Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0214%/8h= +23.5% APRnext payment +$0.27 per $10,000 · paid last 24h —

Price spread now: Phoenix against Reya+0.251%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.251% dearer against Reya than usual: you sell high and buy low: +$25 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya JUPRUSDPERP	0.2935	0.0057	pay 0.0007% / 1h	54m 53s	—	—	20x
Short	Phoenix JUP	0.2942	0.0271	get 0.0034% / 1h	54m 53s	$98K	$285K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Reya. 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 ReyabpFee PhoenixbpOrdersPrice spread, now +0.251%Rate

Funding earned: $45.01
Price spread: +0.251% → 0.000%: $25.08
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $57.1
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Phoenix: live order book, 51 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 Reya no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 51 min ago	2.54 bp	14.3 bp −$14	29.3 bp −$293	doesn't fit	doesn't fit

Reya: 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	0.2911	−0.819%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2935	+0.007%	$16K	—	100x	as long as short
Pacifica JUP	−0.0041%	1h	0.2936	+0.031%	$280K	$143K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2939	+0.149%	$39K	$19K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2936	+0.036%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2936	+0.047%	—	—	150x	as long as short
Reya JUPRUSDPERPlong	+0.0057%	1h	0.2935	long leg	—	—	20x
Lighter JUP	+0.0096%	1h	0.2938	+0.094%	$762K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2936	+0.017%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2934	−0.018%	$576K	$495K	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	0.2938	+0.111%	$18.1M	$9.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2938	+0.101%	$107K	$282K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2935	+0.007%	$16.1M	$39.8M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2933	−0.056%	$15.9M	$17.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2935	−0.001%	$4.1M	$10.9M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2953	+0.603%	$61K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2937	+0.067%	$716K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2936	+0.033%	$6.8M	$5.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2938	+0.101%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2938	+0.101%	$5.8M	$5.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2935	−0.001%	—	$20.6M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2937	+0.057%	$972K	$233K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2936	+0.032%	$712K	$625K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2944	+0.304%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2943	+0.271%	$162K	$256K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2938	+0.087%	$93K	$103K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2936	+0.033%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2929	−0.206%	$110K	$44K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2934	−0.044%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0216%	1h	0.2936	+0.026%	$26K	$8K	5x	as long as short
Extended JUP-USD	+0.0232%	1h	0.2933	−0.053%	$2.2M	$570K	25x	as long as short
Phoenix JUPshort	+0.0271%	1h	0.2942	+0.251%	$98K	$285K	10x
Coinbase International JUP-PERP-INTX	+0.0304%	1h	0.2938	+0.091%	$74K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2936	+0.033%	$826K	$379K	50x	as long as short
Kraken Futures PF_JUPUSD	+0.0375%	1h	0.2937	+0.069%	$579K	$462K	20x	as long as short
Phemex JUPUSDT	+0.0671%	4h	0.2941	+0.203%	$2.9M	$3.1M	50x	as long as short