Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0172%/8h= −18.9% APRpaid last 24h −0.018%

Price spread now: Variational Omni against Phoenix−0.251%7-day average −0.132% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.076%−$8 on $10k

Price spread, last 4 days (all we have)−0.306%−$31 · spread now −0.251%, 7d avg −0.132%

Together, before fees−0.383%+ Points / potential airdropVariational Omni: Active · farm board−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.119% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.132%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2934	0.0272	pay 0.0034% / 1h	23m 20s	$106K	$275K	10x
Short	Variational Omni JUP	0.2927	0.0100	get 0.0050% / 4h	3h 23m	$711K	$485K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.251%Rate

Funding earned: −$36.22
Price spread: −0.251% → −0.132%: −$11.91
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$55.13
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 8 min ago; Variational Omni: RFQ quote, 26 min ago. 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, 8 min ago	2.56 bp	14.2 bp −$14	29.1 bp −$291	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 26 min ago	6.81 bp	doesn't fit	30.6 bp −$306	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	−0.3798%	1h	0.2898	−1.237%	$3K	$205K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2951	+0.579%	$16K	—	100x	as long as short
Pacifica JUP	−0.0070%	1h	0.2960	+0.883%	$282K	$138K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2952	+0.617%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2940	+0.182%	$16K	—	150x	as long as short
Bybit JUPUSDT	+0.0015%	4h	0.2963	+0.971%	$16.1M	$16.8M	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2963	+0.979%	—	—	20x	as long as short
dYdX JUP-USD	+0.0063%	1h	0.2944	+0.346%	$39K	$16K	5x	as long as short
Lighter JUP	+0.0096%	1h	0.2964	+1.026%	$767K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0097%	8h	0.2960	+0.871%	$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	0.2962	+0.944%	$583K	$487K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2965	+1.063%	$18.3M	$8.6M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2963	+0.962%	$102K	$296K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2963	+0.978%	$16.2M	$37.8M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2963	+0.978%	$4.1M	$10.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2924	−0.354%	$61K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2963	+0.978%	$703K	$1.3M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2965	+1.046%	$7.9M	$5.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2965	+1.046%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2964	+1.012%	$5.8M	$4.6M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2965	+1.046%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2955	+0.709%	$981K	$222K	10x	as long as short
Variational Omni JUPshort	+0.0100%	4h	0.2927	−0.251%	$711K	$485K	—
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2939	+0.144%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2934	−0.010%	$162K	$249K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2963	+0.961%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2964	+1.012%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2945	+0.365%	$113K	$46K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2954	+0.671%	$2.9M	$2.9M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2963	+0.961%	$40K	—	3x	as long as short
Extended JUP-USD	+0.0112%	1h	0.2963	+0.993%	$2.2M	$566K	25x	as long as short
01 Exchange JUPUSD	+0.0200%	1h	0.2965	+1.043%	$26K	$2K	5x	as long as short
Phoenix JUPlong	+0.0272%	1h	0.2934	long leg	$106K	$275K	10x
Kraken Futures PF_JUPUSD	+0.0277%	1h	0.2952	+0.603%	$582K	$400K	20x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2957	+0.757%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2932	−0.078%	$821K	$374K	50x	as long as short