Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0409%/8h= +44.8% APRpaid last 24h +0.042%

Price spread now: Variational Omni against Pacifica−0.031%7-day average +0.004% · you buy dearer than you sell

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

Long on Pacifica Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.070%+$7 on $10k

Price spread, last 3 days (all we have)+0.382%+$38 · spread now −0.031%, 7d avg +0.004%

Together, before fees+0.452%+ Points / potential airdropPacifica: Active · Variational Omni: Active · farm board+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.036% cheaper against Pacifica than usual: you would sell low and buy high (spread −0.031% now, against its 7-day average of +0.004%). If the spread goes back, that is −$4 on $10k: about 7 hours of funding at the current rate (+$12 a day). At the pace of the last 3 days (+0.070% in total) that is about 40 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.070% in total (about 7.8% 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	Pacifica JUP	0.2957	−0.0335	get 0.0042% / 1h	53m 16s	$282K	$177K	10x
Short	Variational Omni JUP	0.2956	0.0074	get 0.0037% / 4h	1h 53m	$721K	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Pacifica. 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 PacificabpFee Variational OmnibpOrdersPrice spread, now −0.031%Rate

Funding earned: $85.9
Price spread: −0.031% → +0.004%: −$3.57
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $74.32
Costs to cover: 0.080%
Break-even: 0.9 days

Slippage unknown: Pacifica: live order book, 30 min ago; Variational Omni: RFQ quote, 1 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 Pacifica live order book, 30 min ago	1.68 bp	14.0 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	6.75 bp	doesn't fit	40.5 bp −$405	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	−0.3508%	1h	0.2922	−1.190%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0979% / S +0.0361%	1h	0.2956	−0.038%	$13K	—	100x	as long as short
Pacifica JUPlong	−0.0335%	1h	0.2957	long leg	$282K	$177K	10x
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2956	−0.051%	$599K	$623K	20x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0156%	1h	0.2956	−0.050%	$56K	$14K	10x	as long as short
Bybit JUPUSDT	−0.0072%	4h	0.2954	−0.097%	$16.2M	$23.9M	50x	as long as short
01 Exchange JUPUSD	−0.0064%	1h	0.2958	+0.021%	$26K	$19K	5x	as long as short
Gate JUP_USDT	−0.0028%	4h	0.2956	−0.040%	$735K	$1.9M	75x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2958	+0.013%	$17K	—	150x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2953	−0.132%	—	—	20x	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	+0.0070%	8h	0.2959	+0.073%	$9K	$15K	10x	as long as short
Variational Omni JUPshort	+0.0074%	4h	0.2956	−0.031%	$721K	$1.1M	—
Lighter JUP	+0.0096%	1h	0.2959	+0.065%	$811K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2956	−0.040%	$612K	$675K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2960	+0.092%	$18.9M	$13.9M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2959	+0.068%	$106K	$367K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2955	−0.076%	$16.3M	$56.0M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2954	−0.108%	$4.1M	$16.6M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2955	−0.074%	$8.0M	$7.9M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2960	+0.095%	$4.3M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2957	−0.006%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2958	+0.028%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2957	+0.004%	$979K	$263K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2967	+0.317%	$1.6M	$4.1M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2966	+0.298%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2960	+0.109%	$93K	$139K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2958	+0.028%	$31K	$51K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2952	−0.175%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2960	+0.095%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2954	−0.108%	$57K	$3K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2953	−0.132%	$2.2M	$540K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2954	−0.099%	$40K	—	3x	as long as short
dYdX JUP-USD	+0.0118%	1h	0.2960	+0.085%	$39K	$35K	5x	as long as short
BloFin JUP-USDT	+0.0133%	4h	0.2955	−0.074%	$850K	$331K	50x	as long as short
Phoenix JUP	+0.0190%	1h	0.2956	−0.037%	$95K	$441K	10x	as long as short
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2989	+1.093%	$74K	$94K	50x	as long as short