Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.003%

Price spread now: Phemex against Lighter−0.054%7-day average +0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$660.656% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$2 on $10k

Price spread, last 3 days (all we have)+0.151%+$15 · spread now −0.054%, 7d avg +0.072%

Together, before fees+0.166%+ Points / potential airdropLighter: Season 3 · farm board+$17 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 0.126% cheaper against Lighter than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter JUP	0.2958	0.0096	pay 0.0012% / 1h	3m 59s	$782K	$1.3M	10x
Short	Phemex JUPUSDT	0.2956	0.0100	get 0.0050% / 4h	2h 03m	$2.9M	$3.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now −0.054%Rate

Funding earned: $0.84
Price spread: −0.054% → +0.072%: −$12.58
Slippage, 4 orders: −$53.63
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$77.37
Costs to cover: 0.656%
Break-even: 651.7 days

Slippage from Lighter: live order book, 2 min ago; Phemex: live order book, 5 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 Lighter live order book, 2 min ago	2.37 bp	6.3 bp −$6	37.1 bp −$371	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	5.07 bp	22.8 bp −$23	76.4 bp −$764	doesn't fit	doesn't fit

JUP on 35 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	−0.4347%	1h	0.2917	−1.373%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2956	−0.068%	$282K	$147K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.2957	−0.033%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0069%	4h	0.2953	−0.156%	$15.8M	$19.5M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2955	−0.077%	$590K	$504K	20x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2955	−0.101%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2956	−0.042%	—	—	150x	as long as short
OKX JUP-USDT-SWAP	+0.0005%	4h	0.2956	−0.054%	$4.1M	$13.0M	50x	as long as short
Variational Omni JUP	+0.0052%	4h	0.2952	−0.190%	$720K	$749K	—	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2956	−0.046%	—	—	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX JUP-USD	+0.0075%	1h	0.2952	−0.175%	$39K	$28K	5x	as long as short
Gate JUP_USDT	+0.0084%	4h	0.2954	−0.122%	$735K	$1.5M	75x	as long as short
Paradex JUP-USD-PERP	+0.0094%	8h	0.2955	−0.079%	$9K	$11K	10x	as long as short
Lighter JUPlong	+0.0096%	1h	0.2958	long leg	$782K	$1.3M	10x
Nado JUP-PERP	+0.0100%	1h	0.2956	−0.037%	$598K	$520K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2959	+0.030%	$18.8M	$10.2M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2956	−0.040%	$114K	$317K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2955	−0.074%	$16.3M	$44.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2955	−0.088%	$7.3M	$7.0M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2954	−0.122%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2955	−0.088%	$5.8M	$6.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2955	−0.088%	—	$20.8M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2957	−0.034%	$979K	$236K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2950	−0.266%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2954	−0.122%	$157K	$280K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2961	+0.108%	$93K	$109K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2954	−0.122%	$31K	$43K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2950	−0.257%	$111K	$47K	20x	as long as short
Phemex JUPUSDTshort	+0.0100%	4h	0.2956	−0.054%	$2.9M	$3.4M	50x
Bulk JUP-USD	+0.0100%	1h	0.2951	−0.223%	$61K	$8K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2953	−0.156%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0144%	1h	0.2959	+0.041%	$26K	$19K	5x	as long as short
Phoenix JUP	+0.0188%	1h	0.2959	+0.030%	$97K	$402K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2956	−0.054%	$74K	$50K	50x	as long as short
Extended JUP-USD	+0.0424%	1h	0.2956	−0.069%	$2.2M	$490K	25x	as long as short