Funding you earn now, next payment 22:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.116%
Price spread now: Backpack against Bybit+0.025%45s7-day average +0.099% · you sell dearer than you buy
Net, funding: paid 7d − costs−$38as 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−$680.680% of the position
Funding, last 7 days+0.302%+$30 on $10k
+Price spread, last 4 days (all we have)−0.204%−$20 · spread now +0.025%, 7d avg +0.099%
=Funding pays, the price is against you. Backpack is 0.074% cheaper against Bybit than usual: you would sell low and buy high (spread +0.025% now, against its 7-day average of +0.099%). If the spread goes back, that is −$7 on $10k: about 28 hours of funding at the current rate (+$6 a day). The two prices were read 45 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 | Bybit JTOUSDT | 0.5186 | 0.0100 | pay 0.0050% / 4h | 2h 20m | $7.6M | $13.5M | 50x |
| Short | Backpack JTO_USDC_PERP | 0.5187 | 0.0312 | get 0.0039% / 1h | 20m 27s | $264K | $502K | 10x |
Bybit JTOUSDT
Backpack JTO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $44.52
- Price spread: +0.025% → +0.099%
- −$7.39
- Slippage, 4 orders
- −$47.04
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$30.91
- Costs to cover
- 0.680%
- Break-even
- 11.9 days
Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 3 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 Bybit live order book, 3 min ago | 0.97 bp | 23.3 bp −$23 | 37.5 bp −$375 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 3 min ago | 0.10 bp | 12.1 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
JTO on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit JTO_USDC-PERPETUAL | −0.0907% | 1h | 0.5179 | −0.135% | $13K | $11K | 10x | as long as short |
| Gate JTO_USDT | −0.0160% | 8h | 0.5181 | −0.096% | $939K | $1.5M | 75x | as long as short |
| OKX JTO-USDT-SWAP | −0.0083% | 4h | 0.5178 | −0.154% | $3.9M | $9.9M | 50x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5185 | −0.010% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5539 | +6.813% | — | — | — | as long as short |
| Paradex JTO-USD-PERP | +0.0005% | 8h | 0.5178 | −0.156% | $517 | — | 5x | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −4.107% | $31 | $43K | 5.5x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5186 | −0.004% | $100K | $184K | 10x | as long as short |
| Aster JTOUSDT | +0.0100% | 4h | 0.5185 | −0.024% | $174K | $175K | 10x | as long as short |
| Binance JTOUSDT | +0.0100% | 4h | 0.5178 | −0.154% | $11.6M | $27.9M | 75x | as long as short |
Deribit JTO_USDC-PERPETUAL
Gate JTO_USDT
OKX JTO-USDT-SWAP
dYdX JTO-USD
Reya JTORUSDPERP
Paradex JTO-USD-PERP
Injective JTO/USDC PERP
Lighter JTO
Aster JTOUSDT
Binance JTOUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit JTOUSDTlong | +0.0100% | 4h | 0.5186 | long leg | $7.6M | $13.5M | 50x | |
| Bulk JTO-USD | +0.0100% | 1h | 0.5185 | −0.029% | $56K | $2K | 10x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5178 | −0.154% | $7.1M | $3.7M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5186 | +0.002% | $1.5M | $610K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5184 | −0.039% | $2.6M | $2.4M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5183 | −0.058% | — | $63.5M | — | as long as short |
| Variational Omni JTO | +0.0100% | 4h | 0.5175 | −0.216% | $183K | $259K | — | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0100% | 4h | 0.5181 | −0.096% | $4K | $2K | 10x | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5177 | −0.167% | $526K | $854K | 10x | as long as short |
| Hyperliquid JTO | +0.0118% | 1h | 0.5190 | +0.085% | $7.3M | $3.2M | 5x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5185 | −0.025% | $2K | — | 50x | as long as short |
| Backpack JTO_USDC_PERPshort | +0.0312% | 1h | 0.5187 | +0.025% | $264K | $502K | 10x | |
| Coinbase International JTO-PERP-INTX | +0.0320% | 1h | 0.5186 | 0.000% | $57K | $125K | 25x | as long as short |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5177 | −0.174% | $642K | $577K | 75x | as long as short |
| Phoenix JTO | +0.0463% | 1h | 0.5185 | −0.019% | $373K | $267K | 5x | as long as short |
| Kraken Futures PF_JTOUSD | +0.0606% | 1h | 0.5187 | +0.021% | $353K | $312K | 25x | as long as short |
Bulk JTO-USD
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Variational Omni JTO
Orderly PERP_JTO_USDC_mythos
Extended JTO-USD
Hyperliquid JTO
GMX JTO/USD [WBTC.b-USDC]
Coinbase International JTO-PERP-INTX
BloFin JTO-USDT
Phoenix JTO
Kraken Futures PF_JTOUSD