Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0062%/8h= +6.7% APRpaid last 24h +0.010%

Price spread now: Phoenix against Binance−0.154%65s7-day average +0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as 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−$520.523% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 on $10k

Price spread, last 3 days (all we have)+0.542%+$54 · spread now −0.154%, 7d avg +0.121%

Together, before fees+0.626%+$63 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.275% cheaper against Binance than usual: you would sell low and buy high (spread −0.154% now, against its 7-day average of +0.121%). If the spread goes back, that is −$27 on $10k: about 15 days of funding at the current rate (+$2 a day). The two prices were read 65 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	Binance JUPUSDT	0.2982	0.0100	pay 0.0050% / 4h	3h 58m	$16.4M	$51.7M	75x
Short	Phoenix JUP	0.2977	0.0162	get 0.0020% / 1h	58m 31s	$97K	$468K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.154%Rate

Funding earned: $12.94
Price spread: −0.154% → +0.121%: −$27.49
Slippage, 4 orders: −$35.29
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$66.84
Costs to cover: 0.523%
Break-even: 43.1 days

Slippage from Binance: live order book, 14 min ago; Phoenix: live order book, 14 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 Binance live order book, 14 min ago	1.68 bp	12.1 bp −$12	29.4 bp −$294	283.3 bp −$28.3K	doesn't fit
Sell Phoenix live order book, 14 min ago	2.52 bp	14.4 bp −$14	28.8 bp −$288	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	−0.4634%	1h	0.2998	+0.537%	$3K	$206K	5.5x	as long as short
Gate JUP_USDT	−0.0444%	4h	0.2981	−0.034%	$744K	$1.5M	75x	as long as short
Bybit JUPUSDT	−0.0388%	4h	0.2980	−0.067%	$16.2M	$22.0M	50x	as long as short
Pacifica JUP	−0.0356%	1h	0.2979	−0.095%	$284K	$158K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.2984	+0.062%	$16K	—	100x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0119%	1h	0.2984	+0.057%	$56K	$14K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0101%	1h	0.2984	+0.078%	$601K	$588K	20x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2982	−0.015%	$39K	$32K	5x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2983	+0.050%	$17K	—	150x	as long as short
01 Exchange JUPUSD	+0.0016%	1h	0.2983	+0.037%	$26K	$19K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX JUP-USDT-SWAP	+0.0042%	4h	0.2978	−0.134%	$4.1M	$16.2M	50x	as long as short
Variational Omni JUP	+0.0052%	4h	0.2976	−0.198%	$719K	$776K	—	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2979	−0.089%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0082%	8h	0.2979	−0.092%	$9K	$13K	10x	as long as short
BloFin JUP-USDT	+0.0092%	4h	0.2984	+0.067%	$843K	$304K	50x	as long as short
Lighter JUP	+0.0096%	1h	0.2982	+0.007%	$797K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2984	+0.067%	$31K	$48K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2980	−0.075%	$617K	$649K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2986	+0.131%	$19.2M	$13.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2983	+0.019%	$116K	$357K	10x	as long as short
Binance JUPUSDTlong	+0.0100%	4h	0.2982	long leg	$16.4M	$51.7M	75x
Bulk JUP-USD	+0.0100%	1h	0.2979	−0.101%	$62K	$9K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2981	−0.034%	$8.1M	$7.2M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2983	+0.034%	$4.3M	$6.9M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2982	0.000%	$5.8M	$7.4M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2982	0.000%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2983	+0.040%	$987K	$233K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2981	−0.034%	$1.6M	$3.7M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2981	−0.034%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2987	+0.174%	$94K	$119K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2979	−0.101%	$112K	$62K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2988	+0.201%	$2.9M	$3.9M	50x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2979	−0.094%	$2.2M	$502K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2982	+0.009%	$41K	—	3x	as long as short
Phoenix JUPshort	+0.0162%	1h	0.2977	−0.154%	$97K	$468K	10x
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2989	+0.238%	$75K	$92K	50x	as long as short