Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0359%/8h= +39.3% APRpaid last 24h +0.004%

Price spread now: Phemex against Nado+0.186%7-day average +0.200% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$900.896% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.016%+$2 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now +0.186%, 7d avg +0.200%

Together, before fees+0.060%+ Points / potential airdropNado: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.200%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.016% in total (about 1.8% 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	0.2962	0.0100	pay 0.0012% / 1h	48m 05s	$609K	$602K	10x
Short	Phemex JUPUSDT	0.2967	0.0459	get 0.0229% / 4h	2h 48m	$2.9M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.186%Rate

Funding earned: $75.32
Price spread: +0.186% → +0.200%: −$1.38
Slippage, 4 orders: −$70.63
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$15.68
Costs to cover: 0.896%
Break-even: 8.5 days

Slippage from Nado: live order book, 20 min ago; Phemex: live order book, 6 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, 20 min ago	1.99 bp	10.2 bp −$10	48.6 bp −$486	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	18.61 bp	39.2 bp −$39	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	−0.4347%	1h	0.2904	−1.942%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2964	+0.099%	$282K	$149K	10x	as long as short
Bybit JUPUSDT	−0.0276%	4h	0.2960	−0.051%	$15.9M	$20.6M	50x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.2963	+0.041%	$16K	—	100x	as long as short
OKX JUP-USDT-SWAP	−0.0085%	4h	0.2963	+0.051%	$4.1M	$15.0M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2964	+0.075%	$596K	$524K	20x	as long as short
01 Exchange JUPUSD	−0.0008%	1h	0.2966	+0.159%	$26K	$19K	5x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2967	+0.171%	$39K	$31K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2963	+0.057%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2964	+0.074%	—	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate JUP_USDT	+0.0036%	4h	0.2960	−0.051%	$743K	$1.5M	75x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2959	−0.100%	—	—	20x	as long as short
Variational Omni JUP	+0.0060%	4h	0.2949	−0.438%	$715K	$768K	—	as long as short
Paradex JUP-USD-PERP	+0.0084%	8h	0.2963	+0.065%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2967	+0.169%	$784K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2963	+0.051%	$31K	$44K	10x	as long as short
Nado JUP-PERPlong	+0.0100%	1h	0.2962	long leg	$609K	$602K	10x
Hyperliquid JUP	+0.0100%	1h	0.2967	+0.176%	$18.9M	$11.3M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2964	+0.095%	$114K	$325K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2964	+0.084%	$16.4M	$47.5M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2971	+0.321%	$62K	$8K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2964	+0.084%	$7.5M	$6.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2963	+0.051%	$4.1M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2963	+0.051%	$5.8M	$6.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2963	+0.051%	—	$20.8M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2964	+0.068%	$981K	$235K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2951	−0.361%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2952	−0.321%	$157K	$303K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2967	+0.199%	$93K	$110K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2961	−0.017%	$112K	$55K	20x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2962	+0.017%	$2.2M	$485K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2960	−0.051%	$40K	—	3x	as long as short
Phoenix JUP	+0.0188%	1h	0.2958	−0.111%	$97K	$402K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2966	+0.142%	$74K	$58K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2964	+0.084%	$853K	$380K	50x	as long as short
Phemex JUPUSDTshort	+0.0459%	4h	0.2967	+0.186%	$2.9M	$3.6M	50x