Funding you earn now, next payment 05:00 UTC+0.0571%/8h= +62.5% APRnext payment +$0.71 per $10,000 · paid last 24h +0.009%
Price spread now: Backpack against Phoenix−0.141%7-day average −0.027% · you buy dearer than you sell
Net, funding: paid 7d − costs−$85as in the Funding arb table
Net, price: spread back to 7d avg − costs−$77as in the Price arb table
costs, in and out, $10k−$660.661% of the position
Funding, last 7 days−0.185%−$19 on $10k
+Price spread, last 4 days (all we have)−0.260%−$26 · spread now −0.141%, 7d avg −0.027%
=Funding pays, the price is against you. Backpack is 0.114% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.141% now, against its 7-day average of −0.027%). If the spread goes back, that is −$11 on $10k: about 16 hours of funding at the current rate (+$17 a day). Mind the row above: over the last 7 days funding on this pair cost −0.185%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.185% in total (about -9.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.71 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 | Phoenix JTO | 0.5191 | 0.0464 | pay 0.0058% / 1h | 53m 11s | $383K | $118K | 5x |
| Short | Backpack JTO_USDC_PERP | 0.5184 | 0.1034 | get 0.0129% / 1h | 53m 11s | $267K | $311K | 10x |
Phoenix JTO
Backpack JTO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- $119.83
- Price spread: −0.141% → −0.027%
- −$11.35
- Slippage, 4 orders
- −$49.1
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $42.37
- Costs to cover
- 0.661%
- Break-even
- 4.5 days
Slippage from Phoenix: live order book, 59 min ago; Backpack: live order book, 60 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 Phoenix live order book, 59 min ago | 1.93 bp | 20.8 bp −$21 | 68.3 bp −$683 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 60 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 | −0.0342% | 8h | 0.5177 | −0.270% | $896K | $986K | 75x | as long as short |
| Deribit JTO_USDC-PERPETUAL | −0.0329% | 1h | 0.5174 | −0.327% | $13K | $10K | 10x | as long as short |
| Bybit JTOUSDT | −0.0095% | 4h | 0.5181 | −0.193% | $7.1M | $14.0M | 50x | as long as short |
| OKX JTO-USDT-SWAP | −0.0066% | 4h | 0.5178 | −0.250% | $3.9M | $9.4M | 50x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5174 | −0.327% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5540 | +6.715% | — | — | — | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −4.200% | $31 | $43K | 5.5x | as long as short |
| Paradex JTO-USD-PERP | +0.0096% | 8h | 0.5167 | −0.456% | $516 | — | 5x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5181 | −0.198% | $116K | $228K | 10x | as long as short |
| Variational Omni JTO | +0.0100% | 4h | 0.5180 | −0.220% | $222K | $242K | — | as long as short |
Gate JTO_USDT
Deribit JTO_USDC-PERPETUAL
Bybit JTOUSDT
OKX JTO-USDT-SWAP
dYdX JTO-USD
Reya JTORUSDPERP
Injective JTO/USDC PERP
Paradex JTO-USD-PERP
Lighter JTO
Variational Omni JTOShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid JTO | +0.0100% | 1h | 0.5185 | −0.112% | $7.1M | $3.0M | 5x | as long as short |
| Aster JTOUSDT | +0.0100% | 4h | 0.5179 | −0.225% | $123K | $219K | 10x | as long as short |
| Binance JTOUSDT | +0.0100% | 4h | 0.5180 | −0.213% | $11.3M | $27.6M | 75x | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5143 | −0.917% | $56K | $9K | 10x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5177 | −0.270% | $6.1M | $3.5M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5179 | −0.237% | $1.6M | $604K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5178 | −0.250% | $2.4M | $2.3M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5175 | −0.308% | — | $8.8M | — | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0100% | 4h | 0.5175 | −0.308% | $4K | $652 | 10x | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5174 | −0.335% | $521K | $2.2M | 10x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5177 | −0.279% | $2K | — | 50x | as long as short |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5170 | −0.405% | $614K | $537K | 75x | as long as short |
| Coinbase International JTO-PERP-INTX | +0.0440% | 1h | 0.5186 | −0.096% | $59K | $138K | 25x | as long as short |
| Phoenix JTOlong | +0.0464% | 1h | 0.5191 | long leg | $383K | $118K | 5x | |
| Kraken Futures PF_JTOUSD | +0.0478% | 1h | 0.5179 | −0.226% | $334K | $313K | 25x | as long as short |
| Backpack JTO_USDC_PERPshort | +0.1034% | 1h | 0.5184 | −0.141% | $267K | $311K | 10x |
Hyperliquid JTO
Aster JTOUSDT
Binance JTOUSDT
Bulk JTO-USD
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Orderly PERP_JTO_USDC_mythos
Extended JTO-USD
GMX JTO/USD [WBTC.b-USDC]
BloFin JTO-USDT
Coinbase International JTO-PERP-INTX
Kraken Futures PF_JTOUSD