Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0105%/8h= +11.5% APRpaid last 24h −0.006%

Price spread now: Phemex against Phoenix+0.112%47s7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as 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−$660.663% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.016%+$2 · spread now +0.112%, 7d avg +0.064%

Together, before fees+0.019%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.048% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.064%. The two prices were read 47 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	0.2952	0.0188	pay 0.0023% / 1h	31m 22s	$97K	$402K	10x
Short	Phemex JUPUSDT	0.2955	0.0293	get 0.0146% / 4h	2h 31m	$2.9M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.112%Rate

Funding earned: $22.05
Price spread: +0.112% → +0.064%: $4.79
Slippage, 4 orders: −$47.27
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$39.43
Costs to cover: 0.663%
Break-even: 19.5 days

Slippage from Phoenix: live order book, 36 min ago; Phemex: 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 Phemex live order book, 2 min ago	3.39 bp	18.3 bp −$18	doesn't fit	doesn't fit	doesn't fit

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	0.2951	−0.025%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0267%	4h	0.2949	−0.091%	$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	0.2952	+0.014%	$591K	$526K	20x	as long as short
Variational Omni JUP	−0.0015%	4h	0.2943	−0.310%	$718K	$766K	—	as long as short
Gate JUP_USDT	−0.0006%	4h	0.2950	−0.058%	$730K	$1.5M	75x	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
dYdX JUP-USD	+0.0018%	1h	0.2951	−0.040%	$39K	$29K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit JUP_USDC-PERPETUAL	+0.0055%	1h	0.2952	+0.020%	$54K	$16K	10x	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	0.2953	+0.047%	$780K	$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	0.2950	−0.061%	$114K	$323K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2952	+0.016%	$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_USDT	+0.0100%	4h	0.2953	+0.044%	$7.4M	$7.0M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2952	+0.010%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2951	−0.024%	$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	0.2947	−0.159%	$111K	$55K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2949	−0.091%	$40K	—	3x	as long as short
Phoenix JUPlong	+0.0188%	1h	0.2952	long leg	$97K	$402K	10x
Extended JUP-USD	+0.0272%	1h	0.2949	−0.084%	$2.2M	$486K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2953	+0.027%	$74K	$52K	50x	as long as short
Phemex JUPUSDTshort	+0.0293%	4h	0.2955	+0.112%	$2.9M	$3.6M	50x