Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0115%/8h= −12.5% APRpaid last 24h −0.012%

Price spread now: Orderly against Phoenix−0.355%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.355% cheaper against Phoenix than usual: you would sell low and buy high (−$35 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.3016	0.0214	pay 0.0027% / 1h	20m 39s	$98K	$469K	10x
Short	Orderly PERP_JUP_USDC	0.3005	0.0100	get 0.0050% / 4h	3h 20m	$31K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.355%Rate

Funding earned: −$24.07
Price spread: −0.355% → 0.000%: −$35.48
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$72.55
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 52 min ago; Orderly: no order-book sample. Net counts fees only.

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, 52 min ago	2.52 bp	14.4 bp −$14	28.7 bp −$287	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4634%	1h	0.2976	−1.316%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0356%	1h	0.3005	−0.356%	$286K	$148K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.3006	−0.334%	$17K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0101%	1h	0.3006	−0.317%	$605K	$526K	20x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0083%	1h	0.3005	−0.361%	$55K	$16K	10x	as long as short
01 Exchange JUPUSD	−0.0064%	1h	0.3006	−0.308%	$27K	$19K	5x	as long as short
OKX JUP-USDT-SWAP	−0.0017%	4h	0.3002	−0.454%	$4.1M	$15.8M	50x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.3005	−0.343%	$1K	—	150x	as long as short
dYdX JUP-USD	+0.0027%	1h	0.3005	−0.342%	$39K	$32K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.3003	−0.436%	—	—	20x	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	+0.0076%	8h	0.3004	−0.386%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.3007	−0.285%	$754K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDCshort	+0.0100%	4h	0.3005	−0.355%	$31K	$45K	10x
Nado JUP-PERP	+0.0100%	1h	0.3001	−0.487%	$622K	$628K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.3009	−0.222%	$19.3M	$11.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.3007	−0.295%	$116K	$334K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.3005	−0.358%	$16.5M	$49.2M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.3004	−0.388%	$16.5M	$20.6M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.3007	−0.281%	$63K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.3006	−0.322%	$752K	$1.6M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.3006	−0.322%	$7.9M	$7.3M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.3005	−0.355%	$4.1M	$6.8M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.3006	−0.322%	$5.9M	$6.8M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.3004	−0.388%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.3005	−0.368%	$994K	$229K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.3002	−0.454%	$727K	$770K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.3018	+0.076%	$1.7M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.3011	−0.156%	$160K	$309K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.3008	−0.262%	$95K	$112K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2998	−0.587%	$113K	$54K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.3010	−0.189%	$2.9M	$3.7M	50x	as long as short
Extended JUP-USD	+0.0104%	1h	0.3005	−0.353%	$2.2M	$492K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.3021	+0.169%	$41K	—	3x	as long as short
Phoenix JUPlong	+0.0214%	1h	0.3016	long leg	$98K	$469K	10x
BloFin JUP-USDT	+0.0247%	4h	0.3005	−0.355%	$848K	$349K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.3008	−0.259%	$75K	$60K	50x	as long as short