Funding arb · Price arb /

JTO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0416%/8hpaid last 24h −0.117%

Price spread now: Gate against Phoenix−0.215%77s7-day average −0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as 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−$1071.072% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.397%−$40 on $10k

Price spread, last 3 days (all we have)−1.014%−$101 · spread now −0.215%, 7d avg −0.151%

Together, before fees−1.411%−$141 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Gate is 0.064% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.151%). Swap the legs. The two prices were read 77 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 JTO	0.5113	0.0313	pay 0.0039% / 1h	6m 01s	$368K	$270K	5x
Short	Gate JTO_USDT	0.5102	−0.0103	pay 0.0103% / 8h	4h 06m	$931K	$1.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.215%Rate

Funding earned: −$87.33
Price spread: −0.215% → −0.151%: −$6.37
Slippage, 4 orders: −$85.22
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$200.92
Costs to cover: 1.072%
Break-even: never at this rate

Slippage from Phoenix: live order book, 24 min ago; Gate: live order book, 1 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, 24 min ago	1.95 bp	21.0 bp −$21	67.9 bp −$679	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	3.92 bp	33.8 bp −$34	72.0 bp −$720	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	−0.0533%	1h	0.5105	−0.156%	$22K	$561	10x	as long as short
OKX JTO-USDT-SWAP	−0.0117%	4h	0.5101	−0.235%	$3.9M	$9.8M	50x	as long as short
Gate JTO_USDTshort	−0.0103%	8h	0.5102	−0.215%	$931K	$1.6M	75x
Paradex JTO-USD-PERP	0.0000%	8h	0.5103	−0.202%	$509	—	5x	as long as short
dYdX JTO-USD	0.0000%	1h	0.5110	−0.059%	$4K	$4K	5x	as long as short
Reya JTORUSDPERP	0.0000%	1h	0.5539	+8.338%	—	—	—	as long as short
Bybit JTOUSDT	+0.0010%	4h	0.5104	−0.176%	$7.5M	$13.2M	50x	as long as short
Injective JTO/USDC PERP	+0.0033%	1h	0.4973	−2.738%	$31	$43K	5.5x	as long as short
Lighter JTO	+0.0096%	1h	0.5108	−0.090%	$97K	$184K	10x	as long as short
Hyperliquid JTO	+0.0100%	1h	0.5113	+0.003%	$7.2M	$3.2M	5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster JTOUSDT	+0.0100%	4h	0.5106	−0.138%	$171K	$190K	10x	as long as short
Binance JTOUSDT	+0.0100%	4h	0.5102	−0.215%	$11.5M	$28.0M	75x	as long as short
Bulk JTO-USD	+0.0100%	1h	0.5087	−0.509%	$55K	$1K	10x	as long as short
MEXC JTO_USDT	+0.0100%	4h	0.5103	−0.196%	$7.2M	$4.1M	50x	as long as short
KuCoin JTOUSDTM	+0.0100%	4h	0.5106	−0.137%	$1.5M	$508K	20x	as long as short
Bitget JTOUSDT	+0.0100%	4h	0.5104	−0.176%	$2.5M	$2.5M	50x	as long as short
BingX JTO-USDT	+0.0100%	4h	0.5102	−0.215%	—	$63.6M	—	as long as short
Variational Omni JTO	+0.0100%	4h	0.5093	−0.382%	$180K	$260K	—	as long as short
Orderly PERP_JTO_USDC_mythos	+0.0100%	4h	0.5104	−0.176%	$4K	$3K	10x	as long as short
Extended JTO-USD	+0.0104%	1h	0.5102	−0.225%	$507K	$844K	10x	as long as short
GMX JTO/USD [WBTC.b-USDC]	L +0.0223% / S −0.2181%	1h	0.5108	−0.103%	$2K	—	50x	as long as short
Phoenix JTOlong	+0.0313%	1h	0.5113	long leg	$368K	$270K	5x
BloFin JTO-USDT	+0.0340%	4h	0.5101	−0.235%	$647K	$536K	75x	as long as short
Coinbase International JTO-PERP-INTX	+0.0344%	1h	0.5116	+0.059%	$57K	$129K	25x	as long as short
Backpack JTO_USDC_PERP	+0.0402%	1h	0.5110	−0.059%	$262K	$535K	10x	as long as short
Kraken Futures PF_JTOUSD	+0.0785%	1h	0.5113	−0.007%	$344K	$295K	25x	as long as short