Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0030%/8h= +3.2% APRpaid last 24h +0.012%

Price spread now: Phemex against Polymarket Perps−0.017%7-day average +0.061% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now −0.017%, 7d avg +0.061%

Together, before fees+0.450%+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.078% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.017% now, against its 7-day average of +0.061%). If the spread goes back, that is −$8 on $10k: about 8.8 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.281% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps JUP-USD	0.2933	0.0100	pay 0.0013% / 1h	8m 00s	$92K	$98K	10x
Short	Phemex JUPUSDT	0.2932	0.0130	get 0.0065% / 4h	8m 00s	$2.9M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now −0.017%Rate

Funding earned: $6.22
Price spread: −0.017% → +0.061%: −$7.8
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$21.59
Costs to cover: 0.200%
Break-even: 31.3 days

Slippage unknown: Polymarket Perps: no order-book sample; Phemex: live order book, 4 min ago. 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	1.70 bp	20.5 bp −$21	doesn't fit	doesn't fit	doesn't fit

Polymarket Perps: 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 exchanges

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
Pacifica JUP	−0.0298%	1h	0.2927	−0.193%	$279K	$131K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2927	−0.191%	$16K	—	100x	as long as short
01 Exchange JUPUSD	−0.0056%	1h	0.2927	−0.201%	$26K	—	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2927	−0.184%	$54K	$8K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S 0.0000%	1h	0.2928	−0.139%	$18K	—	150x	as long as short
Injective JUP/USDC PERP	+0.0033%	1h	0.3020	+2.984%	$3K	$205K	5.5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2925	−0.257%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0088%	8h	0.2925	−0.263%	$9K	$9K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2928	−0.167%	$753K	$935K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2926	−0.230%	$445K	$651K	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.2928	−0.140%	$17.8M	$6.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2926	−0.222%	$100K	$250K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2924	−0.290%	$15.8M	$34.4M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2923	−0.324%	$15.9M	$14.1M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2924	−0.290%	$4.0M	$8.9M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2930	−0.073%	$60K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2927	−0.188%	$698K	$1.0M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2926	−0.222%	$8.5M	$5.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2926	−0.222%	$4.0M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2927	−0.188%	$5.8M	$3.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2925	−0.256%	—	$10.4M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2925	−0.246%	$991K	$237K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2926	−0.232%	$702K	$236K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2932	−0.017%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2929	−0.119%	$152K	$225K	50x	as long as short
Polymarket Perps JUP-USDlong	+0.0100%	1h	0.2933	long leg	$92K	$98K	10x
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2927	−0.188%	$33K	$27K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2922	−0.358%	$111K	$46K	20x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2925	−0.242%	$2.2M	$586K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2924	−0.274%	$40K	—	3x	as long as short
Phemex JUPUSDTshort	+0.0130%	4h	0.2932	−0.017%	$2.9M	$2.7M	50x
Coinbase International JUP-PERP-INTX	+0.0160%	1h	0.2931	−0.048%	$80K	$60K	50x	as long as short
Phoenix JUP	+0.0276%	1h	0.2932	−0.010%	$98K	$254K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2931	−0.051%	$807K	$349K	50x	as long as short
Kraken Futures PF_JUPUSD	+0.0567%	1h	0.2930	−0.073%	$581K	$390K	20x	as long as short
dYdX JUP-USD	+0.0774%	1h	0.2930	−0.097%	$39K	$10K	5x	as long as short