Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.5100%/8h= −558.5% APRpaid last 24h −0.436%

Price spread now: Injective against Phemex−1.281%7-day average −2.296% · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.283%−$228 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −1.281%, 7d avg −2.296%

Together, before fees−2.233%−$223 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.016% dearer against Phemex than usual: you sell high and buy low (spread −1.281% now, against its 7-day average of −2.296%): +$102 on $10k if it goes back. Holding the pair costs −$153 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−2.283% in total) that is about 3.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.283% in total (about -119.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2967	0.0100	pay 0.0050% / 4h	2h 38m	$2.9M	$4.1M	50x
Short	Injective JUP/USDC PERP	0.2929	−0.5000	pay 0.0625% / 1h	38m 58s	$3K	$154K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −1.281%Rate

Funding earned: −$1,071
Price spread: −1.281% → −2.296%: $101.56
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$981.46
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 5 min ago; Injective: live order book, 49 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 Phemex live order book, 5 min ago	3.37 bp	21.7 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 49 min ago	107.17 bp	doesn't fit	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 PERPshort	−0.5000%	1h	0.2929	−1.281%	$3K	$154K	5.5x
GMX JUP/USD [WBTC.b-USDC]	L −0.0751% / S +0.0259%	1h	0.2961	−0.209%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0344%	4h	0.2956	−0.371%	$16.2M	$24.2M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0256%	1h	0.2960	−0.233%	$56K	$14K	10x	as long as short
Gate JUP_USDT	−0.0002%	4h	0.2960	−0.236%	$738K	$1.9M	75x	as long as short
Phoenix JUP	0.0000%	1h	0.2971	+0.148%	$94K	$447K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2963	−0.145%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2960	−0.240%	$601K	$623K	20x	as long as short
dYdX JUP-USD	+0.0013%	1h	0.2970	+0.098%	$39K	$36K	5x	as long as short
01 Exchange JUPUSD	+0.0056%	1h	0.2962	−0.155%	$26K	$19K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya JUPRUSDPERP	+0.0057%	1h	0.2958	−0.308%	—	—	20x	as long as short
Backpack JUP_USDC_PERP	+0.0067%	1h	0.2959	−0.266%	$981K	$268K	10x	as long as short
BloFin JUP-USDT	+0.0085%	4h	0.2962	−0.169%	$863K	$328K	50x	as long as short
Variational Omni JUP	+0.0089%	4h	0.2965	−0.067%	$725K	$1.2M	—	as long as short
Paradex JUP-USD-PERP	+0.0090%	8h	0.2966	−0.023%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2962	−0.165%	$891K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2962	−0.169%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2960	−0.236%	$597K	$668K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2963	−0.142%	$19.0M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2962	−0.158%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2967	−0.010%	$283K	$183K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2958	−0.303%	$16.4M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2957	−0.337%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2958	−0.303%	$8.0M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2962	−0.169%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2955	−0.404%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2958	−0.303%	—	$21.6M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2970	+0.090%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2966	−0.034%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2964	−0.108%	$94K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2960	−0.236%	$111K	$69K	20x	as long as short
Phemex JUPUSDTlong	+0.0100%	4h	0.2967	long leg	$2.9M	$4.1M	50x
Bulk JUP-USD	+0.0100%	1h	0.2965	−0.051%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2957	−0.342%	$40K	—	3x	as long as short
Extended JUP-USD	+0.0248%	1h	0.2956	−0.365%	$2.2M	$539K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.698%	$74K	$95K	50x	as long as short