Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0172%/8h= −18.9% APRpaid last 24h −0.016%

Price spread now: Binance against Phoenix+0.805%85s7-day average −0.120% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$540.537% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$9 on $10k

Price spread, last 4 days (all we have)−1.873%−$187 · spread now +0.805%, 7d avg −0.120%

Together, before fees−1.968%−$197 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.926% dearer against Phoenix than usual: you sell high and buy low (spread +0.805% now, against its 7-day average of −0.120%): +$93 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 18 days. At the pace of the last 7 days (−0.095% in total) that is about 2 months. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.3007	0.0272	pay 0.0034% / 1h	9m 59s	$109K	$275K	10x
Short	Binance JUPUSDT	0.3031	0.0100	get 0.0050% / 4h	3h 09m	$16.7M	$37.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now +0.805%Rate

Funding earned: −$36.22
Price spread: +0.805% → −0.120%: $92.56
Slippage, 4 orders: −$36.67
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $2.67
Costs to cover: 0.537%
Break-even: from the start

Slippage from Phoenix: live order book, 21 min ago; Binance: live order book, 2 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 Phoenix live order book, 21 min ago	2.56 bp	14.2 bp −$14	29.1 bp −$291	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	1.66 bp	11.8 bp −$12	30.1 bp −$301	154.0 bp −$15.4K	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	−0.3798%	1h	0.2931	−2.518%	$3K	$205K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.3030	+0.766%	$17K	—	100x	as long as short
Pacifica JUP	−0.0070%	1h	0.3017	+0.354%	$288K	$129K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.3005	−0.045%	$17K	—	150x	as long as short
dYdX JUP-USD	+0.0045%	1h	0.3026	+0.658%	$40K	$16K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.3005	−0.048%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.3035	+0.948%	$782K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0098%	8h	0.3026	+0.653%	$10K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.3031	+0.825%	$591K	$484K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.3036	+0.965%	$18.8M	$8.7M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster JUPUSDT	+0.0100%	4h	0.3030	+0.787%	$102K	$295K	10x	as long as short
Binance JUPUSDTshort	+0.0100%	4h	0.3031	+0.805%	$16.7M	$37.9M	75x
Bybit JUPUSDT	+0.0100%	4h	0.3027	+0.669%	$16.4M	$16.7M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.3029	+0.742%	$4.2M	$10.4M	50x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.3030	+0.775%	$717K	$1.3M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.3030	+0.775%	$8.1M	$5.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.3031	+0.808%	$4.2M	$6.8M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.3030	+0.775%	$6.0M	$4.4M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.3029	+0.742%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.3032	+0.851%	$1.0M	$214K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.3004	−0.090%	$728K	$467K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.3006	−0.023%	$1.7M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.3002	−0.156%	$166K	$249K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.3032	+0.841%	$95K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.3032	+0.841%	$34K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.3024	+0.575%	$115K	$53K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.3032	+0.841%	$2.9M	$2.9M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2984	−0.755%	$62K	$2K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.3029	+0.742%	$41K	—	3x	as long as short
Extended JUP-USD	+0.0184%	1h	0.3029	+0.757%	$2.2M	$544K	25x	as long as short
01 Exchange JUPUSD	+0.0240%	1h	0.3033	+0.868%	$27K	$2K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0270%	1h	0.3034	+0.893%	$596K	$399K	20x	as long as short
Phoenix JUPlong	+0.0272%	1h	0.3007	long leg	$109K	$275K	10x
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.3041	+1.131%	$78K	$56K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.3008	+0.043%	$825K	$384K	50x	as long as short
Deribit JUP_USDC-PERPETUAL	+0.0476%	1h	0.3032	+0.855%	$54K	$8K	10x	as long as short