Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0001%/8h= −0.2% APRpaid last 24h −0.008%

Price spread now: OKX against Backpack−0.095%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 4 days (all we have)+0.350%+$35 · spread now −0.095%, 7d avg −0.067%

Together, before fees+0.238%+$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.027% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack JUP_USDC_PERP	0.2961	0.0036	pay 0.0004% / 1h	40m 10s	$983K	$255K	10x
Short	OKX JUP-USDT-SWAP	0.2958	0.0034	get 0.0017% / 4h	1h 40m	$4.1M	$12.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Backpack. 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 BackpackbpFee OKXbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$0.29
Price spread: −0.095% → −0.067%: −$2.75
Slippage, 4 orders: −$24.69
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$47.73
Costs to cover: 0.447%
Break-even: never at this rate

Slippage from Backpack: live order book, 24 min ago; OKX: 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 Backpack live order book, 24 min ago	1.69 bp	7.8 bp −$8	844.6 bp −$8,446	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	3.39 bp	16.0 bp −$16	61.5 bp −$615	doesn't fit	doesn't fit

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	0.2904	−1.918%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2959	−0.070%	$16K	—	100x	as long as short
Pacifica JUP	−0.0224%	1h	0.2957	−0.128%	$282K	$147K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2960	−0.030%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2960	−0.038%	—	—	150x	as long as short
Bybit JUPUSDT	+0.0013%	4h	0.2958	−0.111%	$15.8M	$19.2M	50x	as long as short
OKX JUP-USDT-SWAPshort	+0.0034%	4h	0.2958	−0.095%	$4.1M	$12.6M	50x
Backpack JUP_USDC_PERPlong	+0.0036%	1h	0.2961	long leg	$983K	$255K	10x
Reya JUPRUSDPERP	+0.0057%	1h	0.2958	−0.095%	—	—	20x	as long as short
Variational Omni JUP	+0.0093%	4h	0.2946	−0.502%	$719K	$698K	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter JUP	+0.0096%	1h	0.2961	+0.020%	$783K	$1.1M	10x	as long as short
Paradex JUP-USD-PERP	+0.0096%	8h	0.2960	−0.038%	$9K	$11K	10x	as long as short
dYdX JUP-USD	+0.0100%	1h	0.2959	−0.047%	$39K	$27K	5x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2958	−0.078%	$599K	$511K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2960	−0.027%	$18.8M	$10.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2960	−0.024%	$114K	$298K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2959	−0.053%	$16.3M	$43.5M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2939	−0.749%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2959	−0.061%	$739K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2958	−0.095%	$7.5M	$6.6M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2961	+0.007%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2960	−0.027%	$5.8M	$6.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2960	−0.027%	—	$20.8M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2949	−0.386%	$1.6M	$3.7M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2946	−0.500%	$157K	$274K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2963	+0.088%	$94K	$107K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2960	−0.027%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2954	−0.230%	$111K	$47K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2960	−0.027%	$2.9M	$3.3M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2956	−0.150%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0176%	1h	0.2962	+0.054%	$26K	$19K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0200%	1h	0.2959	−0.066%	$591K	$496K	20x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2950	−0.361%	$74K	$50K	50x	as long as short
Phoenix JUP	+0.0244%	1h	0.2937	−0.811%	$97K	$329K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2951	−0.331%	$841K	$370K	50x	as long as short
Extended JUP-USD	+0.0352%	1h	0.2956	−0.148%	$2.2M	$492K	25x	as long as short