Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.010%

Price spread now: Phoenix against Aster+0.157%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$640.637% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.071%+$7 on $10k

Price spread, last 4 days (all we have)+1.860%+$186 · spread now +0.157%, 7d avg +0.097%

Together, before fees+1.931%+ Points / potential airdropAster: Stage 5 · farm board+$193 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.060% dearer against Aster than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.097%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster JUPUSDT	0.2955	0.0100	pay 0.0050% / 4h	2h 28m	$114K	$320K	10x
Short	Phoenix JUP	0.2960	0.0188	get 0.0023% / 1h	28m 58s	$97K	$402K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.157%Rate

Funding earned: $18.44
Price spread: +0.157% → +0.097%: $5.98
Slippage, 4 orders: −$48.74
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.31
Costs to cover: 0.637%
Break-even: 21.9 days

Slippage from Aster: live order book, 38 min ago; Phoenix: live order book, 38 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 Aster live order book, 38 min ago	3.33 bp	22.3 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 38 min ago	2.49 bp	14.3 bp −$14	29.3 bp −$293	doesn't fit	doesn't fit

JUP on 35 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	−0.4347%	1h	0.2901	−1.833%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2956	+0.027%	$282K	$148K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0619%	1h	0.2952	−0.093%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0230%	4h	0.2953	−0.073%	$15.9M	$20.3M	50x	as long as short
OKX JUP-USDT-SWAP	−0.0062%	4h	0.2954	−0.040%	$4.1M	$14.4M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2952	−0.119%	$591K	$526K	20x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2951	−0.131%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2953	−0.065%	—	—	150x	as long as short
Variational Omni JUP	+0.0009%	4h	0.2947	−0.275%	$720K	$751K	—	as long as short
Gate JUP_USDT	+0.0016%	4h	0.2955	−0.006%	$731K	$1.5M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX JUP-USD	+0.0017%	1h	0.2956	+0.045%	$39K	$29K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2951	−0.148%	—	—	20x	as long as short
01 Exchange JUPUSD	+0.0088%	1h	0.2959	+0.136%	$26K	$19K	5x	as long as short
Paradex JUP-USD-PERP	+0.0089%	8h	0.2956	+0.044%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2955	−0.006%	$781K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2952	−0.107%	$31K	$43K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2954	−0.057%	$600K	$600K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2956	+0.038%	$18.8M	$11.1M	10x	as long as short
Aster JUPUSDTlong	+0.0100%	4h	0.2955	long leg	$114K	$320K	10x
Binance JUPUSDT	+0.0100%	4h	0.2955	+0.003%	$16.3M	$46.6M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2936	−0.644%	$61K	$8K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2956	+0.028%	$7.4M	$7.0M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2956	+0.028%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2957	+0.062%	$5.8M	$6.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2955	−0.006%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2953	−0.073%	$978K	$236K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2948	−0.242%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2952	−0.107%	$157K	$303K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2958	+0.102%	$94K	$110K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2953	−0.073%	$111K	$49K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2948	−0.231%	$40K	—	3x	as long as short
Phoenix JUPshort	+0.0188%	1h	0.2960	+0.157%	$97K	$402K	10x
Phemex JUPUSDT	+0.0243%	4h	0.2956	+0.028%	$2.9M	$3.6M	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2954	−0.057%	$74K	$52K	50x	as long as short
Extended JUP-USD	+0.0328%	1h	0.2955	−0.015%	$2.2M	$488K	25x	as long as short