Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0131%/8h= +14.4% APRnext payment +$0.16 per $10,000 · paid last 24h —

Price spread now: Phoenix against Reya+0.011%7-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 Phoenix

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya JUPRUSDPERP	0.2954	0.0057	pay 0.0007% / 1h	7m 16s	—	—	20x
Short	Phoenix JUP	0.2954	0.0188	get 0.0023% / 1h	7m 16s	$97K	$402K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Reya. 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 ReyabpFee PhoenixbpOrdersPrice spread, now +0.011%Rate

Funding earned: $27.54
Price spread: +0.011% → 0.000%: $1.14
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $15.68
Costs to cover: 0.130%
Break-even: 3.0 days

Slippage unknown: Reya: no order-book sample; Phoenix: live order book, 60 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 Phoenix live order book, 60 min ago	2.49 bp	14.3 bp −$14	29.3 bp −$293	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 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	0.2917	−1.245%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2956	+0.071%	$282K	$147K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0619%	1h	0.2955	+0.031%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0111%	4h	0.2952	−0.056%	$15.8M	$19.7M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2957	+0.100%	$590K	$505K	20x	as long as short
OKX JUP-USDT-SWAP	−0.0005%	4h	0.2954	+0.008%	$4.1M	$13.1M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2955	+0.052%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2954	+0.019%	—	—	150x	as long as short
Variational Omni JUP	+0.0026%	4h	0.2953	−0.026%	$721K	$750K	—	as long as short
Reya JUPRUSDPERPlong	+0.0057%	1h	0.2954	long leg	—	—	20x

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate JUP_USDT	+0.0064%	4h	0.2955	+0.042%	$736K	$1.5M	75x	as long as short
dYdX JUP-USD	+0.0068%	1h	0.2952	−0.046%	$39K	$28K	5x	as long as short
Paradex JUP-USD-PERP	+0.0093%	8h	0.2953	−0.021%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2958	+0.130%	$782K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2953	−0.043%	$597K	$524K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2957	+0.125%	$18.8M	$10.2M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2955	+0.026%	$114K	$317K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2954	+0.024%	$16.3M	$44.6M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2956	+0.076%	$62K	$8K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2954	+0.008%	$7.3M	$7.0M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2954	+0.008%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2955	+0.042%	$5.8M	$6.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2952	−0.060%	—	$20.8M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2956	+0.079%	$979K	$236K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2950	−0.136%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2950	−0.127%	$157K	$285K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2957	+0.120%	$93K	$109K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2955	+0.042%	$31K	$43K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2949	−0.161%	$111K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2957	+0.110%	$2.9M	$3.5M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2954	+0.008%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0144%	1h	0.2957	+0.110%	$26K	$19K	5x	as long as short
Phoenix JUPshort	+0.0188%	1h	0.2954	+0.011%	$97K	$402K	10x
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2959	+0.177%	$74K	$50K	50x	as long as short
Extended JUP-USD	+0.0448%	1h	0.2954	−0.006%	$2.2M	$489K	25x	as long as short