Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.046%

Price spread now: Variational Omni against Hyperliquid−0.286%7-day average −0.102% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.066%−$7 on $10k

Price spread, last 3 days (all we have)+0.374%+$37 · spread now −0.286%, 7d avg −0.102%

Together, before fees+0.308%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.184% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.102%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid JUP	0.2992	0.0175	pay 0.0022% / 1h	33m 35s	$19.2M	$13.1M	10x
Short	Variational Omni JUP	0.2984	0.0100	get 0.0050% / 4h	33m 35s	$722K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.286%Rate

Funding earned: −$15.76
Price spread: −0.286% → −0.102%: −$18.38
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$43.15
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Variational Omni: RFQ quote, just now. 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 Hyperliquid live order book, 9 min ago	1.17 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	8.39 bp	doesn't fit	41.9 bp −$419	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	0.2950	−1.410%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2985	−0.227%	$16K	—	100x	as long as short
Kraken Futures PF_JUPUSD	−0.0208%	1h	0.2988	−0.156%	$602K	$604K	20x	as long as short
Pacifica JUP	−0.0199%	1h	0.2987	−0.179%	$285K	$168K	10x	as long as short
Bybit JUPUSDT	0.0000%	4h	0.2981	−0.361%	$16.3M	$22.9M	50x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2985	−0.234%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2987	−0.188%	$17K	—	150x	as long as short
01 Exchange JUPUSD	+0.0056%	1h	0.2986	−0.197%	$26K	$19K	5x	as long as short
Gate JUP_USDT	+0.0056%	4h	0.2985	−0.241%	$748K	$1.8M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2982	−0.343%	—	—	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin JUP-USDT	+0.0072%	4h	0.2984	−0.274%	$850K	$329K	50x	as long as short
dYdX JUP-USD	+0.0076%	1h	0.2987	−0.187%	$39K	$34K	5x	as long as short
Paradex JUP-USD-PERP	+0.0085%	8h	0.2985	−0.233%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2988	−0.144%	$800K	$1.4M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2985	−0.241%	$31K	$48K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2984	−0.282%	$615K	$661K	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2988	−0.139%	$116K	$363K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2987	−0.185%	$16.4M	$53.7M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2982	−0.341%	$4.1M	$16.5M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2985	−0.241%	$58K	$2K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2987	−0.174%	$8.2M	$7.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2988	−0.140%	$4.3M	$7.0M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2986	−0.207%	$5.8M	$8.1M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2984	−0.274%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2985	−0.231%	$988K	$244K	10x	as long as short
Variational Omni JUPshort	+0.0100%	4h	0.2984	−0.286%	$722K	$1.0M	—
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2989	−0.107%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2989	−0.107%	$159K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2988	−0.147%	$94K	$129K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2983	−0.307%	$112K	$66K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2991	−0.040%	$2.9M	$3.9M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2982	−0.344%	$41K	—	3x	as long as short
Phoenix JUP	+0.0162%	1h	0.2990	−0.084%	$97K	$479K	10x	as long as short
Hyperliquid JUPlong	+0.0175%	1h	0.2992	long leg	$19.2M	$13.1M	10x
Coinbase International JUP-PERP-INTX	+0.0256%	1h	0.3000	+0.274%	$75K	$95K	50x	as long as short
Extended JUP-USD	+0.0272%	1h	0.2983	−0.300%	$2.2M	$507K	25x	as long as short