Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0070%/8h= +7.6% APRpaid last 24h +0.049%

Price spread now: Hyperliquid against OKX−0.213%7-day average +0.115% · 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−$85as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 7 days+0.225%+$22 · spread now −0.213%, 7d avg +0.115%

Together, before fees+0.305%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.328% cheaper against OKX than usual: you would sell low and buy high (spread −0.213% now, against its 7-day average of +0.115%). If the spread goes back, that is −$33 on $10k: about 16 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX JUP-USDT-SWAP	0.2959	0.0030	pay 0.0015% / 4h	1h 40m	$4.1M	$12.6M	50x
Short	Hyperliquid JUP	0.2953	0.0100	get 0.0013% / 1h	40m 42s	$18.7M	$10.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now −0.213%Rate

Funding earned: $14.65
Price spread: −0.213% → +0.115%: −$32.81
Slippage, 4 orders: −$33.31
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$70.47
Costs to cover: 0.523%
Break-even: 40.7 days

Slippage from OKX: live order book, 3 min ago; Hyperliquid: 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 OKX live order book, 3 min ago	3.39 bp	12.8 bp −$13	63.3 bp −$633	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	2.37 bp	12.2 bp −$12	doesn't fit	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	0.2904	−1.859%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2950	−0.304%	$16K	—	100x	as long as short
Pacifica JUP	−0.0224%	1h	0.2957	−0.068%	$282K	$147K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2949	−0.348%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2949	−0.330%	—	—	150x	as long as short
Backpack JUP_USDC_PERP	+0.0005%	1h	0.2948	−0.382%	$978K	$231K	10x	as long as short
Bybit JUPUSDT	+0.0013%	4h	0.2957	−0.064%	$15.8M	$19.3M	50x	as long as short
OKX JUP-USDT-SWAPlong	+0.0030%	4h	0.2959	long leg	$4.1M	$12.6M	50x
Reya JUPRUSDPERP	+0.0057%	1h	0.2949	−0.338%	—	—	20x	as long as short
Variational Omni JUP	+0.0093%	4h	0.2946	−0.442%	$719K	$698K	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter JUP	+0.0096%	1h	0.2953	−0.189%	$781K	$1.1M	10x	as long as short
Paradex JUP-USD-PERP	+0.0096%	8h	0.2960	+0.023%	$9K	$11K	10x	as long as short
dYdX JUP-USD	+0.0100%	1h	0.2959	+0.014%	$39K	$27K	5x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2949	−0.330%	$597K	$511K	10x	as long as short
Hyperliquid JUPshort	+0.0100%	1h	0.2953	−0.213%	$18.7M	$10.1M	10x
Aster JUPUSDT	+0.0100%	4h	0.2952	−0.232%	$114K	$298K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2953	−0.205%	$16.3M	$43.4M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2939	−0.688%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2958	−0.034%	$739K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2959	0.000%	$7.5M	$6.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2949	−0.338%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2961	+0.068%	$5.8M	$6.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2961	+0.068%	—	$20.8M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2949	−0.325%	$1.6M	$3.7M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2946	−0.439%	$157K	$274K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2952	−0.253%	$93K	$107K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2948	−0.372%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2943	−0.541%	$111K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2950	−0.304%	$2.9M	$3.3M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2945	−0.456%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0176%	1h	0.2950	−0.311%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0201%	1h	0.2948	−0.358%	$589K	$496K	20x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2950	−0.301%	$74K	$50K	50x	as long as short
Phoenix JUP	+0.0244%	1h	0.2937	−0.750%	$97K	$329K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2951	−0.270%	$841K	$370K	50x	as long as short
Extended JUP-USD	+0.0352%	1h	0.2959	−0.012%	$2.2M	$492K	25x	as long as short