Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0312%/8h= −34.1% APRpaid last 24h —

Price spread now: Reya against Phemex−0.135%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 Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Reya is 0.135% cheaper against Phemex than usual: you would sell low and buy high (−$14 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	0.2924	0.0368	pay 0.0184% / 4h	17m 20s	$2.9M	$3.0M	50x
Short	Reya JUPRUSDPERP	0.2920	0.0057	get 0.0007% / 1h	17m 20s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.135%Rate

Funding earned: −$65.47
Price spread: −0.135% → 0.000%: −$13.54
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$97.01
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 1 min ago; Reya: 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, 1 min ago	3.42 bp	20.6 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.3836%	1h	0.2875	−1.676%	$3K	$207K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2915	−0.298%	$16K	—	100x	as long as short
Pacifica JUP	−0.0058%	1h	0.2916	−0.267%	$278K	$138K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2922	−0.058%	$16K	—	150x	as long as short
dYdX JUP-USD	+0.0028%	1h	0.2915	−0.293%	$39K	$15K	5x	as long as short
Reya JUPRUSDPERPshort	+0.0057%	1h	0.2920	−0.135%	—	—	20x
Deribit JUP_USDC-PERPETUAL	+0.0092%	1h	0.2923	−0.021%	$53K	$17K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2925	+0.038%	$757K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0097%	8h	0.2916	−0.283%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2919	−0.154%	$574K	$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	0.2924	−0.003%	$18.0M	$8.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2924	−0.012%	$101K	$295K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2924	−0.012%	$16.0M	$38.8M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2920	−0.140%	$15.8M	$17.3M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2921	−0.103%	$4.0M	$10.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2912	−0.410%	$60K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2919	−0.171%	$699K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2922	−0.068%	$6.9M	$5.5M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2918	−0.205%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2922	−0.068%	$5.8M	$4.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2920	−0.137%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2916	−0.260%	$965K	$223K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2903	−0.718%	$705K	$529K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2915	−0.295%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2913	−0.376%	$161K	$254K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2920	−0.137%	$92K	$106K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2923	−0.034%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2915	−0.308%	$110K	$42K	20x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2921	−0.103%	$2.2M	$579K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2921	−0.089%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0136%	1h	0.2920	−0.137%	$26K	$2K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2927	+0.089%	$74K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2914	−0.342%	$814K	$370K	50x	as long as short
Phoenix JUP	+0.0355%	1h	0.2909	−0.523%	$104K	$284K	10x	as long as short
Phemex JUPUSDTlong	+0.0368%	4h	0.2924	long leg	$2.9M	$3.0M	50x
Kraken Futures PF_JUPUSD	+0.0414%	1h	0.2925	+0.033%	$576K	$417K	20x	as long as short