Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h −0.056%

Price spread now: Deribit against Phemex−0.102%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.293%−$29 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Deribit is 0.102% cheaper against Phemex than usual: you would sell low and buy high (spread −0.102% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 15 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.293%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2951	0.0100	pay 0.0050% / 4h	3h 37m	$2.9M	$3.0M	50x
Short	Deribit JUP_USDC-PERPETUAL	0.2948	0.0123	get 0.0015% / 1h	37m 36s	$53K	$17K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.102%Rate

Funding earned: $4.89
Price spread: −0.102% → 0.000%: −$10.17
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$24.28
Costs to cover: 0.190%
Break-even: 41.8 days

Slippage unknown: Phemex: live order book, 6 min ago; Deribit: no order-book sample. 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 Phemex live order book, 6 min ago	3.39 bp	20.0 bp −$20	76.3 bp −$763	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.3798%	1h	0.2898	−1.796%	$3K	$205K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2946	−0.155%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0084%	4h	0.2946	−0.169%	$16.0M	$17.1M	50x	as long as short
Pacifica JUP	−0.0070%	1h	0.2948	−0.107%	$281K	$138K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2945	−0.190%	$16K	—	150x	as long as short
dYdX JUP-USD	+0.0037%	1h	0.2946	−0.153%	$39K	$15K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2946	−0.168%	—	—	20x	as long as short
HTX JUP-USDT	+0.0071%	4h	0.2933	−0.610%	$113K	$47K	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2952	+0.037%	$762K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2949	−0.080%	$9K	$11K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado JUP-PERP	+0.0100%	1h	0.2945	−0.212%	$580K	$490K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2953	+0.051%	$18.2M	$8.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2946	−0.169%	$102K	$300K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2949	−0.068%	$16.1M	$38.6M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2947	−0.136%	$4.1M	$10.2M	50x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2946	−0.169%	$699K	$1.3M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2948	−0.102%	$7.9M	$5.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2948	−0.102%	$4.0M	$6.8M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2948	−0.102%	$5.8M	$4.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2948	−0.102%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2949	−0.054%	$979K	$222K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2940	−0.372%	$714K	$527K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2950	−0.034%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2945	−0.203%	$162K	$249K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2945	−0.203%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2946	−0.169%	$33K	$29K	10x	as long as short
Phemex JUPUSDTlong	+0.0100%	4h	0.2951	long leg	$2.9M	$3.0M	50x
Bulk JUP-USD	+0.0100%	1h	0.2946	−0.179%	$61K	$2K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2944	−0.220%	$40K	—	3x	as long as short
Deribit JUP_USDC-PERPETUALshort	+0.0123%	1h	0.2948	−0.102%	$53K	$17K	10x
Extended JUP-USD	+0.0152%	1h	0.2948	−0.086%	$2.2M	$577K	25x	as long as short
01 Exchange JUPUSD	+0.0232%	1h	0.2952	+0.047%	$26K	$2K	5x	as long as short
Phoenix JUP	+0.0272%	1h	0.2951	−0.010%	$107K	$275K	10x	as long as short
Kraken Futures PF_JUPUSD	+0.0278%	1h	0.2949	−0.075%	$582K	$416K	20x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2957	+0.186%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2946	−0.169%	$821K	$377K	50x	as long as short