Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Polymarket Perps against Phemex−0.128%46s7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as 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−$760.757% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.310%−$31 on $10k

Price spread, last 3 days (all we have)−0.098%−$10 · spread now −0.128%, 7d avg −0.067%

Together, before fees−0.408%−$41 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: Polymarket Perps is 0.061% cheaper against Phemex than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.067%. The two prices were read 46 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	0.2967	0.0100	pay 0.0050% / 4h	2h 38m	$2.9M	$4.1M	50x
Short	Polymarket Perps JUP-USD	0.2963	0.0100	get 0.0013% / 1h	38m 21s	$94K	$137K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.128%Rate

Funding earned: $0
Price spread: −0.128% → −0.067%: −$6.13
Slippage, 4 orders: −$55.67
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$81.8
Costs to cover: 0.757%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Polymarket Perps: live order book, 48 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	3.37 bp	21.7 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 48 min ago	12.53 bp	16.5 bp −$17	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	0.2929	−1.281%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0751% / S +0.0259%	1h	0.2964	−0.113%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0326%	4h	0.2961	−0.202%	$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	0.0000%	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	−0.144%	$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	0.2961	−0.207%	$39K	$36K	5x	as long as short
01 Exchange JUPUSD	+0.0056%	1h	0.2962	−0.175%	$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	−0.289%	—	—	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	0.2959	−0.257%	$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	0.2963	−0.135%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2957	−0.345%	$597K	$667K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2963	−0.128%	$19.0M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2960	−0.228%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2959	−0.254%	$282K	$183K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2961	−0.202%	$16.4M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2961	−0.202%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2961	−0.202%	$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	0.2958	−0.303%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2960	−0.236%	—	$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-USDshort	+0.0100%	1h	0.2963	−0.128%	$94K	$137K	10x
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	0.2959	−0.284%	$40K	—	3x	as long as short
Extended JUP-USD	+0.0248%	1h	0.2961	−0.213%	$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