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: BingX against Phoenix+0.075%7-day average −0.139% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−1.125%−$113 · spread now +0.075%, 7d avg −0.139%

Together, before fees−1.159%−$116 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.214% dearer against Phoenix than usual: you sell high and buy low (spread +0.075% now, against its 7-day average of −0.139%): +$21 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 7 days (−0.033% in total) that is about 45 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2937	0.0244	pay 0.0031% / 1h	45m 34s	$97K	$329K	10x
Short	BingX JUP-USDT	0.2939	0.0100	get 0.0050% / 4h	1h 45m	—	$20.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.075%Rate

Funding earned: −$30.29
Price spread: +0.075% → −0.139%: $21.38
Slippage, 4 orders: −$28.31
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$54.22
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from Phoenix: live order book, 16 min ago; BingX: live order book, 8 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, 16 min ago	2.54 bp	14.3 bp −$14	29.1 bp −$291	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	3.39 bp	8.4 bp −$8	11.5 bp −$115	21.8 bp −$2,184	53.8 bp −$26.9K

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	0.2904	−1.117%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2936	−0.022%	$16K	—	100x	as long as short
Pacifica JUP	−0.0224%	1h	0.2935	−0.069%	$280K	$147K	10x	as long as short
Backpack JUP_USDC_PERP	−0.0106%	1h	0.2935	−0.075%	$974K	$231K	10x	as long as short
Bybit JUPUSDT	−0.0021%	4h	0.2937	+0.007%	$15.7M	$19.3M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2937	+0.014%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2936	−0.032%	—	—	150x	as long as short
OKX JUP-USDT-SWAP	+0.0012%	4h	0.2939	+0.075%	$4.0M	$12.5M	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2939	+0.075%	—	—	20x	as long as short
dYdX JUP-USD	+0.0069%	1h	0.2934	−0.080%	$38K	$27K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni JUP	+0.0076%	4h	0.2933	−0.113%	$715K	$698K	—	as long as short
Paradex JUP-USD-PERP	+0.0096%	8h	0.2937	+0.021%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2938	+0.054%	$777K	$1.1M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2939	+0.066%	$594K	$509K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2943	+0.201%	$18.7M	$10.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2935	−0.062%	$113K	$299K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2939	+0.075%	$16.2M	$43.5M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2939	+0.062%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2934	−0.095%	$728K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2939	+0.075%	$7.4M	$6.5M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2939	+0.075%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2939	+0.075%	$5.7M	$6.1M	75x	as long as short
BingX JUP-USDTshort	+0.0100%	4h	0.2939	+0.075%	—	$20.8M	—
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2934	−0.094%	$1.6M	$3.7M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2936	−0.027%	$156K	$275K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2943	+0.218%	$93K	$107K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2937	+0.007%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2929	−0.266%	$111K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2938	+0.041%	$2.9M	$3.4M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2936	−0.026%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0160%	1h	0.2942	+0.174%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0202%	1h	0.2936	−0.037%	$586K	$497K	20x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2934	−0.092%	$74K	$49K	50x	as long as short
Phoenix JUPlong	+0.0244%	1h	0.2937	long leg	$97K	$329K	10x
BloFin JUP-USDT	+0.0340%	4h	0.2931	−0.197%	—	$355K	50x	as long as short
Extended JUP-USD	+0.0368%	1h	0.2938	+0.049%	$2.2M	$490K	25x	as long as short