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 HTX+0.040%72s7-day average +0.319% · you sell dearer than you buy

Net, funding: paid 7d − costs−$257as 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−$2582.581% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$2 on $10k

Price spread, last 3 days (all we have)+0.195%+$20 · spread now +0.040%, 7d avg +0.319%

Together, before fees+0.211%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.278% cheaper against HTX than usual: you would sell low and buy high (spread +0.040% now, against its 7-day average of +0.319%). If the spread goes back, that is −$28 on $10k: about 15 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.015% in total) that is about 4 months. The two prices were read 72 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	HTX JUP-USDT	0.2972	0.0100	pay 0.0050% / 4h	51m 34s	$112K	$67K	20x
Short	Phoenix JUP	0.2973	0.0162	get 0.0020% / 1h	51m 34s	$97K	$479K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.040%Rate

Funding earned: $12.94
Price spread: +0.040% → +0.319%: −$27.84
Slippage, 4 orders: −$239.07
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$272.97
Costs to cover: 2.581%
Break-even: 154.6 days

Slippage from HTX: live order book, 24 min ago; Phoenix: live order book, 25 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 HTX live order book, 24 min ago	11.86 bp	115.2 bp −$115	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 25 min ago	2.53 bp	14.4 bp −$14	29.6 bp −$296	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	−0.4371%	1h	0.2935	−1.245%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0398% / S +0.0663%	1h	0.2976	+0.125%	$15K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0209%	1h	0.2976	+0.128%	$602K	$618K	20x	as long as short
Pacifica JUP	−0.0199%	1h	0.2980	+0.281%	$284K	$169K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2976	+0.124%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2977	+0.167%	$17K	—	150x	as long as short
BloFin JUP-USDT	+0.0052%	4h	0.2983	+0.370%	$848K	$330K	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2973	+0.046%	—	—	20x	as long as short
Gate JUP_USDT	+0.0060%	4h	0.2980	+0.269%	$749K	$1.8M	75x	as long as short
Bybit JUPUSDT	+0.0067%	4h	0.2978	+0.202%	$16.3M	$23.0M	50x	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	+0.0072%	1h	0.2984	+0.404%	$26K	$19K	5x	as long as short
Paradex JUP-USD-PERP	+0.0082%	8h	0.2979	+0.243%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2983	+0.373%	$801K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2975	+0.101%	$614K	$664K	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2981	+0.293%	$109K	$357K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2979	+0.246%	$16.4M	$53.9M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2979	+0.236%	$4.1M	$16.5M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2981	+0.303%	$8.1M	$7.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2981	+0.303%	$4.3M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2980	+0.269%	$5.7M	$8.0M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2980	+0.269%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2977	+0.151%	$985K	$246K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2972	+0.003%	$718K	$1.0M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2977	+0.166%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2974	+0.067%	$158K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2983	+0.377%	$94K	$129K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2976	+0.135%	$31K	$49K	10x	as long as short
HTX JUP-USDTlong	+0.0100%	4h	0.2972	long leg	$112K	$67K	20x
Phemex JUPUSDT	+0.0100%	4h	0.2981	+0.303%	$2.9M	$4.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2966	−0.202%	$58K	$2K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2973	+0.017%	$41K	—	3x	as long as short
dYdX JUP-USD	+0.0110%	1h	0.2981	+0.318%	$39K	$34K	5x	as long as short
Hyperliquid JUP	+0.0153%	1h	0.2985	+0.441%	$19.2M	$13.2M	10x	as long as short
Phoenix JUPshort	+0.0162%	1h	0.2973	+0.040%	$97K	$479K	10x
Extended JUP-USD	+0.0216%	1h	0.2980	+0.258%	$2.2M	$506K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.2979	+0.239%	$74K	$95K	50x	as long as short