Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.012%

Price spread now: GRVT against Phoenix−0.055%7-day average −0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$590.589% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 4 days (all we have)−0.165%−$16 · spread now −0.055%, 7d avg −0.101%

Together, before fees−0.188%+ Points / potential airdropGRVT: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.045% dearer against Phoenix than usual: you sell high and buy low (spread −0.055% now, against its 7-day average of −0.101%): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−0.023% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2921	0.0271	pay 0.0034% / 1h	32m 00s	$99K	$280K	10x
Short	GRVT JUP_USDT_Perp	0.2919	0.0100	get 0.0050% / 4h	2h 32m	$1.6M	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$35.92
Price spread: −0.055% → −0.101%: $4.54
Slippage, 4 orders: −$42.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$90.29
Costs to cover: 0.589%
Break-even: never at this rate

Slippage from Phoenix: live order book, 14 min ago; GRVT: live order book, 2 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	2.54 bp	14.3 bp −$14	29.0 bp −$290	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	1.72 bp	12.2 bp −$12	30.9 bp −$309	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	−0.4499%	1h	0.2910	−0.373%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2909	−0.420%	$16K	—	100x	as long as short
Pacifica JUP	−0.0230%	1h	0.2911	−0.347%	$277K	$145K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2908	−0.438%	$52K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2910	−0.381%	—	—	150x	as long as short
dYdX JUP-USD	+0.0015%	1h	0.2910	−0.388%	$38K	$20K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2909	−0.423%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2910	−0.377%	$767K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2911	−0.350%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2912	−0.313%	$577K	$492K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.2909	−0.390%	$18.3M	$8.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2908	−0.434%	$107K	$270K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2906	−0.495%	$15.9M	$39.3M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2904	−0.579%	$15.6M	$17.8M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2906	−0.510%	$4.0M	$10.7M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2909	−0.392%	$61K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2907	−0.476%	$714K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2907	−0.476%	$6.9M	$6.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2907	−0.476%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2906	−0.510%	$5.7M	$5.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2907	−0.476%	—	$20.6M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2908	−0.435%	$961K	$189K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2917	−0.132%	$712K	$625K	—	as long as short
GRVT JUP_USDT_Perpshort	+0.0100%	4h	0.2919	−0.055%	$1.6M	$4.0M	10x
ApeX Omni JUPUSDT	+0.0100%	1h	0.2923	+0.072%	$161K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2913	−0.257%	$92K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2910	−0.373%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2901	−0.681%	$109K	$44K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2905	−0.543%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0128%	1h	0.2912	−0.298%	$26K	$10K	5x	as long as short
Phemex JUPUSDT	+0.0157%	4h	0.2910	−0.373%	$2.8M	$3.0M	50x	as long as short
Extended JUP-USD	+0.0176%	1h	0.2905	−0.546%	$2.2M	$524K	25x	as long as short
Kraken Futures PF_JUPUSD	+0.0260%	1h	0.2909	−0.422%	$577K	$460K	20x	as long as short
Phoenix JUPlong	+0.0271%	1h	0.2921	long leg	$99K	$280K	10x
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2968	+1.606%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2907	−0.476%	$826K	$375K	50x	as long as short