Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.034%

Price spread now: Phoenix against Gate−0.020%92s7-day average +0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as 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−$650.652% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 3 days (all we have)+0.495%+$49 · spread now −0.020%, 7d avg +0.158%

Together, before fees+0.608%+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.178% cheaper against Gate than usual: you would sell low and buy high (spread −0.020% now, against its 7-day average of +0.158%). If the spread goes back, that is −$18 on $10k: about 6.0 days of funding at the current rate (+$3 a day). The two prices were read 92 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	Gate JUP_USDT	0.2977	0.0062	pay 0.0031% / 4h	3m 53s	$744K	$1.8M	75x
Short	Phoenix JUP	0.2976	0.0162	get 0.0020% / 1h	3m 53s	$97K	$479K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.020%Rate

Funding earned: $20.92
Price spread: −0.020% → +0.158%: −$17.82
Slippage, 4 orders: −$43.22
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$62.12
Costs to cover: 0.652%
Break-even: 27.8 days

Slippage from Gate: live order book, 4 min ago; Phoenix: live order book, 8 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, 4 min ago	3.37 bp	22.6 bp −$23	110.4 bp −$1,104	doesn't fit	doesn't fit
Sell Phoenix live order book, 8 min ago	2.52 bp	14.4 bp −$14	28.8 bp −$288	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	−0.4371%	1h	0.2938	−1.310%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.2979	+0.072%	$16K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0209%	1h	0.2978	+0.041%	$600K	$589K	20x	as long as short
Pacifica JUP	−0.0199%	1h	0.2974	−0.116%	$283K	$165K	10x	as long as short
Bybit JUPUSDT	−0.0060%	4h	0.2975	−0.067%	$16.2M	$22.1M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0052%	1h	0.2978	+0.040%	$56K	$14K	10x	as long as short
01 Exchange JUPUSD	−0.0048%	1h	0.2975	−0.064%	$26K	$19K	5x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2978	+0.049%	$17K	—	150x	as long as short
Variational Omni JUP	+0.0036%	4h	0.2967	−0.349%	$718K	$776K	—	as long as short
OKX JUP-USDT-SWAP	+0.0040%	4h	0.2976	−0.034%	$4.1M	$16.1M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya JUPRUSDPERP	+0.0057%	1h	0.2974	−0.098%	—	—	20x	as long as short
Gate JUP_USDTlong	+0.0062%	4h	0.2977	long leg	$744K	$1.8M	75x
dYdX JUP-USD	+0.0063%	1h	0.2976	−0.049%	$39K	$32K	5x	as long as short
Paradex JUP-USD-PERP	+0.0083%	8h	0.2974	−0.100%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2980	+0.094%	$796K	$1.4M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2978	+0.034%	$31K	$48K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2973	−0.151%	$616K	$648K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2982	+0.158%	$19.2M	$13.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2977	+0.009%	$116K	$357K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2976	−0.021%	$16.4M	$51.9M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2972	−0.168%	$62K	$9K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2977	0.000%	$8.1M	$7.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2978	+0.034%	$4.2M	$6.9M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2977	0.000%	$5.8M	$7.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2975	−0.067%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2979	+0.060%	$986K	$233K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2974	−0.101%	$1.6M	$3.7M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2970	−0.235%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2983	+0.185%	$94K	$119K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2976	−0.034%	$112K	$62K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2980	+0.101%	$2.9M	$3.9M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2975	−0.050%	$41K	—	3x	as long as short
BloFin JUP-USDT	+0.0107%	4h	0.2970	−0.235%	$840K	$303K	50x	as long as short
Extended JUP-USD	+0.0120%	1h	0.2974	−0.086%	$2.2M	$507K	25x	as long as short
Phoenix JUPshort	+0.0162%	1h	0.2976	−0.020%	$97K	$479K	10x
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.2978	+0.034%	$74K	$91K	50x	as long as short