Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.4157%/8h= −455.2% APRpaid last 24h −0.646%

Price spread now: Injective against Bybit−2.099%98s7-day average −2.031% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.430%−$243 on $10k

Price spread, last 3 days (all we have)+1.741%+$174 · spread now −2.099%, 7d avg −2.031%

Together, before fees−0.689%−$69 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$125 a day on $10k at the current rate, and Injective is 0.068% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −2.031%). Swap the legs. The two prices were read 98 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 -2.430% in total (about -126.7% 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	Bybit JUPUSDT	0.2963	−0.0191	get 0.0095% / 4h	2h 25m	$15.9M	$20.1M	50x
Short	Injective JUP/USDC PERP	0.2901	−0.4347	pay 0.0543% / 1h	25m 41s	$3K	$206K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee InjectivebpOrdersPrice spread, now −2.099%Rate

Funding earned: −$872.9
Price spread: −2.099% → −2.031%: −$6.84
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$890.76
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Injective: live order book, 43 min ago. Net counts fees only.

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 Bybit live order book, 3 min ago	1.69 bp	15.3 bp −$15	37.6 bp −$376	doesn't fit	doesn't fit
Sell Injective live order book, 43 min ago	86.38 bp	doesn't fit	doesn't fit	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 PERPshort	−0.4347%	1h	0.2901	−2.099%	$3K	$206K	5.5x
Pacifica JUP	−0.0353%	1h	0.2964	+0.016%	$282K	$148K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0619%	1h	0.2971	+0.251%	$16K	—	100x	as long as short
Bybit JUPUSDTlong	−0.0191%	4h	0.2963	long leg	$15.9M	$20.1M	50x
OKX JUP-USDT-SWAP	−0.0049%	4h	0.2965	+0.061%	$4.1M	$14.2M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2974	+0.354%	$595K	$518K	20x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2970	+0.237%	—	—	150x	as long as short
dYdX JUP-USD	+0.0015%	1h	0.2966	+0.111%	$39K	$29K	5x	as long as short
Variational Omni JUP	+0.0036%	4h	0.2967	+0.129%	$724K	$751K	—	as long as short
Gate JUP_USDT	+0.0040%	4h	0.2967	+0.128%	$736K	$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
Reya JUPRUSDPERP	+0.0057%	1h	0.2969	+0.205%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0090%	8h	0.2965	+0.049%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2968	+0.165%	$784K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2970	+0.229%	$31K	$43K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2968	+0.170%	$603K	$541K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2967	+0.135%	$18.9M	$11.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2971	+0.260%	$115K	$321K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2965	+0.061%	$16.4M	$46.2M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2964	+0.027%	$62K	$8K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2965	+0.061%	$7.4M	$7.0M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2967	+0.128%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2967	+0.128%	$5.8M	$6.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2967	+0.128%	—	$20.8M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2973	+0.327%	$984K	$235K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2951	−0.412%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2954	−0.310%	$157K	$302K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2972	+0.287%	$94K	$109K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2958	−0.175%	$112K	$49K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2968	+0.168%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0112%	1h	0.2968	+0.148%	$26K	$19K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	+0.0154%	1h	0.2972	+0.300%	$55K	$16K	10x	as long as short
Phemex JUPUSDT	+0.0174%	4h	0.2973	+0.331%	$2.9M	$3.5M	50x	as long as short
Phoenix JUP	+0.0188%	1h	0.2960	−0.115%	$97K	$402K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2966	+0.105%	$75K	$51K	50x	as long as short
Extended JUP-USD	+0.0360%	1h	0.2964	+0.034%	$2.2M	$484K	25x	as long as short