Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h —

Price spread now: Variational Omni against Reya−0.339%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Variational Omni

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 · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.339% cheaper against Reya than usual: you would sell low and buy high (spread −0.339% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$34 on $10k: about 2 months of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya JUPRUSDPERP	0.2966	0.0057	pay 0.0007% / 1h	54m 54s	—	—	20x
Short	Variational Omni JUP	0.2956	0.0074	get 0.0037% / 4h	1h 54m	$721K	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.339%Rate

Funding earned: $3.65
Price spread: −0.339% → 0.000%: −$33.88
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$36.23
Costs to cover: 0.060%
Break-even: 76.5 days

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago	6.78 bp	doesn't fit	37.3 bp −$373	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	−0.3508%	1h	0.2922	−1.493%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0970% / S +0.0358%	1h	0.2967	+0.029%	$13K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2964	−0.065%	$282K	$177K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0175%	1h	0.2968	+0.042%	$602K	$623K	20x	as long as short
01 Exchange JUPUSD	−0.0144%	1h	0.2970	+0.125%	$26K	$19K	5x	as long as short
Bybit JUPUSDT	−0.0103%	4h	0.2965	−0.051%	$16.2M	$23.9M	50x	as long as short
Gate JUP_USDT	−0.0036%	4h	0.2965	−0.044%	$737K	$1.9M	75x	as long as short
Phoenix JUP	0.0000%	1h	0.2956	−0.344%	$95K	$441K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2968	+0.057%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2967	+0.025%	$17K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya JUPRUSDPERPlong	+0.0057%	1h	0.2966	long leg	—	—	20x
dYdX JUP-USD	+0.0067%	1h	0.2965	−0.053%	$39K	$35K	5x	as long as short
Paradex JUP-USD-PERP	+0.0069%	8h	0.2965	−0.060%	$9K	$15K	10x	as long as short
Variational Omni JUPshort	+0.0074%	4h	0.2956	−0.339%	$721K	$1.1M	—
Lighter JUP	+0.0096%	1h	0.2968	+0.054%	$816K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2965	−0.027%	$614K	$677K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2971	+0.148%	$19.0M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2966	−0.011%	$106K	$367K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2967	+0.024%	$16.4M	$56.0M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2967	+0.024%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2967	+0.024%	$8.0M	$7.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2968	+0.057%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2966	−0.010%	$5.7M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2965	−0.044%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2968	+0.054%	$982K	$263K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2953	−0.453%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2951	−0.516%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2971	+0.169%	$94K	$139K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2968	+0.057%	$31K	$51K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2960	−0.212%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2969	+0.091%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2954	−0.415%	$57K	$3K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2965	−0.035%	$2.2M	$540K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2965	−0.027%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0107%	4h	0.2968	+0.057%	$854K	$333K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2989	+0.782%	$74K	$94K	50x	as long as short