Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.009%

Price spread now: Binance against Phoenix+0.451%65s7-day average −0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as 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−$510.509% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$9 on $10k

Price spread, last 4 days (all we have)−1.519%−$152 · spread now +0.451%, 7d avg −0.117%

Together, before fees−1.604%−$160 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.568% dearer against Phoenix than usual: you sell high and buy low (spread +0.451% now, against its 7-day average of −0.117%): +$57 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 13 days. At the pace of the last 7 days (−0.085% in total) that is about 47 days. The two prices were read 65 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	0.2949	0.0244	pay 0.0031% / 1h	56m 18s	$98K	$304K	10x
Short	Binance JUPUSDT	0.2962	0.0100	get 0.0050% / 4h	56m 18s	$16.3M	$42.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.451%Rate

Funding earned: −$30.29
Price spread: +0.451% → −0.117%: $56.82
Slippage, 4 orders: −$33.94
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$24.41
Costs to cover: 0.509%
Break-even: from the start

Slippage from Phoenix: live order book, 65 min ago; Binance: live order book, 16 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, 65 min ago	2.54 bp	14.3 bp −$14	29.1 bp −$291	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	1.68 bp	11.2 bp −$11	26.8 bp −$268	142.0 bp −$14.2K	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	−0.4661%	1h	0.2910	−1.312%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2963	+0.501%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2959	+0.356%	$282K	$147K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2960	+0.400%	$39K	$26K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2966	+0.573%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2964	+0.513%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2963	+0.486%	—	—	20x	as long as short
Kraken Futures PF_JUPUSD	+0.0095%	1h	0.2965	+0.559%	$593K	$489K	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2960	+0.400%	$783K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2961	+0.423%	$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	0.2963	+0.502%	$598K	$502K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2965	+0.546%	$18.8M	$9.6M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2959	+0.355%	$114K	$289K	10x	as long as short
Binance JUPUSDTshort	+0.0100%	4h	0.2962	+0.451%	$16.3M	$42.4M	75x
Bybit JUPUSDT	+0.0100%	4h	0.2961	+0.417%	$15.9M	$18.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2963	+0.485%	$4.0M	$12.2M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2953	+0.146%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2957	+0.281%	$734K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2963	+0.485%	$7.4M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2961	+0.417%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2964	+0.519%	$5.8M	$5.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2960	+0.383%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2957	+0.288%	$981K	$249K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2948	−0.027%	$720K	$693K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2950	+0.031%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2953	+0.146%	$157K	$266K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2965	+0.546%	$94K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2964	+0.519%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2954	+0.180%	$111K	$49K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2966	+0.587%	$2.9M	$3.3M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2966	+0.572%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0168%	1h	0.2964	+0.532%	$26K	$19K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2962	+0.444%	$75K	$50K	50x	as long as short
Phoenix JUPlong	+0.0244%	1h	0.2949	long leg	$98K	$304K	10x
BloFin JUP-USDT	+0.0340%	4h	0.2953	+0.146%	$846K	$384K	50x	as long as short
Extended JUP-USD	+0.0432%	1h	0.2964	+0.505%	$2.2M	$502K	25x	as long as short