Funding arb · Price arb /

JTO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0363%/8h= +39.7% APRpaid last 24h +0.083%

Price spread now: Phoenix against Bitget+0.059%7-day average +0.114% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$810.805% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.368%+$37 on $10k

Price spread, last 3 days (all we have)+0.358%+$36 · spread now +0.059%, 7d avg +0.114%

Together, before fees+0.727%+$73 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.055% cheaper against Bitget than usual: you would sell low and buy high (spread +0.059% now, against its 7-day average of +0.114%). If the spread goes back, that is −$6 on $10k: about 12 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.368% in total) that is about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget JTOUSDT	0.5124	0.0100	pay 0.0050% / 4h	1h 19m	$2.5M	$2.4M	50x
Short	Phoenix JTO	0.5127	0.0463	get 0.0058% / 1h	19m 09s	$369K	$267K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.059%Rate

Funding earned: $76.2
Price spread: +0.059% → +0.114%: −$5.51
Slippage, 4 orders: −$61.52
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$9.83
Costs to cover: 0.805%
Break-even: 7.9 days

Slippage from Bitget: live order book, 3 min ago; Phoenix: live order book, 62 min ago.

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 Bitget live order book, 3 min ago	2.92 bp	19.3 bp −$19	53.1 bp −$531	doesn't fit	doesn't fit
Sell Phoenix live order book, 62 min ago	1.93 bp	20.8 bp −$21	60.0 bp −$600	doesn't fit	doesn't fit

JTO on 26 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
Deribit JTO_USDC-PERPETUAL	−0.0530%	1h	0.5121	−0.059%	$13K	$11K	10x	as long as short
Gate JTO_USDT	−0.0165%	8h	0.5117	−0.137%	$921K	$1.5M	75x	as long as short
OKX JTO-USDT-SWAP	−0.0063%	4h	0.5117	−0.137%	$3.9M	$9.9M	50x	as long as short
Paradex JTO-USD-PERP	−0.0037%	8h	0.5114	−0.192%	$510	—	5x	as long as short
dYdX JTO-USD	0.0000%	1h	0.5125	+0.025%	$4K	$4K	5x	as long as short
Reya JTORUSDPERP	0.0000%	1h	0.5539	+8.106%	—	—	—	as long as short
Injective JTO/USDC PERP	+0.0033%	1h	0.4973	−2.947%	$31	$43K	5.5x	as long as short
Lighter JTO	+0.0096%	1h	0.5124	−0.002%	$97K	$175K	10x	as long as short
Hyperliquid JTO	+0.0100%	1h	0.5127	+0.053%	$7.2M	$3.1M	5x	as long as short
Aster JTOUSDT	+0.0100%	4h	0.5124	0.000%	$172K	$176K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance JTOUSDT	+0.0100%	4h	0.5118	−0.124%	$11.4M	$28.1M	75x	as long as short
Bybit JTOUSDT	+0.0100%	4h	0.5121	−0.059%	$7.3M	$13.8M	50x	as long as short
MEXC JTO_USDT	+0.0100%	4h	0.5118	−0.117%	$7.1M	$3.7M	50x	as long as short
KuCoin JTOUSDTM	+0.0100%	4h	0.5127	+0.055%	$1.6M	$643K	20x	as long as short
Bitget JTOUSDTlong	+0.0100%	4h	0.5124	long leg	$2.5M	$2.4M	50x
BingX JTO-USDT	+0.0100%	4h	0.5117	−0.137%	—	$63.8M	—	as long as short
Backpack JTO_USDC_PERP	+0.0100%	1h	0.5125	+0.025%	$225K	$503K	10x	as long as short
Variational Omni JTO	+0.0100%	4h	0.5124	−0.003%	$181K	$258K	—	as long as short
Orderly PERP_JTO_USDC_mythos	+0.0100%	4h	0.5121	−0.059%	$4K	$2K	10x	as long as short
Bulk JTO-USD	+0.0100%	1h	0.5124	0.000%	$56K	$1K	10x	as long as short
Extended JTO-USD	+0.0104%	1h	0.5117	−0.131%	$518K	$854K	10x	as long as short
GMX JTO/USD [WBTC.b-USDC]	L +0.0223% / S −0.2181%	1h	0.5125	+0.013%	$2K	—	50x	as long as short
Coinbase International JTO-PERP-INTX	+0.0304%	1h	0.5131	+0.137%	$56K	$124K	25x	as long as short
BloFin JTO-USDT	+0.0340%	4h	0.5119	−0.098%	$632K	$571K	75x	as long as short
Phoenix JTOshort	+0.0463%	1h	0.5127	+0.059%	$369K	$267K	5x
Kraken Futures PF_JTOUSD	+0.0519%	1h	0.5127	+0.064%	$348K	$313K	25x	as long as short