Funding you earn now, next payment 02:00 UTC−0.0213%/8h= −23.4% APRnext payment −$0.27 per $10,000 · paid last 24h +0.030%
Price spread now: Phoenix against Kraken Futures+0.221%7-day average +0.038% · you sell dearer than you buy
Net, funding: paid 7d − costs−$131as in the Funding arb table
Net, price: spread back to 7d avg − costs−$107as in the Price arb table
costs, in and out, $10k−$1251.250% of the position
Funding, last 7 days−0.060%−$6 on $10k
+Price spread, last 4 days (all we have)+0.109%+$11 · spread now +0.221%, 7d avg +0.038%
=The price spread pays, funding is against you. Phoenix is 0.183% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.221% now, against its 7-day average of +0.038%): +$18 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.9 days. At the pace of the last 7 days (−0.060% in total) that is about 21 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.060% in total (about -3.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.27 per $10,000. 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 | Kraken Futures PF_JTOUSD | 0.5142 | 0.0678 | pay 0.0085% / 1h | 26m 51s | $346K | $306K | 25x |
| Short | Phoenix JTO | 0.5153 | 0.0464 | get 0.0058% / 1h | 26m 51s | $380K | $110K | 5x |
Kraken Futures PF_JTOUSD
Phoenix JTOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Kraken Futures. 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
- −$44.81
- Price spread: +0.221% → +0.038%
- $18.3
- Slippage, 4 orders
- −$107.99
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$151.5
- Costs to cover
- 1.250%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 36 min ago; Phoenix: live order book, 35 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 Kraken Futures live order book, 36 min ago | 23.24 bp | 31.7 bp −$32 | 705.8 bp −$7,058 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 35 min ago | 1.93 bp | 20.8 bp −$21 | 60.3 bp −$603 | 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 | −0.0723% | 1h | 0.5136 | −0.110% | $13K | $10K | 10x | as long as short |
| Gate JTO_USDT | −0.0356% | 8h | 0.5140 | −0.032% | $895K | $1.0M | 75x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5144 | +0.044% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5539 | +7.737% | — | — | — | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −3.280% | $31 | $43K | 5.5x | as long as short |
| Paradex JTO-USD-PERP | +0.0079% | 8h | 0.5137 | −0.087% | $513 | — | 5x | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0094% | 4h | 0.5136 | −0.110% | $4K | $652 | 10x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5145 | +0.073% | $118K | $228K | 10x | as long as short |
| Hyperliquid JTO | +0.0100% | 1h | 0.5150 | +0.158% | $7.0M | $3.3M | 5x | as long as short |
| Aster JTOUSDT | +0.0100% | 4h | 0.5147 | +0.100% | $126K | $219K | 10x | as long as short |
Deribit JTO_USDC-PERPETUAL
Gate JTO_USDT
dYdX JTO-USD
Reya JTORUSDPERP
Injective JTO/USDC PERP
Paradex JTO-USD-PERP
Orderly PERP_JTO_USDC_mythos
Lighter JTO
Hyperliquid JTO
Aster JTOUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance JTOUSDT | +0.0100% | 4h | 0.5143 | +0.024% | $11.3M | $27.2M | 75x | as long as short |
| Bybit JTOUSDT | +0.0100% | 4h | 0.5144 | +0.046% | $7.3M | $13.8M | 50x | as long as short |
| OKX JTO-USDT-SWAP | +0.0100% | 4h | 0.5142 | +0.007% | $3.9M | $9.2M | 50x | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5147 | +0.104% | $56K | $15K | 10x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5144 | +0.046% | $6.6M | $3.4M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5149 | +0.141% | $1.6M | $586K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5145 | +0.065% | $2.4M | $2.3M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5142 | +0.007% | — | $68.0M | — | as long as short |
| Backpack JTO_USDC_PERP | +0.0100% | 1h | 0.5148 | +0.123% | $268K | $326K | 10x | as long as short |
| Variational Omni JTO | +0.0100% | 4h | 0.5150 | +0.161% | $223K | $288K | — | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5146 | +0.076% | $520K | $1.7M | 10x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5142 | +0.006% | $2K | — | 50x | as long as short |
| Coinbase International JTO-PERP-INTX | +0.0336% | 1h | 0.5161 | +0.376% | $59K | $134K | 25x | as long as short |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5137 | −0.090% | $616K | $509K | 75x | as long as short |
| Phoenix JTOshort | +0.0464% | 1h | 0.5153 | +0.221% | $380K | $110K | 5x | |
| Kraken Futures PF_JTOUSDlong | +0.0678% | 1h | 0.5142 | long leg | $346K | $306K | 25x |
Binance JTOUSDT
Bybit JTOUSDT
OKX JTO-USDT-SWAP
Bulk JTO-USD
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Backpack JTO_USDC_PERP
Variational Omni JTO
Extended JTO-USD
GMX JTO/USD [WBTC.b-USDC]
Coinbase International JTO-PERP-INTX
BloFin JTO-USDT