Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h −0.029%

Price spread now: OKX against Phoenix−0.041%7-day average −0.167% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$570.572% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 3 days (all we have)−0.478%−$48 · spread now −0.041%, 7d avg −0.167%

Together, before fees−0.577%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.126% dearer against Phoenix than usual: you sell high and buy low (spread −0.041% now, against its 7-day average of −0.167%): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2960	0.0190	pay 0.0024% / 1h	19m 09s	$95K	$441K	10x
Short	OKX JUP-USDT-SWAP	0.2959	0.0100	get 0.0050% / 4h	1h 19m	$4.0M	$16.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$18.8
Price spread: −0.041% → −0.167%: $12.62
Slippage, 4 orders: −$40.18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$63.36
Costs to cover: 0.572%
Break-even: never at this rate

Slippage from Phoenix: live order book, 63 min ago; OKX: 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, 63 min ago	2.51 bp	14.3 bp −$14	29.0 bp −$290	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	3.38 bp	14.9 bp −$15	62.0 bp −$620	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	−0.3508%	1h	0.2911	−1.662%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0473% / S +0.0334%	1h	0.2962	+0.055%	$15K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2956	−0.133%	$282K	$171K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2960	−0.013%	$601K	$614K	20x	as long as short
01 Exchange JUPUSD	−0.0024%	1h	0.2961	+0.014%	$26K	$19K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2962	+0.051%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2961	+0.042%	$17K	—	150x	as long as short
Gate JUP_USDT	+0.0006%	4h	0.2958	−0.074%	$747K	$1.9M	75x	as long as short
BloFin JUP-USDT	+0.0047%	4h	0.2962	+0.061%	$847K	$325K	50x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2958	−0.062%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERP	+0.0072%	8h	0.2956	−0.147%	$9K	$13K	10x	as long as short
Bybit JUPUSDT	+0.0091%	4h	0.2957	−0.101%	$16.2M	$23.3M	50x	as long as short
Lighter JUP	+0.0096%	1h	0.2962	+0.074%	$794K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2957	−0.108%	$612K	$671K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2964	+0.142%	$19.1M	$13.5M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2962	+0.048%	$106K	$365K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2960	−0.004%	$16.3M	$54.7M	75x	as long as short
OKX JUP-USDT-SWAPshort	+0.0100%	4h	0.2959	−0.041%	$4.0M	$16.5M	50x
Bulk JUP-USD	+0.0100%	1h	0.2959	−0.041%	$57K	$3K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2961	+0.027%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2963	+0.095%	$4.3M	$7.1M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2959	−0.041%	$5.6M	$8.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2959	−0.041%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2961	+0.017%	$980K	$255K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2955	−0.188%	$714K	$1.1M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2960	−0.015%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2957	−0.108%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2963	+0.105%	$93K	$132K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2961	+0.027%	$31K	$49K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2949	−0.378%	$111K	$67K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2965	+0.162%	$2.9M	$4.0M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2959	−0.047%	$40K	—	3x	as long as short
dYdX JUP-USD	+0.0139%	1h	0.2958	−0.078%	$39K	$35K	5x	as long as short
Extended JUP-USD	+0.0152%	1h	0.2958	−0.077%	$2.2M	$503K	25x	as long as short
Phoenix JUPlong	+0.0190%	1h	0.2960	long leg	$95K	$441K	10x
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2961	+0.014%	$74K	$93K	50x	as long as short