Funding arb · Price arb /

JTO

all JTO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0365%/8h= −39.9% APRpaid last 24h −0.085%

Price spread now: Bitget against Phoenix−0.156%49s7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as 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−$800.799% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.370%−$37 on $10k

Price spread, last 3 days (all we have)−0.208%−$21 · spread now −0.156%, 7d avg −0.113%

Together, before fees−0.578%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bitget is 0.043% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.113%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JTO	0.5117	0.0465	pay 0.0058% / 1h	26m 35s	$367K	$266K	5x
Short	Bitget JTOUSDT	0.5109	0.0100	get 0.0050% / 4h	26m 35s	$2.5M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now −0.156%Rate

Funding earned: −$76.56
Price spread: −0.156% → −0.113%: −$4.29
Slippage, 4 orders: −$60.95
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$160.79
Costs to cover: 0.799%
Break-even: never at this rate

Slippage from Phoenix: live order book, 50 min ago; Bitget: live order book, 1 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, 50 min ago	1.95 bp	21.0 bp −$21	67.9 bp −$679	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.93 bp	18.5 bp −$19	54.9 bp −$549	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	−0.0727%	1h	0.5111	−0.117%	$13K	$11K	10x	as long as short
Gate JTO_USDT	−0.0183%	8h	0.5104	−0.254%	$898K	$1.5M	75x	as long as short
Paradex JTO-USD-PERP	−0.0023%	8h	0.5100	−0.338%	$509	—	5x	as long as short
OKX JTO-USDT-SWAP	−0.0016%	4h	0.5100	−0.332%	$3.9M	$9.5M	50x	as long as short
dYdX JTO-USD	0.0000%	1h	0.5109	−0.156%	$4K	$4K	5x	as long as short
Reya JTORUSDPERP	0.0000%	1h	0.5539	+8.254%	—	—	—	as long as short
Injective JTO/USDC PERP	+0.0033%	1h	0.4973	−2.814%	$31	$43K	5.5x	as long as short
Bulk JTO-USD	+0.0034%	1h	0.5106	−0.225%	$55K	$1K	10x	as long as short
Lighter JTO	+0.0096%	1h	0.5106	−0.213%	$100K	$193K	10x	as long as short
Hyperliquid JTO	+0.0100%	1h	0.5118	+0.014%	$7.1M	$3.2M	5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster JTOUSDT	+0.0100%	4h	0.5114	−0.050%	$172K	$177K	10x	as long as short
Binance JTOUSDT	+0.0100%	4h	0.5103	−0.269%	$11.3M	$28.1M	75x	as long as short
Bybit JTOUSDT	+0.0100%	4h	0.5107	−0.195%	$7.4M	$13.9M	50x	as long as short
MEXC JTO_USDT	+0.0100%	4h	0.5107	−0.195%	$7.1M	$3.7M	50x	as long as short
KuCoin JTOUSDTM	+0.0100%	4h	0.5116	−0.025%	$1.6M	$631K	20x	as long as short
Bitget JTOUSDTshort	+0.0100%	4h	0.5109	−0.156%	$2.5M	$2.3M	50x
BingX JTO-USDT	+0.0100%	4h	0.5104	−0.254%	—	$67.9M	—	as long as short
Variational Omni JTO	+0.0100%	4h	0.5110	−0.139%	$224K	$305K	—	as long as short
Orderly PERP_JTO_USDC_mythos	+0.0100%	4h	0.5113	−0.078%	$4K	$2K	10x	as long as short
Extended JTO-USD	+0.0104%	1h	0.5102	−0.297%	$518K	$854K	10x	as long as short
Backpack JTO_USDC_PERP	+0.0109%	1h	0.5117	−0.004%	$224K	$471K	10x	as long as short
GMX JTO/USD [WBTC.b-USDC]	L +0.0223% / S −0.2181%	1h	0.5115	−0.039%	$2K	—	50x	as long as short
Kraken Futures PF_JTOUSD	+0.0226%	1h	0.5118	+0.026%	$346K	$312K	25x	as long as short
Coinbase International JTO-PERP-INTX	+0.0296%	1h	0.5172	+1.075%	$57K	$115K	25x	as long as short
BloFin JTO-USDT	+0.0340%	4h	0.5105	−0.235%	$630K	$610K	75x	as long as short
Phoenix JTOlong	+0.0465%	1h	0.5117	long leg	$367K	$266K	5x