Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h −0.016%

Price spread now: Paradex against Phoenix−0.312%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.312% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.312% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$31 on $10k: about 12 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2970	0	get 0.0000% / 1h	50m 58s	$94K	$447K	10x
Short	Paradex JUP-USD-PERP	0.2961	0.0088	get 0.0088% / 8h	2h 50m	$9K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.312%Rate

Funding earned: $18.41
Price spread: −0.312% → 0.000%: −$31.18
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$23.77
Costs to cover: 0.110%
Break-even: 16.0 days

Slippage unknown: Phoenix: live order book, 36 min ago; Paradex: 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, 36 min ago	2.51 bp	14.3 bp −$14	28.9 bp −$289	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.5000%	1h	0.2941	−0.990%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0715% / S +0.0248%	1h	0.2963	−0.236%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0464%	4h	0.2961	−0.316%	$16.3M	$24.1M	50x	as long as short
Backpack JUP_USDC_PERP	−0.0125%	1h	0.2963	−0.259%	$982K	$270K	10x	as long as short
01 Exchange JUPUSD	−0.0072%	1h	0.2965	−0.182%	$26K	$19K	5x	as long as short
Gate JUP_USDT	−0.0054%	4h	0.2961	−0.316%	$738K	$1.9M	75x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2964	−0.215%	$39K	$36K	5x	as long as short
Phoenix JUPlong	0.0000%	1h	0.2970	long leg	$94K	$447K	10x
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2965	−0.195%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2964	−0.204%	$17K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2964	−0.209%	$601K	$624K	20x	as long as short
BloFin JUP-USDT	+0.0052%	4h	0.2960	−0.350%	$865K	$330K	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2961	−0.322%	—	—	20x	as long as short
Paradex JUP-USD-PERPshort	+0.0088%	8h	0.2961	−0.312%	$9K	$15K	10x
Lighter JUP	+0.0096%	1h	0.2966	−0.155%	$902K	$1.2M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2963	−0.249%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2962	−0.291%	$597K	$676K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2966	−0.147%	$19.0M	$14.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2964	−0.225%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2962	−0.281%	$282K	$184K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2963	−0.245%	$16.5M	$56.5M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2962	−0.283%	$4.1M	$16.7M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2965	−0.193%	$58K	$4K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2963	−0.249%	$7.9M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2964	−0.215%	$4.5M	$7.3M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2963	−0.249%	$5.7M	$8.6M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2962	−0.283%	—	$21.6M	—	as long as short
Variational Omni JUP	+0.0100%	4h	0.2970	+0.003%	$726K	$1.2M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2977	+0.234%	$1.6M	$4.3M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2964	−0.215%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2968	−0.067%	$93K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2960	−0.350%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2967	−0.114%	$2.9M	$4.1M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2960	−0.350%	$40K	—	3x	as long as short
Extended JUP-USD	+0.0216%	1h	0.2962	−0.299%	$2.2M	$540K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.582%	$74K	$95K	50x	as long as short