Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.018%

Price spread now: Bybit against Phoenix+0.750%95s7-day average −0.155% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as 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−$530.528% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−1.139%−$114 · spread now +0.750%, 7d avg −0.155%

Together, before fees−1.223%−$122 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.905% dearer against Phoenix than usual: you sell high and buy low (spread +0.750% now, against its 7-day average of −0.155%): +$91 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 (−0.083% in total) that is about 3 months. The two prices were read 95 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	0.2905	0.0271	pay 0.0034% / 1h	17m 56s	$97K	$280K	10x
Short	Bybit JUPUSDT	0.2927	0.0100	get 0.0050% / 4h	2h 17m	$15.8M	$17.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now +0.750%Rate

Funding earned: −$35.92
Price spread: +0.750% → −0.155%: $90.53
Slippage, 4 orders: −$34.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $1.82
Costs to cover: 0.528%
Break-even: from the start

Slippage from Phoenix: live order book, 28 min ago; Bybit: live order book, 1 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, 28 min ago	2.54 bp	14.3 bp −$14	29.0 bp −$290	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.71 bp	11.6 bp −$12	41.7 bp −$417	192.3 bp −$19.2K	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	−0.4499%	1h	0.2868	−1.280%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2929	+0.830%	$16K	—	100x	as long as short
Pacifica JUP	−0.0230%	1h	0.2927	+0.764%	$279K	$141K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2930	+0.861%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2928	+0.798%	—	—	150x	as long as short
dYdX JUP-USD	+0.0010%	1h	0.2929	+0.835%	$39K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2929	+0.829%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2931	+0.902%	$761K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2926	+0.733%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2927	+0.742%	$580K	$493K	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	+0.851%	$18.1M	$9.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2930	+0.848%	$107K	$281K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2929	+0.807%	$16.1M	$39.8M	75x	as long as short
Bybit JUPUSDTshort	+0.0100%	4h	0.2927	+0.750%	$15.8M	$17.9M	50x
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2928	+0.785%	$4.1M	$10.9M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2899	−0.213%	$60K	$280	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2927	+0.750%	$718K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2929	+0.819%	$6.8M	$6.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2928	+0.785%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2928	+0.785%	$5.7M	$5.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2927	+0.750%	—	$20.6M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2929	+0.836%	$967K	$192K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2909	+0.130%	$706K	$626K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2896	−0.323%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2892	−0.454%	$159K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2930	+0.854%	$92K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2929	+0.819%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2926	+0.716%	$110K	$44K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2939	+1.173%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0128%	1h	0.2929	+0.833%	$26K	$10K	5x	as long as short
Extended JUP-USD	+0.0144%	1h	0.2927	+0.750%	$2.2M	$556K	25x	as long as short
Kraken Futures PF_JUPUSD	+0.0258%	1h	0.2931	+0.872%	$578K	$463K	20x	as long as short
Phoenix JUPlong	+0.0271%	1h	0.2905	long leg	$97K	$280K	10x
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2933	+0.971%	$74K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2928	+0.785%	$824K	$377K	50x	as long as short
Phemex JUPUSDT	+0.0511%	4h	0.2929	+0.819%	$2.9M	$3.1M	50x	as long as short