Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0062%/8h= −6.7% APRpaid last 24h −0.010%

Price spread now: HTX against Phoenix−0.054%7-day average −0.318% · you buy dearer than you sell

Net, funding: paid 7d − costs−$267as in the Funding arb table

Net, price: spread back to 7d avg − costs−$239as in the Price arb table

costs, in and out, $10k−$2662.656% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$2 on $10k

Price spread, last 3 days (all we have)−0.159%−$16 · spread now −0.054%, 7d avg −0.318%

Together, before fees−0.174%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.264% dearer against Phoenix than usual: you sell high and buy low (spread −0.054% now, against its 7-day average of −0.318%): +$26 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 14 days. At the pace of the last 7 days (−0.015% in total) that is about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2974	0.0162	pay 0.0020% / 1h	7m 11s	$97K	$479K	10x
Short	HTX JUP-USDT	0.2972	0.0100	get 0.0050% / 4h	7m 11s	$112K	$62K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$12.94
Price spread: −0.054% → −0.318%: $26.39
Slippage, 4 orders: −$246.61
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$252.16
Costs to cover: 2.656%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; HTX: live order book, 4 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, 5 min ago	2.52 bp	14.4 bp −$14	28.7 bp −$287	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	18.55 bp	112.8 bp −$113	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	−0.4371%	1h	0.2938	−1.197%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2971	−0.089%	$16K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0209%	1h	0.2971	−0.077%	$599K	$591K	20x	as long as short
Pacifica JUP	−0.0199%	1h	0.2974	−0.003%	$283K	$165K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0187%	1h	0.2971	−0.091%	$56K	$14K	10x	as long as short
Bybit JUPUSDT	−0.0056%	4h	0.2969	−0.168%	$16.2M	$22.1M	50x	as long as short
01 Exchange JUPUSD	−0.0040%	1h	0.2973	−0.030%	$26K	$19K	5x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2971	−0.072%	$17K	—	150x	as long as short
Variational Omni JUP	+0.0044%	4h	0.2964	−0.337%	$718K	$777K	—	as long as short
OKX JUP-USDT-SWAP	+0.0053%	4h	0.2968	−0.188%	$4.0M	$16.1M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate JUP_USDT	+0.0056%	4h	0.2972	−0.054%	$741K	$1.8M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2969	−0.169%	—	—	20x	as long as short
dYdX JUP-USD	+0.0067%	1h	0.2976	+0.067%	$39K	$32K	5x	as long as short
Paradex JUP-USD-PERP	+0.0083%	8h	0.2973	−0.013%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2973	−0.034%	$795K	$1.4M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2971	−0.087%	$31K	$48K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2967	−0.205%	$616K	$647K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2975	+0.054%	$19.1M	$13.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2973	−0.013%	$115K	$357K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2970	−0.121%	$16.3M	$51.9M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2972	−0.054%	$62K	$9K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2971	−0.087%	$8.1M	$7.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2974	+0.013%	$4.2M	$6.9M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2973	−0.020%	$5.8M	$7.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2970	−0.121%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2977	+0.104%	$985K	$234K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2974	+0.013%	$1.6M	$3.7M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2973	−0.020%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2977	+0.104%	$94K	$119K	10x	as long as short
HTX JUP-USDTshort	+0.0100%	4h	0.2972	−0.054%	$112K	$62K	20x
Phemex JUPUSDT	+0.0100%	4h	0.2976	+0.081%	$2.9M	$3.9M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2970	−0.121%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0134%	4h	0.2971	−0.087%	$637K	$304K	50x	as long as short
Extended JUP-USD	+0.0136%	1h	0.2968	−0.183%	$2.2M	$507K	25x	as long as short
Phoenix JUPlong	+0.0162%	1h	0.2974	long leg	$97K	$479K	10x
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.2978	+0.148%	$74K	$91K	50x	as long as short