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: HTX against Phoenix−0.150%48s7-day average −0.325% · you buy dearer than you sell

Net, funding: paid 7d − costs−$249as 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−$2452.446% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now −0.150%, 7d avg −0.325%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.175% dearer against Phoenix than usual: you sell high and buy low (spread −0.150% now, against its 7-day average of −0.325%): +$17 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 3.4 days. At the pace of the last 7 days (−0.047% in total) that is about 26 days. The two prices were read 48 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	0.2929	0.0272	pay 0.0034% / 1h	27m 22s	$106K	$275K	10x
Short	HTX JUP-USDT	0.2925	0.0100	get 0.0050% / 4h	3h 27m	$112K	$46K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$36.22
Price spread: −0.150% → −0.325%: $17.46
Slippage, 4 orders: −$225.64
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$263.4
Costs to cover: 2.446%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; HTX: live order book, 4 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, 4 min ago	2.56 bp	14.2 bp −$14	29.1 bp −$291	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	8.55 bp	127.4 bp −$127	doesn't fit	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	−0.3798%	1h	0.2898	−1.072%	$3K	$205K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2935	+0.199%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0151%	4h	0.2932	+0.092%	$15.9M	$16.9M	50x	as long as short
Pacifica JUP	−0.0070%	1h	0.2935	+0.201%	$280K	$138K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2935	+0.208%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2927	−0.072%	$16K	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2932	+0.090%	—	—	20x	as long as short
dYdX JUP-USD	+0.0069%	1h	0.2935	+0.174%	$39K	$16K	5x	as long as short
Lighter JUP	+0.0096%	1h	0.2938	+0.294%	$760K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0097%	8h	0.2934	+0.145%	$9K	$11K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado JUP-PERP	+0.0100%	1h	0.2934	+0.148%	$581K	$489K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2937	+0.244%	$18.1M	$9.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2934	+0.165%	$101K	$297K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2935	+0.192%	$16.0M	$38.2M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2935	+0.191%	$4.1M	$10.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2924	−0.187%	$61K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2932	+0.089%	$695K	$1.3M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2934	+0.157%	$7.8M	$5.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2935	+0.191%	$4.0M	$6.8M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2935	+0.191%	$5.8M	$4.8M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2934	+0.157%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2935	+0.191%	$974K	$222K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2923	−0.218%	$710K	$485K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2930	+0.021%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2927	−0.082%	$161K	$249K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2934	+0.174%	$92K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2935	+0.191%	$33K	$29K	10x	as long as short
HTX JUP-USDTshort	+0.0100%	4h	0.2925	−0.150%	$112K	$46K	20x
Extended JUP-USD	+0.0104%	1h	0.2933	+0.128%	$2.2M	$576K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2932	+0.072%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0200%	1h	0.2935	+0.181%	$26K	$2K	5x	as long as short
Phemex JUPUSDT	+0.0200%	4h	0.2936	+0.225%	$2.9M	$2.9M	50x	as long as short
Phoenix JUPlong	+0.0272%	1h	0.2929	long leg	$106K	$275K	10x
Kraken Futures PF_JUPUSD	+0.0279%	1h	0.2936	+0.225%	$579K	$405K	20x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2957	+0.925%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2924	−0.184%	$821K	$373K	50x	as long as short