Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.014%

Price spread now: Phoenix against Orderly+0.082%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.082% dearer against Orderly than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_JUP_USDC	0.2935	0.0100	pay 0.0050% / 4h	42m 55s	$31K	$42K	10x
Short	Phoenix JUP	0.2937	0.0271	get 0.0034% / 1h	42m 55s	$97K	$304K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.082%Rate

Funding earned: $35.87
Price spread: +0.082% → 0.000%: $8.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $31.05
Costs to cover: 0.130%
Break-even: 0.9 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 13 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 13 min ago	2.53 bp	14.4 bp −$14	29.6 bp −$296	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4661%	1h	0.2901	−1.158%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2936	+0.040%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2942	+0.226%	$280K	$147K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2936	+0.037%	$54K	$16K	10x	as long as short
dYdX JUP-USD	+0.0001%	1h	0.2943	+0.288%	$38K	$25K	5x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2938	+0.093%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2936	+0.034%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2939	+0.126%	$777K	$1.0M	10x	as long as short
01 Exchange JUPUSD	+0.0096%	1h	0.2940	+0.177%	$26K	$17K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2938	+0.085%	$587K	$489K	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERP	+0.0099%	8h	0.2941	+0.208%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2938	+0.102%	$593K	$501K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2939	+0.129%	$18.6M	$9.5M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2939	+0.144%	$108K	$292K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2934	−0.034%	$16.2M	$42.2M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2934	−0.034%	$15.8M	$18.8M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2936	+0.034%	$4.0M	$12.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2936	+0.017%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2938	+0.102%	$728K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2934	−0.034%	$7.2M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2940	+0.170%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2937	+0.068%	$5.7M	$5.8M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2936	+0.034%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2936	+0.037%	$974K	$241K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2929	−0.206%	$715K	$693K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2934	−0.037%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2934	−0.034%	$156K	$254K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2943	+0.286%	$93K	$104K	10x	as long as short
Orderly PERP_JUP_USDClong	+0.0100%	4h	0.2935	long leg	$31K	$42K	10x
HTX JUP-USDT	+0.0100%	4h	0.2930	−0.170%	$110K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2943	+0.273%	$2.9M	$3.2M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2933	−0.085%	$40K	—	3x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2941	+0.218%	$74K	$49K	50x	as long as short
Phoenix JUPshort	+0.0271%	1h	0.2937	+0.082%	$97K	$304K	10x
BloFin JUP-USDT	+0.0340%	4h	0.2937	+0.068%	$840K	$382K	50x	as long as short
Extended JUP-USD	+0.0376%	1h	0.2933	−0.077%	$2.2M	$502K	25x	as long as short