JTO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0254%/8h= +27.8% APRnext payment +$0.32 per $10,000 · paid last 24h +0.096%

Price spread now: Backpack against Lighter−0.077%54s7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$780.779% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 4 days (all we have)−0.319%−$32 · spread now −0.077%, 7d avg +0.020%

Together, before fees−0.167%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.097% cheaper against Lighter than usual: you would sell low and buy high (spread −0.077% now, against its 7-day average of +0.020%). If the spread goes back, that is −$10 on $10k: about 31 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.152% in total) that is about 4.5 days. The two prices were read 54 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 7 days it paid 0.152% in total (about 7.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.32 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	Lighter JTO	0.5169	0.0096	pay 0.0012% / 1h	6m 11s	$100K	$184K	10x
Short	Backpack JTO_USDC_PERP	0.5165	0.0350	get 0.0044% / 1h	6m 11s	$263K	$498K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now −0.077%Rate

Funding earned: $53.31
Price spread: −0.077% → +0.020%: −$9.71
Slippage, 4 orders: −$67.88
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$34.28
Costs to cover: 0.779%
Break-even: 11.5 days

Slippage from Lighter: live order book, 7 min ago; Backpack: live order book, 18 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 Lighter live order book, 7 min ago	12.97 bp	32.1 bp −$32	53.6 bp −$536	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	0.10 bp	12.1 bp −$12	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
Deribit JTO_USDC-PERPETUAL	−0.0717%	1h	0.5164	−0.104%	$13K	$11K	10x	as long as short
Gate JTO_USDT	−0.0166%	8h	0.5162	−0.143%	$934K	$1.5M	75x	as long as short
OKX JTO-USDT-SWAP	−0.0096%	4h	0.5164	−0.104%	$3.9M	$9.9M	50x	as long as short
Paradex JTO-USD-PERP	−0.0016%	8h	0.5160	−0.177%	$515	—	5x	as long as short
dYdX JTO-USD	0.0000%	1h	0.5163	−0.131%	$4K	$4K	5x	as long as short
Reya JTORUSDPERP	0.0000%	1h	0.5539	+7.158%	—	—	—	as long as short
Injective JTO/USDC PERP	+0.0033%	1h	0.4973	−3.799%	$31	$43K	5.5x	as long as short
Lighter JTOlong	+0.0096%	1h	0.5169	long leg	$100K	$184K	10x
Aster JTOUSDT	+0.0100%	4h	0.5166	−0.074%	$173K	$176K	10x	as long as short
Binance JTOUSDT	+0.0100%	4h	0.5163	−0.124%	$11.6M	$27.9M	75x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit JTOUSDT	+0.0100%	4h	0.5169	−0.008%	$7.6M	$13.6M	50x	as long as short
Bulk JTO-USD	+0.0100%	1h	0.5165	−0.085%	$56K	$2K	10x	as long as short
MEXC JTO_USDT	+0.0100%	4h	0.5163	−0.124%	$7.1M	$3.8M	50x	as long as short
KuCoin JTOUSDTM	+0.0100%	4h	0.5167	−0.043%	$1.5M	$610K	20x	as long as short
Bitget JTOUSDT	+0.0100%	4h	0.5165	−0.085%	$2.5M	$2.4M	50x	as long as short
BingX JTO-USDT	+0.0100%	4h	0.5160	−0.182%	—	$63.5M	—	as long as short
Variational Omni JTO	+0.0100%	4h	0.5176	+0.135%	$183K	$259K	—	as long as short
Orderly PERP_JTO_USDC_mythos	+0.0100%	4h	0.5163	−0.124%	$4K	$2K	10x	as long as short
Extended JTO-USD	+0.0104%	1h	0.5163	−0.121%	$523K	$854K	10x	as long as short
Hyperliquid JTO	+0.0126%	1h	0.5171	+0.023%	$7.3M	$3.1M	5x	as long as short
GMX JTO/USD [WBTC.b-USDC]	L +0.0224% / S −0.2181%	1h	0.5165	−0.089%	$2K	—	50x	as long as short
Coinbase International JTO-PERP-INTX	+0.0320%	1h	0.5193	+0.457%	$57K	$125K	25x	as long as short
BloFin JTO-USDT	+0.0340%	4h	0.5162	−0.143%	$640K	$575K	75x	as long as short
Backpack JTO_USDC_PERPshort	+0.0350%	1h	0.5165	−0.077%	$263K	$498K	10x
Phoenix JTO	+0.0463%	1h	0.5189	+0.379%	$373K	$267K	5x	as long as short
Kraken Futures PF_JTOUSD	+0.0608%	1h	0.5169	0.000%	$352K	$312K	25x	as long as short