Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: Phemex against Hyperliquid+0.132%48s7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as 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−$670.674% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now +0.132%, 7d avg +0.052%

Together, before fees−0.006%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.080% dearer against Hyperliquid than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.052%. The two prices were read 48 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	Hyperliquid JUP	0.2957	0.0100	pay 0.0013% / 1h	11m 20s	$18.6M	$8.9M	10x
Short	Phemex JUPUSDT	0.2961	0.0100	get 0.0050% / 4h	3h 11m	$2.9M	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hyperliquid. 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 HyperliquidbpFee PhemexbpOrdersPrice spread, now +0.132%Rate

Funding earned: $0
Price spread: +0.132% → +0.052%: $8.03
Slippage, 4 orders: −$46.36
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.32
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Phemex: live order book, 2 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 Hyperliquid live order book, 12 min ago	0.17 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	6.74 bp	25.1 bp −$25	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	−0.5000%	1h	0.2918	−1.322%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2955	−0.065%	$16K	—	100x	as long as short
Pacifica JUP	−0.0183%	1h	0.2956	−0.047%	$282K	$146K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2959	+0.078%	$39K	$21K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2954	−0.098%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2956	−0.046%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2954	−0.121%	—	—	20x	as long as short
Backpack JUP_USDC_PERP	+0.0085%	1h	0.2957	−0.010%	$979K	$186K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2959	+0.078%	$780K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2955	−0.069%	$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	0.2955	−0.063%	$596K	$488K	10x	as long as short
Hyperliquid JUPlong	+0.0100%	1h	0.2957	long leg	$18.6M	$8.9M	10x
Aster JUPUSDT	+0.0100%	4h	0.2957	−0.003%	$110K	$286K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2954	−0.094%	$16.2M	$39.5M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2952	−0.172%	$15.9M	$17.7M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2953	−0.139%	$4.1M	$11.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2955	−0.071%	$61K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2956	−0.037%	$733K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2955	−0.071%	$7.3M	$6.2M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2956	−0.037%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2955	−0.071%	$5.8M	$5.3M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2954	−0.105%	—	$20.7M	—	as long as short
Variational Omni JUP	+0.0100%	4h	0.2960	+0.097%	$722K	$624K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2959	+0.071%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2957	−0.003%	$163K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2959	+0.057%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2954	−0.105%	$30K	$41K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2952	−0.172%	$111K	$44K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.2961	+0.132%	$2.9M	$3.0M	50x
Aevo JUP-PERP	+0.0104%	1h	0.2952	−0.172%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0152%	1h	0.2955	−0.078%	$26K	$17K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0178%	1h	0.2955	−0.060%	$587K	$470K	20x	as long as short
Phoenix JUP	+0.0216%	1h	0.2963	+0.196%	$97K	$283K	10x	as long as short
Extended JUP-USD	+0.0232%	1h	0.2952	−0.185%	$2.2M	$504K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2968	+0.362%	$75K	$50K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2956	−0.037%	$835K	$379K	50x	as long as short