JUP

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0158%/8h= −17.3% APRnext payment −$0.20 per $10,000 · paid last 24h −0.039%

Price spread now: Backpack against Kraken Futures−0.035%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$710.713% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.619%−$62 on $10k

Price spread, last 4 days (all we have)−0.128%−$13 · spread now −0.035%, 7d avg −0.069%

Together, before fees−0.747%−$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.034% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.035% now, against its 7-day average of −0.069%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_JUPUSD	0.2931	0.0258	pay 0.0032% / 1h	17m 21s	$578K	$463K	20x
Short	Backpack JUP_USDC_PERP	0.2929	0.0100	get 0.0013% / 1h	17m 21s	$967K	$192K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$33.12
Price spread: −0.035% → −0.069%: $3.37
Slippage, 4 orders: −$51.27
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$101.02
Costs to cover: 0.713%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 31 min ago; Backpack: live order book, 32 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 Kraken Futures live order book, 31 min ago	20.33 bp	26.9 bp −$27	129.0 bp −$1,290	doesn't fit	doesn't fit
Sell Backpack live order book, 32 min ago	1.52 bp	7.2 bp −$7	818.3 bp −$8,183	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	−0.4499%	1h	0.2882	−1.656%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2924	−0.207%	$16K	—	100x	as long as short
Pacifica JUP	−0.0230%	1h	0.2929	−0.053%	$279K	$141K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2926	−0.168%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2926	−0.162%	—	—	150x	as long as short
dYdX JUP-USD	+0.0010%	1h	0.2929	−0.036%	$39K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2927	−0.136%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2930	−0.011%	$761K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2930	−0.028%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2929	−0.061%	$580K	$493K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.2930	−0.004%	$18.1M	$9.1M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2927	−0.103%	$107K	$281K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2926	−0.155%	$16.1M	$39.8M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2924	−0.223%	$15.8M	$17.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2926	−0.154%	$4.1M	$10.9M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2899	−1.076%	$60K	$280	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2926	−0.154%	$718K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2926	−0.154%	$6.7M	$6.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2928	−0.086%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2926	−0.154%	$5.7M	$5.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2926	−0.154%	—	$20.6M	—	as long as short
Backpack JUP_USDC_PERPshort	+0.0100%	1h	0.2929	−0.035%	$967K	$192K	10x
Variational Omni JUP	+0.0100%	4h	0.2909	−0.735%	$706K	$626K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2929	−0.052%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2926	−0.154%	$161K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2930	−0.021%	$92K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2924	−0.223%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2926	−0.154%	$110K	$44K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2926	−0.170%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0128%	1h	0.2931	+0.023%	$26K	$10K	5x	as long as short
Extended JUP-USD	+0.0144%	1h	0.2928	−0.070%	$2.2M	$556K	25x	as long as short
Kraken Futures PF_JUPUSDlong	+0.0258%	1h	0.2931	long leg	$578K	$463K	20x
Phoenix JUP	+0.0271%	1h	0.2905	−0.864%	$97K	$280K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2933	+0.098%	$74K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2928	−0.086%	$824K	$377K	50x	as long as short
Phemex JUPUSDT	+0.0511%	4h	0.2929	−0.052%	$2.9M	$3.1M	50x	as long as short