Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.010%

Price spread now: Backpack against Variational Omni−0.334%49s7-day average +0.035% · you buy dearer than you sell

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.112%−$11 · spread now −0.334%, 7d avg +0.035%

Together, before fees−0.116%+ Points / potential airdropVariational Omni: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Backpack is 0.369% cheaper against Variational Omni than usual: you would sell low and buy high (−$37 if the spread goes back to its 7-day average of +0.035%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.004% in total (about -0.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni JUP	0.2946	0.0094	pay 0.0047% / 4h	1h 47m	$719K	$698K	—
Short	Backpack JUP_USDC_PERP	0.2936	−0.0105	pay 0.0013% / 1h	47m 21s	$974K	$231K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now −0.334%Rate

Funding earned: −$41.89
Price spread: −0.334% → +0.035%: −$36.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$88.77
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 32 min ago; Backpack: live order book, 17 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 Variational Omni RFQ quote, 32 min ago	6.77 bp	doesn't fit	33.9 bp −$339	doesn't fit	doesn't fit
Sell Backpack live order book, 17 min ago	1.69 bp	8.1 bp −$8	doesn't fit	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	−0.5000%	1h	0.2904	−1.423%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2934	−0.402%	$16K	—	100x	as long as short
Pacifica JUP	−0.0224%	1h	0.2935	−0.377%	$280K	$147K	10x	as long as short
Backpack JUP_USDC_PERPshort	−0.0105%	1h	0.2936	−0.334%	$974K	$231K	10x
Bybit JUPUSDT	−0.0029%	4h	0.2930	−0.537%	$15.7M	$19.3M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2934	−0.401%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2934	−0.397%	—	—	150x	as long as short
OKX JUP-USDT-SWAP	+0.0008%	4h	0.2932	−0.473%	$4.0M	$12.5M	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2933	−0.438%	—	—	20x	as long as short
dYdX JUP-USD	+0.0070%	1h	0.2937	−0.309%	$38K	$27K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni JUPlong	+0.0094%	4h	0.2946	long leg	$719K	$698K	—
Paradex JUP-USD-PERP	+0.0096%	8h	0.2934	−0.417%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2935	−0.374%	$776K	$1.1M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2933	−0.422%	$593K	$509K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2937	−0.313%	$18.6M	$10.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2935	−0.380%	$113K	$299K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2933	−0.440%	$16.2M	$43.5M	75x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2932	−0.473%	$728K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2934	−0.405%	$7.4M	$6.5M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2934	−0.405%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2933	−0.439%	$5.7M	$6.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2933	−0.439%	—	$20.8M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2951	+0.173%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2936	−0.337%	$156K	$275K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2938	−0.266%	$93K	$107K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2934	−0.405%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2929	−0.575%	$111K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2935	−0.371%	$2.9M	$3.4M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2945	−0.041%	$61K	$8K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2933	−0.456%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0160%	1h	0.2935	−0.367%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0202%	1h	0.2934	−0.418%	$586K	$497K	20x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2934	−0.401%	$74K	$49K	50x	as long as short
Phoenix JUP	+0.0244%	1h	0.2943	−0.103%	$97K	$329K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2931	−0.507%	—	$355K	50x	as long as short
Extended JUP-USD	+0.0368%	1h	0.2932	−0.473%	$2.2M	$490K	25x	as long as short