Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0012%/8h= +1.4% APRpaid last 24h +0.012%

Price spread now: Variational Omni against Backpack−0.047%7-day average −0.026% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 3 days (all we have)+0.307%+$31 · spread now −0.047%, 7d avg −0.026%

Together, before fees+0.315%+ Points / potential airdropVariational Omni: Active · farm board+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.021% cheaper against Backpack than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of −0.026%). If the spread goes back, that is −$2 on $10k: about 5.6 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack JUP_USDC_PERP	0.2966	0.0077	pay 0.0010% / 1h	36m 58s	$984K	$268K	10x
Short	Variational Omni JUP	0.2965	0.0089	get 0.0045% / 4h	2h 36m	$725K	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.047%Rate

Funding earned: $2.6
Price spread: −0.047% → −0.026%: −$2.06
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$9.47
Costs to cover: 0.100%
Break-even: 32.5 days

Slippage unknown: Backpack: live order book, 52 min ago; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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 Backpack live order book, 52 min ago	2.01 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	6.76 bp	doesn't fit	44.0 bp −$440	doesn't fit	doesn't fit

JUP on 36 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
Injective JUP/USDC PERP	−0.5000%	1h	0.2930	−1.227%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0751% / S +0.0259%	1h	0.2966	−0.006%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0295%	4h	0.2962	−0.138%	$16.2M	$24.2M	50x	as long as short
Phoenix JUP	0.0000%	1h	0.2963	−0.121%	$94K	$447K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2967	+0.030%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2966	−0.007%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2967	+0.009%	$602K	$623K	20x	as long as short
Gate JUP_USDT	+0.0012%	4h	0.2964	−0.081%	$739K	$1.9M	75x	as long as short
dYdX JUP-USD	+0.0020%	1h	0.2965	−0.050%	$39K	$36K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2966	−0.016%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange JUPUSD	+0.0064%	1h	0.2971	+0.148%	$26K	$19K	5x	as long as short
Backpack JUP_USDC_PERPlong	+0.0077%	1h	0.2966	long leg	$984K	$268K	10x
Variational Omni JUPshort	+0.0089%	4h	0.2965	−0.047%	$725K	$1.2M	—
Paradex JUP-USD-PERP	+0.0090%	8h	0.2967	+0.016%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2969	+0.078%	$890K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2966	−0.013%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2966	−0.013%	$598K	$667K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2968	+0.064%	$19.0M	$14.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2965	−0.053%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2965	−0.046%	$282K	$183K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2964	−0.075%	$16.4M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2963	−0.115%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2964	−0.081%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2966	−0.013%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2964	−0.081%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2963	−0.115%	—	$21.6M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2970	+0.110%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2966	−0.013%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2970	+0.111%	$94K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2958	−0.283%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2969	+0.088%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2965	−0.030%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2963	−0.131%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0148%	4h	0.2967	+0.020%	$862K	$329K	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.718%	$74K	$95K	50x	as long as short
Extended JUP-USD	+0.0264%	1h	0.2962	−0.159%	$2.2M	$539K	25x	as long as short