Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.016%

Price spread now: Phemex against Backpack+0.061%53s7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as 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−$650.653% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now +0.061%, 7d avg +0.131%

Together, before fees+0.146%+$15 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: Phemex is 0.070% cheaper against Backpack than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.131%. The two prices were read 53 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	Backpack JUP_USDC_PERP	0.2938	0.0100	pay 0.0013% / 1h	50m 10s	$974K	$241K	10x
Short	Phemex JUPUSDT	0.2940	0.0100	get 0.0050% / 4h	50m 10s	$2.9M	$3.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.061%Rate

Funding earned: $0
Price spread: +0.061% → +0.131%: −$6.96
Slippage, 4 orders: −$43.26
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$72.22
Costs to cover: 0.653%
Break-even: never at this rate

Slippage from Backpack: live order book, 9 min ago; Phemex: live order book, 4 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, 9 min ago	1.35 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	5.08 bp	25.5 bp −$26	74.1 bp −$741	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	−0.4661%	1h	0.2910	−0.960%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2936	−0.083%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2937	−0.028%	$280K	$147K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2936	−0.082%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2936	−0.084%	—	—	150x	as long as short
dYdX JUP-USD	+0.0002%	1h	0.2936	−0.092%	$38K	$26K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2934	−0.159%	—	—	20x	as long as short
01 Exchange JUPUSD	+0.0064%	1h	0.2937	−0.048%	$26K	$19K	5x	as long as short
Lighter JUP	+0.0096%	1h	0.2937	−0.051%	$777K	$1.0M	10x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2935	−0.094%	$587K	$489K	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERP	+0.0098%	8h	0.2938	0.000%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2935	−0.109%	$592K	$502K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2938	−0.014%	$18.6M	$9.5M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2936	−0.091%	$113K	$288K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2934	−0.143%	$16.2M	$42.4M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2931	−0.259%	$15.8M	$18.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2932	−0.211%	$4.0M	$12.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2957	+0.640%	$62K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2933	−0.177%	$728K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2934	−0.143%	$7.3M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2934	−0.143%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2934	−0.143%	$5.7M	$5.8M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2934	−0.143%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERPlong	+0.0100%	1h	0.2938	long leg	$974K	$241K	10x
Variational Omni JUP	+0.0100%	4h	0.2933	−0.177%	$717K	$693K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2949	+0.368%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2950	+0.402%	$157K	$265K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2938	−0.017%	$92K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2935	−0.109%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2927	−0.381%	$110K	$49K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.2940	+0.061%	$2.9M	$3.2M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2930	−0.271%	$40K	—	3x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2940	+0.078%	$74K	$49K	50x	as long as short
Phoenix JUP	+0.0271%	1h	0.2965	+0.909%	$99K	$304K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2936	−0.075%	$841K	$381K	50x	as long as short
Extended JUP-USD	+0.0384%	1h	0.2932	−0.194%	$2.2M	$502K	25x	as long as short