Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.012%

Price spread now: KuCoin against Phoenix−0.165%78s7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as 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−$1101.102% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 4 days (all we have)−0.345%−$34 · spread now −0.165%, 7d avg −0.091%

Together, before fees−0.447%−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.074% cheaper against Phoenix than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.091%). Swap the legs. The two prices were read 78 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	0.2963	0.0216	pay 0.0027% / 1h	12m 03s	$97K	$283K	10x
Short	KuCoin JUPUSDTM	0.2958	0.0100	get 0.0050% / 4h	3h 12m	$4.0M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.165%Rate

Funding earned: −$24.38
Price spread: −0.165% → −0.091%: −$7.41
Slippage, 4 orders: −$91.21
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$142
Costs to cover: 1.102%
Break-even: never at this rate

Slippage from Phoenix: live order book, 39 min ago; KuCoin: live order book, 1 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, 39 min ago	2.54 bp	14.4 bp −$14	29.2 bp −$292	doesn't fit	doesn't fit
Sell KuCoin live order book, 1 min ago	6.76 bp	47.1 bp −$47	121.3 bp −$1,213	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	−0.5000%	1h	0.2918	−1.515%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2957	−0.209%	$16K	—	100x	as long as short
Pacifica JUP	−0.0183%	1h	0.2958	−0.170%	$282K	$146K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2959	−0.118%	$39K	$21K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2957	−0.216%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2957	−0.186%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2955	−0.274%	—	—	20x	as long as short
Backpack JUP_USDC_PERP	+0.0085%	1h	0.2957	−0.206%	$979K	$186K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2959	−0.122%	$780K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2957	−0.206%	$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	0.2957	−0.182%	$596K	$489K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2959	−0.149%	$18.6M	$8.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2957	−0.197%	$110K	$286K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2956	−0.233%	$16.2M	$39.5M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2954	−0.300%	$15.9M	$17.7M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2955	−0.267%	$4.1M	$11.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2955	−0.267%	$61K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2957	−0.199%	$733K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2956	−0.233%	$7.3M	$6.2M	200x	as long as short
KuCoin JUPUSDTMshort	+0.0100%	4h	0.2958	−0.165%	$4.0M	$6.6M	50x
Bitget JUPUSDT	+0.0100%	4h	0.2956	−0.233%	$5.8M	$5.3M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2956	−0.233%	—	$20.7M	—	as long as short
Variational Omni JUP	+0.0100%	4h	0.2960	−0.098%	$722K	$624K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2960	−0.098%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2965	+0.071%	$163K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2961	−0.068%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2957	−0.199%	$30K	$41K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2952	−0.368%	$111K	$44K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2961	−0.064%	$2.9M	$3.0M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2955	−0.271%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0152%	1h	0.2957	−0.203%	$26K	$17K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0177%	1h	0.2958	−0.161%	$587K	$471K	20x	as long as short
Phoenix JUPlong	+0.0216%	1h	0.2963	long leg	$97K	$283K	10x
Extended JUP-USD	+0.0240%	1h	0.2955	−0.278%	$2.2M	$504K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2968	+0.165%	$75K	$50K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2956	−0.233%	$835K	$379K	50x	as long as short