Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0232%/8h= +25.4% APRpaid last 24h +0.005%

Price spread now: Lighter against Bybit+0.189%7-day average +0.114% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.196%−$20 · spread now +0.189%, 7d avg +0.114%

Together, before fees−0.144%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Lighter is 0.075% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.114%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.052% in total (about 2.7% a year). A funding rate is set anew for every payment. 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	Bybit JUPUSDT	0.2970	−0.0136	get 0.0068% / 4h	2h 14m	$16.3M	$24.0M	50x
Short	Lighter JUP	0.2976	0.0096	get 0.0012% / 1h	14m 05s	$860K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.189%Rate

Funding earned: $48.64
Price spread: +0.189% → +0.114%: $7.5
Slippage, 4 orders: −$39.39
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $5.76
Costs to cover: 0.504%
Break-even: 6.2 days

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 2 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 Bybit live order book, 5 min ago	1.68 bp	14.1 bp −$14	39.8 bp −$398	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	1.85 bp	8.9 bp −$9	52.7 bp −$527	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	0.2978	+0.269%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0880% / S +0.0330%	1h	0.2973	+0.108%	$13K	—	100x	as long as short
Bybit JUPUSDTlong	−0.0136%	4h	0.2970	long leg	$16.3M	$24.0M	50x
Deribit JUP_USDC-PERPETUAL	−0.0086%	1h	0.2974	+0.135%	$56K	$14K	10x	as long as short
Phoenix JUP	0.0000%	1h	0.2979	+0.306%	$95K	$447K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2974	+0.123%	$17K	—	150x	as long as short
Gate JUP_USDT	+0.0002%	4h	0.2968	−0.067%	$739K	$2.0M	75x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2974	+0.121%	$603K	$624K	20x	as long as short
dYdX JUP-USD	+0.0026%	1h	0.2975	+0.163%	$39K	$36K	5x	as long as short
01 Exchange JUPUSD	+0.0040%	1h	0.2970	−0.003%	$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
Reya JUPRUSDPERP	+0.0057%	1h	0.2970	+0.003%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0092%	8h	0.2970	+0.008%	$9K	$15K	10x	as long as short
Lighter JUPshort	+0.0096%	1h	0.2976	+0.189%	$860K	$1.3M	10x
BloFin JUP-USDT	+0.0100%	4h	0.2975	+0.168%	$859K	$334K	50x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2973	+0.101%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2970	+0.008%	$598K	$668K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2978	+0.263%	$19.1M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2975	+0.173%	$107K	$367K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2971	+0.029%	$283K	$181K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2972	+0.067%	$16.4M	$56.3M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2973	+0.101%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2972	+0.067%	$8.0M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2975	+0.168%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2972	+0.067%	$5.7M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2972	+0.067%	—	$21.0M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2973	+0.114%	$984K	$266K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2971	+0.046%	$727K	$1.2M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2979	+0.287%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2978	+0.269%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2979	+0.296%	$94K	$138K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2964	−0.202%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2977	+0.236%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2982	+0.404%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2972	+0.051%	$41K	—	3x	as long as short
Extended JUP-USD	+0.0240%	1h	0.2972	+0.062%	$2.2M	$539K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2989	+0.657%	$74K	$95K	50x	as long as short