Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1069%/8h= −117.1% APRpaid last 24h −0.100%

Price spread now: GMX against Phemex−0.195%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 GMX

What this pair did over the last

the charts below follow

Funding, last 3 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 against this trade now: funding costs −$32 a day on $10k at the current rate, and GMX is 0.195% cheaper against Phemex than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2962	0.0496	pay 0.0248% / 4h	2h 45m	$2.9M	$3.6M	50x
Short	GMX JUP/USD [WBTC.b-USDC]	0.2956	L −0.0210% / S +0.0573%	pay 0.0072% / 1h	45m 51s	$16K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.195%Rate

Funding earned: −$224.56
Price spread: −0.195% → 0.000%: −$19.55
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$268.11
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; GMX: 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, 3 min ago	8.42 bp	27.5 bp −$28	72.4 bp −$724	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.4347%	1h	0.2904	−1.958%	$3K	$206K	5.5x	as long as short
Bybit JUPUSDT	−0.0380%	4h	0.2952	−0.348%	$15.9M	$20.6M	50x	as long as short
Pacifica JUP	−0.0353%	1h	0.2956	−0.187%	$282K	$149K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]short	L −0.0210% / S +0.0573%	1h	0.2956	−0.195%	$16K	—	100x
OKX JUP-USDT-SWAP	−0.0086%	4h	0.2955	−0.236%	$4.0M	$14.9M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2958	−0.132%	$595K	$523K	20x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2957	−0.184%	$39K	$31K	5x	as long as short
01 Exchange JUPUSD	0.0000%	1h	0.2957	−0.162%	$26K	$19K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2957	−0.169%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2957	−0.177%	—	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate JUP_USDT	+0.0006%	4h	0.2954	−0.270%	$740K	$1.5M	75x	as long as short
Variational Omni JUP	+0.0040%	4h	0.2951	−0.387%	$716K	$761K	—	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2954	−0.285%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0084%	8h	0.2957	−0.185%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2958	−0.128%	$782K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2957	−0.169%	$31K	$44K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2953	−0.321%	$607K	$602K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2957	−0.159%	$18.9M	$11.3M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2957	−0.155%	$114K	$325K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2955	−0.222%	$16.3M	$47.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2956	−0.203%	$7.6M	$6.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2956	−0.203%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2955	−0.236%	$5.7M	$6.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2955	−0.236%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2956	−0.213%	$979K	$236K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2964	+0.068%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2962	0.000%	$157K	$303K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2962	−0.003%	$93K	$110K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2952	−0.338%	$111K	$55K	20x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2962	+0.014%	$62K	$8K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2953	−0.304%	$2.2M	$485K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2953	−0.303%	$40K	—	3x	as long as short
Phoenix JUP	+0.0188%	1h	0.2958	−0.128%	$97K	$402K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2960	−0.074%	$74K	$57K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2964	+0.068%	$853K	$380K	50x	as long as short
Phemex JUPUSDTlong	+0.0496%	4h	0.2962	long leg	$2.9M	$3.6M	50x