Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0116%/8h= +12.7% APRpaid last 24h +0.033%

Price spread now: Phoenix against OKX+0.020%46s7-day average +0.166% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

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

costs, in and out, $10k−$580.583% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 4 days (all we have)+0.498%+$50 · spread now +0.020%, 7d avg +0.166%

Together, before fees+0.608%+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.145% cheaper against OKX than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.166%). If the spread goes back, that is −$15 on $10k: about 4.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.110% in total) that is about 9.3 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX JUP-USDT-SWAP	0.2946	0.0100	pay 0.0050% / 4h	3h 00m	$4.1M	$11.0M	50x
Short	Phoenix JUP	0.2947	0.0216	get 0.0027% / 1h	0m 41s	$97K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.020%Rate

Funding earned: $24.38
Price spread: +0.020% → +0.166%: −$14.54
Slippage, 4 orders: −$41.33
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$48.49
Costs to cover: 0.583%
Break-even: 20.9 days

Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 50 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 OKX live order book, 3 min ago	3.40 bp	16.3 bp −$16	65.4 bp −$654	doesn't fit	doesn't fit
Sell Phoenix live order book, 50 min ago	2.54 bp	14.4 bp −$14	29.7 bp −$297	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	−0.5000%	1h	0.2918	−0.950%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2943	−0.097%	$16K	—	100x	as long as short
Pacifica JUP	−0.0183%	1h	0.2945	−0.040%	$281K	$146K	10x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2944	−0.052%	$38K	$21K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2944	−0.061%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2944	−0.076%	—	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2944	−0.067%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2946	+0.010%	$777K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2946	−0.008%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2942	−0.127%	$593K	$487K	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	0.2945	−0.034%	$18.5M	$8.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2944	−0.051%	$110K	$273K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2945	−0.027%	$16.1M	$39.5M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2944	−0.068%	$15.8M	$17.7M	50x	as long as short
OKX JUP-USDT-SWAPlong	+0.0100%	4h	0.2946	long leg	$4.1M	$11.0M	50x
Bulk JUP-USD	+0.0100%	1h	0.2947	+0.034%	$61K	−$0	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2944	−0.068%	$731K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2945	−0.034%	$7.3M	$6.2M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2944	−0.068%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2946	0.000%	$5.8M	$5.3M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2946	0.000%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2944	−0.068%	$972K	$187K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2939	−0.238%	$719K	$625K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2951	+0.170%	$1.6M	$3.9M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2946	0.000%	$162K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2950	+0.136%	$93K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2943	−0.102%	$30K	$41K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2936	−0.339%	$110K	$44K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2946	0.000%	$2.9M	$3.0M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2941	−0.172%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0128%	1h	0.2945	−0.024%	$26K	$17K	5x	as long as short
Extended JUP-USD	+0.0176%	1h	0.2946	−0.010%	$2.2M	$507K	25x	as long as short
Kraken Futures PF_JUPUSD	+0.0178%	1h	0.2946	−0.012%	$585K	$470K	20x	as long as short
Phoenix JUPshort	+0.0216%	1h	0.2947	+0.020%	$97K	$283K	10x
Coinbase International JUP-PERP-INTX	+0.0240%	1h	0.2968	+0.740%	$75K	$50K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2943	−0.102%	$829K	$377K	50x	as long as short