JUP

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0055%/8h= −6.0% APRnext payment −$0.07 per $10,000 · paid last 24h +0.027%

Price spread now: Phoenix against Backpack+0.270%80s7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as 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−$460.465% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.390%+$39 · spread now +0.270%, 7d avg +0.094%

Together, before fees+0.370%+$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.176% dearer against Backpack than usual: you sell high and buy low (spread +0.270% now, against its 7-day average of +0.094%): +$18 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.019% in total) that is about 2 months. The two prices were read 80 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	0.2963	0.0055	pay 0.0007% / 1h	38m 05s	$983K	$268K	10x
Short	Phoenix JUP	0.2971	0	get 0.0000% / 1h	38m 05s	$94K	$447K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.270%Rate

Funding earned: −$11.49
Price spread: +0.270% → +0.094%: $17.62
Slippage, 4 orders: −$29.48
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.34
Costs to cover: 0.465%
Break-even: never at this rate

Slippage from Backpack: live order book, 51 min ago; Phoenix: live order book, 49 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, 51 min ago	2.01 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 49 min ago	2.51 bp	14.3 bp −$14	29.5 bp −$295	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	0.2929	−1.161%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0751% / S +0.0259%	1h	0.2964	+0.008%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0326%	4h	0.2962	−0.047%	$16.2M	$24.2M	50x	as long as short
Gate JUP_USDT	0.0000%	4h	0.2960	−0.115%	$738K	$1.9M	75x	as long as short
Phoenix JUPshort	0.0000%	1h	0.2971	+0.270%	$94K	$447K	10x
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2964	+0.024%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2963	−0.023%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2964	+0.008%	$601K	$623K	20x	as long as short
dYdX JUP-USD	+0.0013%	1h	0.2961	−0.086%	$39K	$36K	5x	as long as short
Backpack JUP_USDC_PERPlong	+0.0055%	1h	0.2963	long leg	$983K	$268K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange JUPUSD	+0.0056%	1h	0.2962	−0.054%	$26K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2958	−0.168%	—	—	20x	as long as short
BloFin JUP-USDT	+0.0085%	4h	0.2962	−0.047%	$863K	$328K	50x	as long as short
Variational Omni JUP	+0.0089%	4h	0.2965	+0.054%	$725K	$1.2M	—	as long as short
Paradex JUP-USD-PERP	+0.0090%	8h	0.2959	−0.136%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2966	+0.091%	$891K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2963	−0.013%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2957	−0.224%	$597K	$667K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2967	+0.105%	$19.0M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2961	−0.068%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2959	−0.133%	$282K	$183K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2965	+0.054%	$16.5M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2963	−0.013%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2962	−0.047%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2963	−0.013%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2963	−0.013%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2962	−0.047%	—	$21.6M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2970	+0.211%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2966	+0.088%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2963	−0.007%	$94K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2957	−0.216%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2966	+0.088%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2965	+0.071%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2959	−0.163%	$40K	—	3x	as long as short
Extended JUP-USD	+0.0248%	1h	0.2963	−0.016%	$2.2M	$539K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.820%	$74K	$95K	50x	as long as short