Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0246%/8h= −26.9% APRpaid last 24h −0.004%

Price spread now: Polymarket Perps against Phemex−0.010%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$760.760% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.288%−$29 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now −0.010%, 7d avg −0.061%

Together, before fees−0.398%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.051% dearer against Phemex than usual: you sell high and buy low (spread −0.010% now, against its 7-day average of −0.061%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex JUPUSDT	0.2910	0.0346	pay 0.0173% / 4h	22m 01s	$2.9M	$3.0M	50x
Short	Polymarket Perps JUP-USD	0.2910	0.0100	get 0.0013% / 1h	22m 01s	$92K	$106K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$51.64
Price spread: −0.010% → −0.061%: $5.09
Slippage, 4 orders: −$55.97
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$122.53
Costs to cover: 0.760%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Polymarket Perps: live order book, 15 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, 2 min ago	1.72 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 15 min ago	3.09 bp	14.8 bp −$15	16.8 bp −$168	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	−0.3836%	1h	0.2880	−1.031%	$3K	$207K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2907	−0.116%	$16K	—	100x	as long as short
Pacifica JUP	−0.0058%	1h	0.2909	−0.019%	$277K	$138K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2907	−0.117%	$52K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2907	−0.095%	$16K	—	150x	as long as short
dYdX JUP-USD	+0.0020%	1h	0.2909	−0.019%	$38K	$15K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2906	−0.137%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2908	−0.065%	$753K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0097%	8h	0.2908	−0.053%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2907	−0.120%	$571K	$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	0.2909	−0.038%	$17.9M	$8.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2907	−0.103%	$100K	$295K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2906	−0.122%	$16.0M	$38.8M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2905	−0.168%	$15.7M	$17.3M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2905	−0.172%	$4.0M	$10.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2909	−0.042%	$60K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2904	−0.206%	$693K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2907	−0.103%	$6.9M	$5.5M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2906	−0.137%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2907	−0.103%	$5.7M	$4.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2903	−0.241%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2907	−0.117%	$961K	$223K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2904	−0.190%	$705K	$528K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2907	−0.104%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2906	−0.137%	$160K	$254K	50x	as long as short
Polymarket Perps JUP-USDshort	+0.0100%	1h	0.2910	−0.010%	$92K	$106K	10x
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2906	−0.137%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2902	−0.275%	$109K	$42K	20x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2905	−0.181%	$2.2M	$579K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2906	−0.138%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0128%	1h	0.2910	0.000%	$26K	$3K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2927	+0.570%	$74K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2903	−0.241%	$816K	$369K	50x	as long as short
Phemex JUPUSDTlong	+0.0346%	4h	0.2910	long leg	$2.9M	$3.0M	50x
Phoenix JUP	+0.0355%	1h	0.2908	−0.086%	$104K	$284K	10x	as long as short
Kraken Futures PF_JUPUSD	+0.0416%	1h	0.2907	−0.095%	$572K	$417K	20x	as long as short