Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0170%/8h= −18.6% APRpaid last 24h −0.035%

Price spread now: Gate against Phoenix−0.051%62s7-day average −0.159% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as 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−$810.814% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 3 days (all we have)−0.554%−$55 · spread now −0.051%, 7d avg −0.159%

Together, before fees−0.664%−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.108% dearer against Phoenix than usual: you sell high and buy low (spread −0.051% now, against its 7-day average of −0.159%): +$11 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.109% in total) that is about 6.9 days. The two prices were read 62 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	0.2962	0.0190	pay 0.0024% / 1h	2m 25s	$95K	$441K	10x
Short	Gate JUP_USDT	0.2960	0.0020	get 0.0010% / 4h	1h 02m	$746K	$1.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phoenix. 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 PhoenixbpFee GatebpOrdersPrice spread, now −0.051%Rate

Funding earned: −$35.6
Price spread: −0.051% → −0.159%: $10.82
Slippage, 4 orders: −$59.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$106.15
Costs to cover: 0.814%
Break-even: never at this rate

Slippage from Phoenix: live order book, 14 min ago; Gate: live order book, 5 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, 14 min ago	2.53 bp	14.4 bp −$14	29.0 bp −$290	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	3.38 bp	30.4 bp −$30	100.8 bp −$1,008	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	−0.3508%	1h	0.2923	−1.300%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0398% / S +0.0663%	1h	0.2964	+0.087%	$15K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2962	+0.023%	$282K	$169K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0175%	1h	0.2963	+0.050%	$601K	$618K	20x	as long as short
01 Exchange JUPUSD	−0.0016%	1h	0.2964	+0.091%	$26K	$19K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2960	−0.051%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2964	+0.099%	$17K	—	150x	as long as short
Gate JUP_USDTshort	+0.0020%	4h	0.2960	−0.051%	$746K	$1.9M	75x
Reya JUPRUSDPERP	+0.0057%	1h	0.2961	−0.030%	—	—	20x	as long as short
Bybit JUPUSDT	+0.0063%	4h	0.2960	−0.037%	$16.2M	$23.1M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERP	+0.0077%	8h	0.2961	−0.007%	$9K	$13K	10x	as long as short
Backpack JUP_USDC_PERP	+0.0082%	1h	0.2961	−0.003%	$980K	$254K	10x	as long as short
BloFin JUP-USDT	+0.0088%	4h	0.2958	−0.118%	$842K	$327K	50x	as long as short
Lighter JUP	+0.0096%	1h	0.2965	+0.115%	$795K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2960	−0.034%	$612K	$669K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2968	+0.226%	$19.1M	$13.3M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2964	+0.076%	$107K	$359K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2962	+0.018%	$16.3M	$54.1M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2959	−0.084%	$4.0M	$16.5M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2953	−0.287%	$57K	$2K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2963	+0.051%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2965	+0.118%	$4.3M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2961	−0.017%	$5.7M	$8.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2962	+0.017%	—	$20.9M	—	as long as short
Variational Omni JUP	+0.0100%	4h	0.2956	−0.182%	$714K	$1.0M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2962	+0.007%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2958	−0.118%	$157K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2968	+0.219%	$93K	$130K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2961	−0.017%	$31K	$49K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2958	−0.118%	$111K	$67K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2968	+0.219%	$2.9M	$4.0M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2960	−0.051%	$40K	—	3x	as long as short
dYdX JUP-USD	+0.0122%	1h	0.2965	+0.104%	$39K	$35K	5x	as long as short
Phoenix JUPlong	+0.0190%	1h	0.2962	long leg	$95K	$441K	10x
Extended JUP-USD	+0.0200%	1h	0.2960	−0.053%	$2.2M	$505K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2964	+0.084%	$74K	$94K	50x	as long as short