Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h −0.609%

Price spread now: Phemex against dYdX+0.086%7-day average — · you sell dearer than you buy

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

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.086% dearer against dYdX than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX JUP-USD	0.2945	0.0012	pay 0.0002% / 1h	22m 58s	$38K	$25K	5x
Short	Phemex JUPUSDT	0.2948	0.0100	get 0.0050% / 4h	22m 58s	$2.9M	$3.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.086%Rate

Funding earned: $18.4
Price spread: +0.086% → 0.000%: $8.59
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $4.99
Costs to cover: 0.220%
Break-even: 5.1 days

Slippage unknown: dYdX: no order-book sample; Phemex: live order book, 6 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 dYdX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	8.46 bp	26.8 bp −$27	doesn't fit	doesn't fit	doesn't fit

dYdX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2907	−1.306%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2943	−0.068%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2945	−0.030%	$281K	$146K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2944	−0.047%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2944	−0.042%	—	—	150x	as long as short
dYdX JUP-USDlong	+0.0012%	1h	0.2945	long leg	$38K	$25K	5x
Reya JUPRUSDPERP	+0.0057%	1h	0.2942	−0.127%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2947	+0.049%	$779K	$1.0M	10x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2946	+0.011%	$590K	$480K	20x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2943	−0.076%	$9K	$11K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado JUP-PERP	+0.0100%	1h	0.2944	−0.058%	$592K	$491K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2946	+0.004%	$18.5M	$9.4M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2945	−0.002%	$110K	$289K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2943	−0.084%	$16.2M	$41.6M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2942	−0.135%	$15.8M	$18.4M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2943	−0.084%	$4.0M	$11.7M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2944	−0.050%	$61K	$8K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2944	−0.050%	$726K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2943	−0.084%	$7.3M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2945	−0.016%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2943	−0.084%	$5.7M	$5.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2944	−0.050%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2944	−0.060%	$972K	$237K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2942	−0.119%	$719K	$641K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2948	+0.073%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2950	+0.154%	$157K	$253K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2946	+0.004%	$93K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2945	−0.016%	$30K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2939	−0.220%	$110K	$47K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.2948	+0.086%	$2.9M	$3.2M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2942	−0.126%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0176%	1h	0.2945	−0.019%	$26K	$17K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2954	+0.296%	$75K	$50K	50x	as long as short
Phoenix JUP	+0.0271%	1h	0.2950	+0.150%	$97K	$304K	10x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2945	−0.016%	$834K	$383K	50x	as long as short
Extended JUP-USD	+0.0456%	1h	0.2942	−0.118%	$2.2M	$502K	25x	as long as short