Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0259%/8h= −28.4% APRpaid last 24h 0.000%

Price spread now: Bybit against Nado−0.034%49s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$500.499% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.439%−$44 · spread now −0.034%, 7d avg −0.016%

Together, before fees−0.437%+ Points / potential airdropNado: Active · farm board−$44 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.003% in total (about 0.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado JUP-PERP	0.2980	0.0100	pay 0.0012% / 1h	24m 37s	$601K	$670K	10x
Short	Bybit JUPUSDT	0.2979	−0.0159	pay 0.0080% / 4h	2h 24m	$16.3M	$24.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Nado. 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 NadobpFee BybitbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$54.45
Price spread: −0.034% → −0.016%: −$1.76
Slippage, 4 orders: −$31.89
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$106.1
Costs to cover: 0.499%
Break-even: never at this rate

Slippage from Nado: live order book, 63 min ago; Bybit: live order book, 4 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 Nado live order book, 63 min ago	2.51 bp	8.7 bp −$9	42.7 bp −$427	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.37 bp	15.4 bp −$15	42.0 bp −$420	244.6 bp −$24.5K	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	0.2933	−1.594%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0837% / S +0.0286%	1h	0.2981	+0.026%	$13K	—	100x	as long as short
Bybit JUPUSDTshort	−0.0159%	4h	0.2979	−0.034%	$16.3M	$24.2M	50x
Phoenix JUP	0.0000%	1h	0.2977	−0.127%	$95K	$447K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2982	+0.037%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2983	+0.073%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2983	+0.094%	$605K	$624K	20x	as long as short
dYdX JUP-USD	+0.0034%	1h	0.2985	+0.160%	$39K	$36K	5x	as long as short
Gate JUP_USDT	+0.0040%	4h	0.2982	+0.050%	$743K	$1.9M	75x	as long as short
01 Exchange JUPUSD	+0.0056%	1h	0.2983	+0.087%	$26K	$19K	5x	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	0.2979	−0.053%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0092%	8h	0.2982	+0.034%	$9K	$15K	10x	as long as short
Variational Omni JUP	+0.0094%	4h	0.2982	+0.064%	$728K	$1.2M	—	as long as short
Lighter JUP	+0.0096%	1h	0.2985	+0.144%	$881K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2983	+0.084%	$31K	$51K	10x	as long as short
Nado JUP-PERPlong	+0.0100%	1h	0.2980	long leg	$601K	$670K	10x
Hyperliquid JUP	+0.0100%	1h	0.2985	+0.161%	$19.1M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2984	+0.107%	$107K	$367K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2982	+0.046%	$284K	$183K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2982	+0.036%	$16.5M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2981	+0.017%	$4.1M	$16.8M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2982	+0.050%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2984	+0.117%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2981	+0.017%	$5.7M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2981	+0.017%	—	$21.0M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2982	+0.050%	$988K	$268K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2980	−0.020%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2978	−0.084%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2986	+0.174%	$94K	$138K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2978	−0.084%	$112K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2987	+0.218%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2961	−0.644%	$57K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2979	−0.067%	$41K	—	3x	as long as short
BloFin JUP-USDT	+0.0135%	4h	0.2986	+0.185%	$860K	$331K	50x	as long as short
Extended JUP-USD	+0.0232%	1h	0.2980	0.000%	$2.2M	$539K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2989	+0.302%	$74K	$95K	50x	as long as short