Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0126%/8h= +13.8% APRpaid last 24h +0.012%

Price spread now: Backpack against Gate+0.030%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$720.717% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now +0.030%, 7d avg +0.060%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.030% cheaper against Gate than usual: you would sell low and buy high (spread +0.030% now, against its 7-day average of +0.060%). If the spread goes back, that is −$3 on $10k: about 19 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.128% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate JUP_USDT	0.2954	−0.0026	get 0.0013% / 4h	1h 51m	$735K	$1.9M	75x
Short	Backpack JUP_USDC_PERP	0.2955	0.0100	get 0.0013% / 1h	51m 13s	$978K	$263K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.030%Rate

Funding earned: $26.46
Price spread: +0.030% → +0.060%: −$2.98
Slippage, 4 orders: −$46.72
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$48.25
Costs to cover: 0.717%
Break-even: 19.8 days

Slippage from Gate: live order book, 1 min ago; Backpack: live order book, 33 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 Gate live order book, 1 min ago	3.39 bp	24.8 bp −$25	118.0 bp −$1,180	doesn't fit	doesn't fit
Sell Backpack live order book, 33 min ago	0.17 bp	7.2 bp −$7	doesn't fit	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	−0.3508%	1h	0.2922	−1.083%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0989% / S +0.0364%	1h	0.2952	−0.063%	$13K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2953	−0.023%	$281K	$177K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0190%	1h	0.2952	−0.081%	$56K	$14K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2954	0.000%	$599K	$623K	20x	as long as short
01 Exchange JUPUSD	−0.0080%	1h	0.2950	−0.118%	$26K	$19K	5x	as long as short
Bybit JUPUSDT	−0.0044%	4h	0.2949	−0.169%	$16.1M	$23.9M	50x	as long as short
Gate JUP_USDTlong	−0.0026%	4h	0.2954	long leg	$735K	$1.9M	75x
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2953	−0.048%	$17K	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2949	−0.159%	—	—	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	+0.0067%	8h	0.2953	−0.043%	$9K	$15K	10x	as long as short
Variational Omni JUP	+0.0074%	4h	0.2956	+0.076%	$721K	$1.1M	—	as long as short
dYdX JUP-USD	+0.0089%	1h	0.2957	+0.092%	$39K	$35K	5x	as long as short
Lighter JUP	+0.0096%	1h	0.2953	−0.044%	$806K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2949	−0.152%	$610K	$672K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2955	+0.028%	$18.9M	$13.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2953	−0.036%	$106K	$367K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2950	−0.150%	$16.3M	$56.0M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2948	−0.203%	$4.1M	$16.6M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2952	−0.068%	$57K	$3K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2951	−0.102%	$8.0M	$7.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2954	0.000%	$4.3M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2950	−0.135%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2951	−0.102%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERPshort	+0.0100%	1h	0.2955	+0.030%	$978K	$263K	10x
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2967	+0.425%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2955	+0.034%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2955	+0.024%	$93K	$138K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2952	−0.068%	$31K	$51K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2952	−0.068%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2955	+0.034%	$2.9M	$4.1M	50x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2949	−0.168%	$2.2M	$540K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2949	−0.163%	$40K	—	3x	as long as short
BloFin JUP-USDT	+0.0149%	4h	0.2955	+0.034%	$851K	$331K	50x	as long as short
Phoenix JUP	+0.0190%	1h	0.2958	+0.125%	$95K	$441K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2989	+1.202%	$74K	$94K	50x	as long as short