Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.032%

Price spread now: Hyperliquid against Variational Omni−0.027%7-day average +0.109% · you buy dearer than you sell

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.067%+$7 on $10k

Price spread, last 4 days (all we have)−0.422%−$42 · spread now −0.027%, 7d avg +0.109%

Together, before fees−0.355%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.136% cheaper against Variational Omni than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.109%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni JUP	0.2948	0.0100	pay 0.0050% / 4h	58m 01s	$720K	$693K	—
Short	Hyperliquid JUP	0.2947	0.0100	get 0.0013% / 1h	58m 01s	$18.7M	$9.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → +0.109%: −$13.61
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$22.61
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 16 min ago; Hyperliquid: 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 Variational Omni RFQ quote, 16 min ago	6.74 bp	doesn't fit	37.1 bp −$371	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.86 bp	12.1 bp −$12	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	−0.4661%	1h	0.2921	−0.912%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2949	+0.021%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2953	+0.166%	$281K	$147K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2948	+0.017%	$39K	$26K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2947	−0.030%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2948	+0.014%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2946	−0.054%	—	—	20x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2947	−0.037%	$590K	$488K	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2948	+0.004%	$780K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2953	+0.157%	$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	0.2950	+0.088%	$595K	$501K	10x	as long as short
Hyperliquid JUPshort	+0.0100%	1h	0.2947	−0.027%	$18.7M	$9.6M	10x
Aster JUPUSDT	+0.0100%	4h	0.2946	−0.066%	$114K	$289K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2940	−0.251%	$16.2M	$42.5M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2937	−0.356%	$15.8M	$18.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2939	−0.302%	$4.0M	$12.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2953	+0.173%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2941	−0.234%	$730K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2942	−0.200%	$7.3M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2944	−0.132%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2943	−0.166%	$5.7M	$5.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2941	−0.234%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2945	−0.105%	$977K	$249K	10x	as long as short
Variational Omni JUPlong	+0.0100%	4h	0.2948	long leg	$720K	$693K	—
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2953	+0.173%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2953	+0.173%	$157K	$266K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2951	+0.099%	$93K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2947	−0.030%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2946	−0.064%	$111K	$49K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2952	+0.139%	$2.9M	$3.3M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2948	−0.010%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0136%	1h	0.2954	+0.194%	$26K	$19K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2957	+0.319%	$74K	$50K	50x	as long as short
Phoenix JUP	+0.0244%	1h	0.2957	+0.309%	$99K	$303K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2950	+0.071%	$845K	$384K	50x	as long as short
Extended JUP-USD	+0.0440%	1h	0.2942	−0.189%	$2.2M	$502K	25x	as long as short