Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h +0.071%

Price spread now: Kraken Futures against Phemex−0.167%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$850.845% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.612%+$61 on $10k

Price spread, last 3 days (all we have)+0.205%+$21 · spread now −0.167%, 7d avg −0.057%

Together, before fees+0.817%+$82 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kraken Futures is 0.110% cheaper against Phemex than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.057%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.612%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2970	0.0100	pay 0.0050% / 4h	2h 32m	$2.9M	$4.1M	50x
Short	Kraken Futures PF_JUPUSD	0.2965	0.0009	get 0.0001% / 1h	32m 05s	$601K	$624K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.167%Rate

Funding earned: −$19.19
Price spread: −0.167% → −0.057%: −$11.01
Slippage, 4 orders: −$62.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$114.75
Costs to cover: 0.845%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: live order book, 56 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, 2 min ago	3.37 bp	20.5 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 56 min ago	6.68 bp	22.3 bp −$22	79.5 bp −$795	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	0.2930	−1.347%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0810% / S +0.0278%	1h	0.2964	−0.193%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0246%	4h	0.2960	−0.320%	$16.2M	$24.2M	50x	as long as short
Phoenix JUP	0.0000%	1h	0.2970	−0.013%	$94K	$447K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2965	−0.172%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2965	−0.163%	$17K	—	150x	as long as short
Gate JUP_USDT	+0.0006%	4h	0.2963	−0.236%	$739K	$1.9M	75x	as long as short
Kraken Futures PF_JUPUSDshort	+0.0009%	1h	0.2965	−0.167%	$601K	$624K	20x
dYdX JUP-USD	+0.0040%	1h	0.2963	−0.240%	$39K	$36K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2961	−0.315%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange JUPUSD	+0.0064%	1h	0.2963	−0.249%	$26K	$19K	5x	as long as short
Variational Omni JUP	+0.0090%	4h	0.2959	−0.357%	$724K	$1.2M	—	as long as short
Paradex JUP-USD-PERP	+0.0091%	8h	0.2962	−0.262%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2966	−0.128%	$878K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2964	−0.202%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2961	−0.311%	$597K	$670K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2967	−0.101%	$19.0M	$14.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2963	−0.226%	$107K	$367K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2962	−0.286%	$282K	$183K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2963	−0.240%	$16.4M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2962	−0.269%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2962	−0.269%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2965	−0.168%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2962	−0.269%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2963	−0.236%	—	$21.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2964	−0.192%	$983K	$267K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2966	−0.143%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2965	−0.168%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2966	−0.148%	$93K	$138K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2956	−0.471%	$111K	$69K	20x	as long as short
Phemex JUPUSDTlong	+0.0100%	4h	0.2970	long leg	$2.9M	$4.1M	50x
Bulk JUP-USD	+0.0100%	1h	0.2965	−0.152%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2961	−0.289%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0123%	4h	0.2961	−0.303%	$860K	$328K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.596%	$74K	$95K	50x	as long as short
Extended JUP-USD	+0.0264%	1h	0.2962	−0.280%	$2.2M	$539K	25x	as long as short