Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0255%/8h= +27.9% APRpaid last 24h +0.013%

Price spread now: Phoenix against BingX+0.092%49s7-day average +0.142% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as 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−$450.450% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 4 days (all we have)+1.654%+$165 · spread now +0.092%, 7d avg +0.142%

Together, before fees+1.704%+$170 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.050% cheaper against BingX than usual: you would sell low and buy high (spread +0.092% now, against its 7-day average of +0.142%). If the spread goes back, that is −$5 on $10k: about 16 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.051% in total) that is about 6.9 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.051% in total (about 2.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX JUP-USDT	0.2933	0.0100	pay 0.0050% / 4h	0m 28s	—	$20.5M	—
Short	Phoenix JUP	0.2936	0.0355	get 0.0044% / 1h	0m 28s	$105K	$284K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now +0.092%Rate

Funding earned: $53.58
Price spread: +0.092% → +0.142%: −$5.02
Slippage, 4 orders: −$27.95
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $3.61
Costs to cover: 0.450%
Break-even: 6.5 days

Slippage from BingX: live order book, 8 min ago; Phoenix: live order book, 36 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 BingX live order book, 8 min ago	1.71 bp	6.7 bp −$7	11.0 bp −$110	21.9 bp −$2,190	112.9 bp −$56.5K
Sell Phoenix live order book, 36 min ago	2.57 bp	14.3 bp −$14	29.3 bp −$293	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	−0.3836%	1h	0.2886	−1.602%	$3K	$207K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2933	−0.010%	$16K	—	100x	as long as short
Pacifica JUP	−0.0058%	1h	0.2933	−0.012%	$280K	$138K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2933	+0.003%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2932	−0.018%	$16K	—	150x	as long as short
dYdX JUP-USD	+0.0028%	1h	0.2933	+0.010%	$39K	$15K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2931	−0.056%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2935	+0.085%	$759K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0098%	8h	0.2933	0.000%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2933	−0.017%	$578K	$491K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.2935	+0.078%	$18.0M	$9.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2933	−0.008%	$101K	$294K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2933	0.000%	$16.1M	$38.8M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2930	−0.102%	$15.9M	$17.1M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2932	−0.034%	$4.1M	$10.1M	50x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2932	−0.034%	$699K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2933	0.000%	$7.1M	$5.5M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2932	−0.034%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2933	0.000%	$5.8M	$4.9M	75x	as long as short
BingX JUP-USDTlong	+0.0100%	4h	0.2933	long leg	—	$20.5M	—
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2934	+0.020%	$970K	$223K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2928	−0.167%	$711K	$528K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2932	−0.031%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2928	−0.170%	$161K	$254K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2935	+0.075%	$92K	$106K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2933	0.000%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2920	−0.443%	$110K	$45K	20x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2928	−0.160%	$61K	$2K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2933	−0.007%	$2.2M	$580K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2930	−0.102%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0152%	1h	0.2935	+0.078%	$26K	$2K	5x	as long as short
Phemex JUPUSDT	+0.0310%	4h	0.2938	+0.170%	$2.9M	$3.0M	50x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2935	+0.082%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2933	0.000%	$816K	$376K	50x	as long as short
Phoenix JUPshort	+0.0355%	1h	0.2936	+0.092%	$105K	$284K	10x
Kraken Futures PF_JUPUSD	+0.0413%	1h	0.2933	+0.009%	$577K	$415K	20x	as long as short