Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h —

Price spread now: Phemex against Reya+0.396%46s7-day average — · you sell dearer than you buy

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phemex is 0.396% dearer against Reya than usual: you sell high and buy low: +$40 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	Reya JUPRUSDPERP	0.3019	0.0057	pay 0.0007% / 1h	13m 29s	—	—	20x
Short	Phemex JUPUSDT	0.3031	0.0100	get 0.0050% / 4h	3h 13m	$3.0M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now +0.396%Rate

Funding earned: $9.09
Price spread: +0.396% → 0.000%: $39.62
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $30.71
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 5 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	8.31 bp	25.2 bp −$25	69.7 bp −$697	doesn't fit	doesn't fit

Reya: 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	0.2973	−1.525%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0356%	1h	0.3023	+0.124%	$288K	$148K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.3028	+0.285%	$17K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0100%	1h	0.3028	+0.312%	$610K	$526K	20x	as long as short
01 Exchange JUPUSD	−0.0056%	1h	0.3021	+0.078%	$27K	$19K	5x	as long as short
OKX JUP-USDT-SWAP	−0.0023%	4h	0.3020	+0.032%	$4.1M	$15.8M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.3027	+0.267%	$56K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.3027	+0.275%	$1K	—	150x	as long as short
dYdX JUP-USD	+0.0048%	1h	0.3025	+0.181%	$39K	$31K	5x	as long as short
Reya JUPRUSDPERPlong	+0.0057%	1h	0.3019	long leg	—	—	20x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERP	+0.0079%	8h	0.3021	+0.081%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.3026	+0.244%	$758K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.3027	+0.264%	$32K	$45K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.3019	+0.007%	$626K	$626K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.3029	+0.325%	$19.5M	$11.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.3026	+0.239%	$117K	$328K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.3023	+0.115%	$16.6M	$48.8M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.3020	+0.045%	$16.6M	$20.6M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.3001	−0.598%	$62K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.3023	+0.131%	$760K	$1.6M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.3023	+0.131%	$7.9M	$7.3M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.3023	+0.131%	$4.1M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.3022	+0.098%	$5.9M	$6.8M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.3023	+0.131%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.3029	+0.327%	$1.0M	$229K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.3009	−0.331%	$728K	$771K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.3017	−0.068%	$1.7M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.3016	−0.101%	$160K	$308K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.3025	+0.207%	$96K	$111K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.3017	−0.068%	$114K	$54K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.3031	+0.396%	$3.0M	$3.7M	50x
Extended JUP-USD	+0.0104%	1h	0.3020	+0.018%	$2.2M	$489K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.3025	+0.214%	$41K	—	3x	as long as short
Phoenix JUP	+0.0214%	1h	0.3019	+0.002%	$98K	$469K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.3027	+0.267%	$75K	$61K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.3012	−0.233%	$854K	$347K	50x	as long as short