Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0184%/8h= −20.2% APRpaid last 24h +0.023%

Price spread now: Kraken Futures against Phemex−0.084%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$930.927% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.628%+$63 on $10k

Price spread, last 4 days (all we have)+0.105%+$10 · spread now −0.084%, 7d avg −0.065%

Together, before fees+0.732%+$73 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.065%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.628%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2934	0.0560	pay 0.0280% / 4h	1h 47m	$2.9M	$3.0M	50x
Short	Kraken Futures PF_JUPUSD	0.2932	0.0375	get 0.0047% / 1h	47m 27s	$578K	$463K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$38.74
Price spread: −0.084% → −0.065%: −$1.88
Slippage, 4 orders: −$70.71
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$133.33
Costs to cover: 0.927%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Kraken Futures: live order book, 61 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 Phemex live order book, 1 min ago	3.41 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 61 min ago	20.33 bp	27.7 bp −$28	108.2 bp −$1,082	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	0.2900	−1.159%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2928	−0.193%	$16K	—	100x	as long as short
Pacifica JUP	−0.0041%	1h	0.2928	−0.191%	$279K	$142K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2931	−0.106%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2929	−0.163%	—	—	150x	as long as short
dYdX JUP-USD	+0.0018%	1h	0.2930	−0.153%	$39K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2927	−0.237%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2931	−0.109%	$760K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2927	−0.222%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2931	−0.111%	$575K	$492K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.2930	−0.143%	$18.1M	$9.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2929	−0.170%	$107K	$282K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2928	−0.220%	$16.1M	$39.7M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2925	−0.300%	$15.9M	$17.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2929	−0.170%	$4.0M	$10.8M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2934	0.000%	$61K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2929	−0.170%	$703K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2928	−0.204%	$6.7M	$5.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2930	−0.136%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2929	−0.170%	$5.8M	$5.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2928	−0.204%	—	$20.6M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2931	−0.106%	$970K	$232K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2932	−0.068%	$711K	$625K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2935	+0.035%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2933	−0.034%	$162K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2932	−0.055%	$92K	$103K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2928	−0.204%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2925	−0.307%	$110K	$44K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2928	−0.187%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0112%	1h	0.2929	−0.160%	$26K	$8K	5x	as long as short
Extended JUP-USD	+0.0208%	1h	0.2927	−0.223%	$2.2M	$570K	25x	as long as short
Phoenix JUP	+0.0244%	1h	0.2935	+0.041%	$98K	$285K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0304%	1h	0.2940	+0.222%	$74K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2933	−0.034%	$829K	$378K	50x	as long as short
Kraken Futures PF_JUPUSDshort	+0.0375%	1h	0.2932	−0.084%	$578K	$463K	20x
Phemex JUPUSDTlong	+0.0560%	4h	0.2934	long leg	$2.9M	$3.0M	50x