%	4h	0.2951	+0.032%	$721K	$624K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2959	+0.312%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2957	+0.237%	$163K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2950	−0.010%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2944	−0.203%	$30K	$41K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2938	−0.407%	$110K	$44K	20x	as long as short
Phemex JUPUSDTlong	+0.0100%	4h	0.2950	long leg	$2.9M	$3.0M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2942	−0.278%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0136%	1h	0.2946	−0.132%	$26K	$17K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0178%	1h	0.2946	−0.130%	$585K	$470K	20x	as long as short
Extended JUP-USD	+0.0216%	1h	0.2948	−0.068%	$2.2M	$504K	25x	as long as short
Phoenix JUP	+0.0216%	1h	0.2955	+0.169%	$98K	$283K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2968	+0.603%	$75K	$50K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2948	−0.068%	$830K	$377K	50x	as long as short