Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0002%/8hpaid last 24h +0.060%

Price spread now: Hyperliquid against Orderly+0.104%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.104% dearer against Orderly than usual: you sell high and buy low, +$10 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_JUP_USDC	0.2968	0.0098	pay 0.0049% / 4h	15m 14s	$31K	$52K	10x
Short	Hyperliquid JUP	0.2971	0.0100	get 0.0013% / 1h	15m 14s	$19.0M	$14.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee HyperliquidbpOrdersPrice spread, now +0.104%Rate

Funding earned: $0.37
Price spread: +0.104% → 0.000%: $10.44
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$4.19
Costs to cover: 0.150%
Break-even: 87.3 days

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 17 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 17 min ago	0.51 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.2340%	1h	0.2939	−0.977%	$3K	$110K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0463% / S +0.0168%	1h	0.2969	+0.026%	$13K	—	100x	as long as short
Gate JUP_USDT	−0.0112%	4h	0.2965	−0.101%	$759K	$2.0M	75x	as long as short
Phoenix JUP	0.0000%	1h	0.2969	+0.034%	$45K	$383K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2969	+0.034%	$57K	$13K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2968	−0.001%	$17K	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2965	−0.088%	—	—	20x	as long as short
Bybit JUPUSDT	+0.0076%	4h	0.2964	−0.125%	$16.6M	$23.5M	50x	as long as short
dYdX JUP-USD	+0.0082%	1h	0.2967	−0.030%	$39K	$41K	5x	as long as short
BloFin JUP-USDT	+0.0083%	4h	0.2965	−0.101%	$879K	$275K	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex JUP-USD-PERP	+0.0096%	8h	0.2967	−0.047%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2971	+0.094%	$911K	$1.2M	10x	as long as short
Orderly PERP_JUP_USDClong	+0.0098%	4h	0.2968	long leg	$31K	$52K	10x
Nado JUP-PERP	+0.0100%	1h	0.2965	−0.093%	$599K	$656K	10x	as long as short
Hyperliquid JUPshort	+0.0100%	1h	0.2971	+0.104%	$19.0M	$14.2M	10x
Aster JUPUSDT	+0.0100%	4h	0.2966	−0.058%	$107K	$368K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2967	−0.034%	$283K	$163K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2967	−0.036%	$16.5M	$56.6M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2965	−0.101%	$4.1M	$16.6M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2976	+0.270%	$59K	$2K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2968	0.000%	$8.4M	$8.0M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2968	0.000%	$4.2M	$7.3M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2966	−0.067%	$5.8M	$8.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2965	−0.101%	—	$21.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2968	+0.003%	$980K	$265K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2966	−0.080%	$728K	$1.2M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2976	+0.281%	$1.6M	$4.3M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2969	+0.034%	$158K	$320K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2971	+0.091%	$94K	$143K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2966	−0.067%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2972	+0.135%	$2.9M	$4.2M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2967	−0.051%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0216%	1h	0.2969	+0.024%	$26K	$19K	5x	as long as short
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2966	−0.074%	$74K	$93K	50x	as long as short
Kraken Futures PF_JUPUSD	+0.0346%	1h	0.2969	+0.040%	$598K	$603K	20x	as long as short
Extended JUP-USD	+0.0424%	1h	0.2966	−0.080%	$2.2M	$531K	25x	as long as short