Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0062%/8h= +6.7% APRpaid last 24h +0.006%

Price spread now: Phoenix against Phemex−0.040%73s7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.674% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 3 days (all we have)−0.094%−$9 · spread now −0.040%, 7d avg −0.061%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.020% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.061%. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2990	0.0100	pay 0.0050% / 4h	31m 49s	$2.9M	$3.9M	50x
Short	Phoenix JUP	0.2989	0.0162	get 0.0020% / 1h	31m 49s	$97K	$479K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.040%Rate

Funding earned: $12.94
Price spread: −0.040% → −0.061%: $2.04
Slippage, 4 orders: −$48.4
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$52.42
Costs to cover: 0.674%
Break-even: 35.4 days

Slippage from Phemex: live order book, 2 min ago; Phoenix: live order book, 45 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	1.67 bp	18.5 bp −$19	70.3 bp −$703	doesn't fit	doesn't fit
Sell Phoenix live order book, 45 min ago	2.53 bp	14.4 bp −$14	29.6 bp −$296	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	−0.4371%	1h	0.2950	−1.338%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2985	−0.152%	$16K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0208%	1h	0.2987	−0.084%	$602K	$601K	20x	as long as short
Pacifica JUP	−0.0199%	1h	0.2984	−0.215%	$284K	$168K	10x	as long as short
Bybit JUPUSDT	−0.0005%	4h	0.2980	−0.334%	$16.3M	$22.7M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2986	−0.147%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2986	−0.117%	$17K	—	150x	as long as short
01 Exchange JUPUSD	+0.0048%	1h	0.2985	−0.154%	$26K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2983	−0.246%	—	—	20x	as long as short
Gate JUP_USDT	+0.0058%	4h	0.2982	−0.268%	$747K	$1.8M	75x	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	+0.0074%	1h	0.2987	−0.113%	$39K	$34K	5x	as long as short
Paradex JUP-USD-PERP	+0.0085%	8h	0.2983	−0.222%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2987	−0.114%	$798K	$1.4M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2986	−0.134%	$31K	$48K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2983	−0.242%	$615K	$658K	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2986	−0.124%	$116K	$363K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2983	−0.234%	$16.4M	$53.6M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2980	−0.334%	$4.1M	$16.4M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2985	−0.167%	$58K	$2K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2983	−0.234%	$8.2M	$7.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2986	−0.134%	$4.3M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2986	−0.134%	$5.8M	$8.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2982	−0.268%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2985	−0.177%	$988K	$244K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2984	−0.212%	$722K	$1.0M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2989	−0.033%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2988	−0.067%	$159K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2989	−0.047%	$94K	$128K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2977	−0.435%	$112K	$66K	20x	as long as short
Phemex JUPUSDTlong	+0.0100%	4h	0.2990	long leg	$2.9M	$3.9M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2982	−0.272%	$41K	—	3x	as long as short
BloFin JUP-USDT	+0.0139%	4h	0.2987	−0.100%	$851K	$329K	50x	as long as short
Hyperliquid JUP	+0.0158%	1h	0.2988	−0.080%	$19.2M	$13.1M	10x	as long as short
Phoenix JUPshort	+0.0162%	1h	0.2989	−0.040%	$97K	$479K	10x
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.3000	+0.348%	$75K	$93K	50x	as long as short
Extended JUP-USD	+0.0264%	1h	0.2981	−0.301%	$2.2M	$507K	25x	as long as short