Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0243%/8h= −26.6% APRpaid last 24h −0.013%

Price spread now: Lighter against Phemex−0.007%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$570.573% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now −0.007%, 7d avg −0.065%

Together, before fees−0.117%+ Points / potential airdropLighter: Season 3 · farm board−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.058% dearer against Phemex than usual: you sell high and buy low (spread −0.007% now, against its 7-day average of −0.065%): +$6 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.025% in total) that is about 16 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.025% in total (about -1.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2900	0.0339	pay 0.0170% / 4h	1h 08m	$2.9M	$2.7M	50x
Short	Lighter JUP	0.2900	0.0096	get 0.0012% / 1h	8m 42s	$743K	$963K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 LighterbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$51.08
Price spread: −0.007% → −0.065%: $5.79
Slippage, 4 orders: −$45.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$102.58
Costs to cover: 0.573%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Lighter: live order book, 45 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, 3 min ago	1.72 bp	19.0 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 45 min ago	4.43 bp	10.8 bp −$11	51.5 bp −$515	doesn't fit	doesn't fit

JUP on 36 exchanges

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
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2893	−0.227%	$16K	—	100x	as long as short
Pacifica JUP	−0.0134%	1h	0.2894	−0.199%	$276K	$133K	10x	as long as short
01 Exchange JUPUSD	−0.0016%	1h	0.2896	−0.145%	$26K	$2K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2897	−0.100%	$54K	$8K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S 0.0000%	1h	0.2895	−0.172%	$17K	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2895	−0.157%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0082%	8h	0.2893	−0.252%	$9K	$9K	10x	as long as short
Lighter JUPshort	+0.0096%	1h	0.2900	−0.007%	$743K	$963K	10x
Nado JUP-PERP	+0.0100%	1h	0.2893	−0.241%	$436K	$621K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2900	+0.010%	$17.5M	$6.7M	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster JUPUSDT	+0.0100%	4h	0.2897	−0.097%	$99K	$261K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2898	−0.061%	$15.7M	$34.8M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2897	−0.100%	$15.7M	$14.5M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2897	−0.103%	$3.9M	$9.2M	50x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2896	−0.138%	$702K	$1.0M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2899	−0.034%	$8.0M	$5.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2897	−0.103%	$4.0M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2898	−0.069%	$5.7M	$3.8M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2898	−0.069%	—	$10.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2898	−0.062%	$975K	$238K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2890	−0.352%	$696K	$246K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2894	−0.202%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2889	−0.379%	$158K	$222K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2898	−0.066%	$91K	$101K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2896	−0.138%	$33K	$27K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2890	−0.345%	$110K	$57K	20x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2898	−0.069%	$60K	$2K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2898	−0.084%	$2.1M	$563K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2896	−0.138%	$39K	—	3x	as long as short
BloFin JUP-USDT	+0.0160%	4h	0.2895	−0.172%	$803K	$368K	50x	as long as short
Phoenix JUP	+0.0270%	1h	0.2895	−0.166%	$97K	$269K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0304%	1h	0.2910	+0.355%	$80K	$59K	50x	as long as short
Phemex JUPUSDTlong	+0.0339%	4h	0.2900	long leg	$2.9M	$2.7M	50x
Kraken Futures PF_JUPUSD	+0.0536%	1h	0.2899	−0.030%	$575K	$390K	20x	as long as short
dYdX JUP-USD	+0.0741%	1h	0.2894	−0.203%	$38K	$10K	5x	as long as short
Injective JUP/USDC PERP	+0.4474%	1h	0.3020	+4.138%	$3K	$205K	5.5x	as long as short