Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.013%

Price spread now: Orderly against Phoenix+0.024%66s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.024% dearer against Phoenix than usual: you sell high and buy low (spread +0.024% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 11 hours. The two prices were read 66 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	0.2955	0.0271	pay 0.0034% / 1h	53m 37s	$97K	$283K	10x
Short	Orderly PERP_JUP_USDC	0.2956	0.0100	get 0.0050% / 4h	3h 53m	$30K	$41K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.024%Rate

Funding earned: −$35.87
Price spread: +0.024% → 0.000%: $2.37
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$46.5
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 63 min ago; Orderly: 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 Phoenix live order book, 63 min ago	2.53 bp	14.4 bp −$14	28.8 bp −$288	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.5000%	1h	0.2921	−1.161%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2959	+0.136%	$16K	—	100x	as long as short
Backpack JUP_USDC_PERP	−0.0198%	1h	0.2957	+0.051%	$977K	$233K	10x	as long as short
Pacifica JUP	−0.0183%	1h	0.2957	+0.062%	$282K	$146K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0021%	1h	0.2957	+0.047%	$54K	$16K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2956	+0.040%	$39K	$22K	5x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2960	+0.151%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2957	+0.058%	—	—	20x	as long as short
01 Exchange JUPUSD	+0.0064%	1h	0.2960	+0.166%	$26K	$17K	5x	as long as short
Lighter JUP	+0.0096%	1h	0.2960	+0.156%	$782K	$1.0M	10x	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	+0.0099%	8h	0.2958	+0.107%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2966	+0.379%	$604K	$486K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2960	+0.146%	$18.6M	$9.2M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2958	+0.080%	$110K	$287K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2960	+0.159%	$16.3M	$40.3M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2957	+0.058%	$15.9M	$17.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2964	+0.294%	$4.0M	$11.3M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2960	+0.171%	$62K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2956	+0.024%	$734K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2956	+0.024%	$7.3M	$6.2M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2958	+0.091%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2959	+0.125%	$5.8M	$5.4M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2956	+0.024%	—	$20.7M	—	as long as short
Variational Omni JUP	+0.0100%	4h	0.2947	−0.281%	$719K	$625K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2951	−0.137%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2958	+0.091%	$157K	$251K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2962	+0.230%	$94K	$105K	10x	as long as short
Orderly PERP_JUP_USDCshort	+0.0100%	4h	0.2956	+0.024%	$30K	$41K	10x
HTX JUP-USDT	+0.0100%	4h	0.2950	−0.179%	$111K	$45K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2959	+0.125%	$2.9M	$3.1M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2959	+0.142%	$40K	—	3x	as long as short
Kraken Futures PF_JUPUSD	+0.0177%	1h	0.2958	+0.091%	$593K	$467K	20x	as long as short
Extended JUP-USD	+0.0208%	1h	0.2957	+0.055%	$2.2M	$494K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2964	+0.291%	$75K	$50K	50x	as long as short
Phoenix JUPlong	+0.0271%	1h	0.2955	long leg	$97K	$283K	10x
BloFin JUP-USDT	+0.0340%	4h	0.2961	+0.193%	$838K	$376K	50x	as long as short