Funding you earn now, next payment 05:00 UTC+0.1017%/8h= +111.4% APRpaid last 24h +0.109%
Price spread now: Backpack against Bybit+0.039%7-day average +0.098% · you sell dearer than you buy
Net, funding: paid 7d − costs−$48as in the Funding arb table
Net, price: spread back to 7d avg − costs−$87as in the Price arb table
costs, in and out, $10k−$810.807% of the position
Funding, last 7 days+0.324%+$32 on $10k
+Price spread, last 4 days (all we have)−0.133%−$13 · spread now +0.039%, 7d avg +0.098%
=Funding pays, the price is against you. Backpack is 0.060% cheaper against Bybit than usual: you would sell low and buy high (spread +0.039% now, against its 7-day average of +0.098%). If the spread goes back, that is −$6 on $10k: about 5 hours of funding at the current rate (+$31 a day). At the pace of the last 7 days (+0.324% in total) that is about 31 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.324% in total (about 16.9% 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 | Bybit JTOUSDT | 0.5174 | −0.0317 | get 0.0159% / 4h | 3h 28m | $7.1M | $13.9M | 50x |
| Short | Backpack JTO_USDC_PERP | 0.5176 | 0.0700 | get 0.0087% / 1h | 28m 50s | $268K | $310K | 10x |
Bybit JTOUSDT
Backpack JTO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $213.55
- Price spread: +0.039% → +0.098%
- −$5.96
- Slippage, 4 orders
- −$59.73
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $126.86
- Costs to cover
- 0.807%
- Break-even
- 2.8 days
Slippage from Bybit: live order book, 4 min ago; Backpack: live order book, 25 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 Bybit live order book, 4 min ago | 1.94 bp | 29.5 bp −$30 | 63.4 bp −$634 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 25 min ago | 0.10 bp | 14.1 bp −$14 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Gate JTO_USDT | −0.0361% | 8h | 0.5173 | −0.019% | $900K | $1.0M | 75x | as long as short |
| Deribit JTO_USDC-PERPETUAL | −0.0330% | 1h | 0.5168 | −0.116% | $13K | $10K | 10x | as long as short |
| Bybit JTOUSDTlong | −0.0317% | 4h | 0.5174 | long leg | $7.1M | $13.9M | 50x | |
| dYdX JTO-USD | 0.0000% | 1h | 0.5180 | +0.117% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5540 | +7.066% | — | — | — | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −3.885% | $31 | $43K | 5.5x | as long as short |
| Paradex JTO-USD-PERP | +0.0086% | 8h | 0.5160 | −0.274% | $515 | — | 5x | as long as short |
| OKX JTO-USDT-SWAP | +0.0094% | 4h | 0.5171 | −0.058% | $3.9M | $9.4M | 50x | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0094% | 4h | 0.5170 | −0.077% | $4K | $652 | 10x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5172 | −0.046% | $119K | $226K | 10x | as long as short |
Gate JTO_USDT
Deribit JTO_USDC-PERPETUAL
dYdX JTO-USD
Reya JTORUSDPERP
Injective JTO/USDC PERP
Paradex JTO-USD-PERP
OKX JTO-USDT-SWAP
Orderly PERP_JTO_USDC_mythos
Lighter JTOShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid JTO | +0.0100% | 1h | 0.5184 | +0.191% | $7.1M | $3.1M | 5x | as long as short |
| Aster JTOUSDT | +0.0100% | 4h | 0.5175 | +0.024% | $123K | $219K | 10x | as long as short |
| Binance JTOUSDT | +0.0100% | 4h | 0.5173 | −0.019% | $11.3M | $27.6M | 75x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5174 | 0.000% | $6.2M | $3.4M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5177 | +0.058% | $1.5M | $603K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5174 | 0.000% | $2.4M | $2.3M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5174 | 0.000% | — | $27.6M | — | as long as short |
| Variational Omni JTO | +0.0100% | 4h | 0.5178 | +0.079% | $224K | $239K | — | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5145 | −0.560% | $56K | $17K | 10x | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5170 | −0.068% | $522K | $1.7M | 10x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5171 | −0.051% | $2K | — | 50x | as long as short |
| Phoenix JTO | +0.0310% | 1h | 0.5153 | −0.406% | $380K | $114K | 5x | as long as short |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5164 | −0.193% | $613K | $522K | 75x | as long as short |
| Kraken Futures PF_JTOUSD | +0.0378% | 1h | 0.5173 | −0.019% | $337K | $311K | 25x | as long as short |
| Coinbase International JTO-PERP-INTX | +0.0440% | 1h | 0.5182 | +0.155% | $59K | $137K | 25x | as long as short |
| Backpack JTO_USDC_PERPshort | +0.0700% | 1h | 0.5176 | +0.039% | $268K | $310K | 10x |
Hyperliquid JTO
Aster JTOUSDT
Binance JTOUSDT
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Variational Omni JTO
Bulk JTO-USD
Extended JTO-USD
GMX JTO/USD [WBTC.b-USDC]
Phoenix JTO
BloFin JTO-USDT
Kraken Futures PF_JTOUSD
Coinbase International JTO-PERP-INTX