Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.006%

Price spread now: Variational Omni against Phemex−0.237%7-day average −0.175% · you buy dearer than you sell

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.016%−$2 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.237%, 7d avg −0.175%

Together, before fees−0.030%+ Points / potential airdropVariational Omni: Active · farm board−$3 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: Variational Omni is 0.063% 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 −0.175%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2958	0.0100	pay 0.0050% / 4h	3h 32m	$2.9M	$3.1M	50x
Short	Variational Omni JUP	0.2951	0.0100	get 0.0050% / 4h	3h 32m	$721K	$625K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.237%Rate

Funding earned: $0
Price spread: −0.237% → −0.175%: −$6.26
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$18.26
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Variational Omni: RFQ quote, 36 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, 6 min ago	6.75 bp	22.4 bp −$22	75.9 bp −$759	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 36 min ago	8.46 bp	doesn't fit	32.1 bp −$321	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	−1.352%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2956	−0.082%	$16K	—	100x	as long as short
Pacifica JUP	−0.0183%	1h	0.2957	−0.032%	$282K	$146K	10x	as long as short
Backpack JUP_USDC_PERP	−0.0005%	1h	0.2958	−0.017%	$977K	$187K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2957	−0.021%	$39K	$21K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2957	−0.041%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2955	−0.095%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2954	−0.119%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2960	+0.081%	$780K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2954	−0.143%	$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	0.2954	−0.118%	$598K	$488K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2960	+0.085%	$18.6M	$9.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2958	+0.004%	$110K	$286K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2958	−0.001%	$16.2M	$39.9M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2955	−0.101%	$15.9M	$17.7M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2956	−0.068%	$4.0M	$11.1M	50x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2954	−0.135%	$733K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2959	+0.034%	$7.3M	$6.2M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2957	−0.034%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2959	+0.034%	$5.8M	$5.4M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2956	−0.068%	—	$20.7M	—	as long as short
Variational Omni JUPshort	+0.0100%	4h	0.2951	−0.237%	$721K	$625K	—
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2957	−0.048%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2955	−0.101%	$163K	$254K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2958	−0.003%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2956	−0.068%	$30K	$41K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2946	−0.406%	$111K	$44K	20x	as long as short
Phemex JUPUSDTlong	+0.0100%	4h	0.2958	long leg	$2.9M	$3.1M	50x
Bulk JUP-USD	+0.0100%	1h	0.2954	−0.135%	$61K	−$0	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2954	−0.118%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0168%	1h	0.2957	−0.020%	$26K	$17K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0177%	1h	0.2959	+0.033%	$592K	$467K	20x	as long as short
Phoenix JUP	+0.0216%	1h	0.2955	−0.095%	$97K	$283K	10x	as long as short
Extended JUP-USD	+0.0232%	1h	0.2957	−0.046%	$2.2M	$498K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2961	+0.091%	$75K	$50K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2951	−0.237%	$833K	$375K	50x	as long as short