Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.009%

Price spread now: MEXC against Phoenix+0.044%7-day average −0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−1.713%−$171 · spread now +0.044%, 7d avg −0.117%

Together, before fees−1.796%−$180 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.161% dearer against Phoenix than usual: you sell high and buy low (spread +0.044% now, against its 7-day average of −0.117%): +$16 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.1 days. At the pace of the last 7 days (−0.083% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2952	0.0188	pay 0.0023% / 1h	31m 14s	$97K	$402K	10x
Short	MEXC JUP_USDT	0.2953	0.0100	get 0.0050% / 4h	2h 31m	$7.4M	$7.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$18.44
Price spread: +0.044% → −0.117%: $16.12
Slippage, 4 orders: −$31.12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$40.44
Costs to cover: 0.381%
Break-even: never at this rate

Slippage from Phoenix: live order book, 36 min ago; MEXC: 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, 36 min ago	2.49 bp	14.3 bp −$14	28.8 bp −$288	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	1.69 bp	4.6 bp −$5	14.4 bp −$144	102.6 bp −$10.3K	254.5 bp −$127.2K

JUP on 35 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	−0.4347%	1h	0.2901	−1.718%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2950	−0.056%	$281K	$149K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0619%	1h	0.2952	+0.011%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0267%	4h	0.2950	−0.071%	$15.8M	$20.3M	50x	as long as short
OKX JUP-USDT-SWAP	−0.0069%	4h	0.2951	−0.024%	$4.0M	$14.5M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2954	+0.066%	$591K	$526K	20x	as long as short
Gate JUP_USDT	−0.0006%	4h	0.2950	−0.058%	$730K	$1.5M	75x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2954	+0.061%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2952	+0.011%	—	—	150x	as long as short
Variational Omni JUP	+0.0009%	4h	0.2947	−0.158%	$720K	$751K	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX JUP-USD	+0.0018%	1h	0.2951	−0.040%	$39K	$29K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2952	+0.003%	—	—	20x	as long as short
01 Exchange JUPUSD	+0.0072%	1h	0.2953	+0.051%	$26K	$19K	5x	as long as short
Paradex JUP-USD-PERP	+0.0089%	8h	0.2949	−0.099%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2955	+0.119%	$781K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2954	+0.078%	$31K	$43K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2950	−0.066%	$599K	$604K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2955	+0.129%	$18.8M	$11.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2952	−0.007%	$114K	$323K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2952	+0.007%	$16.3M	$46.7M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2936	−0.528%	$61K	$8K	10x	as long as short
MEXC JUP_USDTshort	+0.0100%	4h	0.2953	+0.044%	$7.4M	$7.0M	200x
KuCoin JUPUSDTM	+0.0100%	4h	0.2952	+0.010%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2952	+0.010%	$5.7M	$6.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2951	−0.024%	—	$20.8M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2951	−0.024%	$977K	$237K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2948	−0.125%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2948	−0.125%	$157K	$302K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2954	+0.095%	$93K	$110K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2945	−0.227%	$111K	$49K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2950	−0.042%	$40K	—	3x	as long as short
Phoenix JUPlong	+0.0188%	1h	0.2952	long leg	$97K	$402K	10x
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2953	+0.027%	$74K	$52K	50x	as long as short
Extended JUP-USD	+0.0296%	1h	0.2950	−0.041%	$2.2M	$486K	25x	as long as short
Phemex JUPUSDT	+0.0300%	4h	0.2957	+0.180%	$2.9M	$3.6M	50x	as long as short