Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.016%

Price spread now: Aster against Phoenix+0.196%115s7-day average −0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$620.620% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.069%−$7 on $10k

Price spread, last 3 days (all we have)−0.929%−$93 · spread now +0.196%, 7d avg −0.103%

Together, before fees−0.998%+ Points / potential airdropAster: Stage 5 · farm board−$100 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Aster is 0.299% dearer against Phoenix than usual: you sell high and buy low: +$30 more if the spread goes back to its 7-day average of −0.103%. Mind the row above: over the last 5 days funding on this pair cost −0.069%, so the current rate has only just turned in your favour. The two prices were read 115 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	Phoenix JUP	0.2964	0	get 0.0000% / 1h	41m 40s	$94K	$447K	10x
Short	Aster JUPUSDT	0.2970	0.0100	get 0.0050% / 4h	2h 41m	$107K	$366K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +0.196%Rate

Funding earned: $21
Price spread: +0.196% → −0.103%: $29.92
Slippage, 4 orders: −$46.97
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$11.04
Costs to cover: 0.620%
Break-even: 10.7 days

Slippage from Phoenix: live order book, 45 min ago; Aster: 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 Phoenix live order book, 45 min ago	2.51 bp	14.3 bp −$14	28.9 bp −$289	doesn't fit	doesn't fit
Sell Aster live order book, 45 min ago	1.67 bp	16.3 bp −$16	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	−1.174%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0745% / S +0.0257%	1h	0.2966	+0.072%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0365%	4h	0.2965	+0.040%	$16.3M	$24.1M	50x	as long as short
Gate JUP_USDT	−0.0018%	4h	0.2966	+0.074%	$740K	$1.9M	75x	as long as short
Phoenix JUPlong	0.0000%	1h	0.2964	long leg	$94K	$447K	10x
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2966	+0.071%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2967	+0.100%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2966	+0.067%	$602K	$623K	20x	as long as short
dYdX JUP-USD	+0.0015%	1h	0.2970	+0.206%	$39K	$36K	5x	as long as short
Backpack JUP_USDC_PERP	+0.0025%	1h	0.2964	+0.017%	$983K	$268K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin JUP-USDT	+0.0047%	4h	0.2960	−0.128%	$866K	$330K	50x	as long as short
01 Exchange JUPUSD	+0.0056%	1h	0.2969	+0.165%	$26K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2963	−0.030%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0090%	8h	0.2967	+0.112%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2971	+0.243%	$895K	$1.3M	10x	as long as short
Variational Omni JUP	+0.0098%	4h	0.2958	−0.195%	$724K	$1.2M	—	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2966	+0.074%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2962	−0.044%	$598K	$668K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2971	+0.233%	$19.0M	$14.1M	10x	as long as short
Aster JUPUSDTshort	+0.0100%	4h	0.2970	+0.196%	$107K	$366K	10x
Pacifica JUP	+0.0100%	1h	0.2968	+0.128%	$283K	$185K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2967	+0.108%	$16.5M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2966	+0.074%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2966	+0.074%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2970	+0.209%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2967	+0.108%	$5.7M	$8.6M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2967	+0.108%	—	$21.6M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2961	−0.094%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2961	−0.094%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2969	+0.172%	$94K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2958	−0.196%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2968	+0.142%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2965	+0.057%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2963	−0.044%	$40K	—	3x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.806%	$74K	$95K	50x	as long as short
Extended JUP-USD	+0.0256%	1h	0.2965	+0.051%	$2.2M	$539K	25x	as long as short