Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0331%/8h= −36.2% APRpaid last 24h +0.019%

Price spread now: Hyperliquid against Phemex−0.038%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$590.591% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now −0.038%, 7d avg −0.052%

Together, before fees−0.067%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.052%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.026% in total (about -1.4% 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	Phemex JUPUSDT	0.2924	0.0431	pay 0.0215% / 4h	42m 45s	$2.9M	$3.0M	50x
Short	Hyperliquid JUP	0.2923	0.0100	get 0.0013% / 1h	42m 45s	$18.0M	$8.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$69.48
Price spread: −0.038% → −0.052%: $1.44
Slippage, 4 orders: −$38.13
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$127.17
Costs to cover: 0.591%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Hyperliquid: live order book, 10 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 Phemex live order book, 6 min ago	1.71 bp	21.6 bp −$22	69.6 bp −$696	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.17 bp	10.3 bp −$10	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	−0.3836%	1h	0.2897	−0.923%	$3K	$207K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2925	+0.043%	$16K	—	100x	as long as short
Pacifica JUP	−0.0058%	1h	0.2924	−0.004%	$279K	$138K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2922	−0.068%	$53K	$17K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2924	−0.009%	—	—	150x	as long as short
dYdX JUP-USD	+0.0044%	1h	0.2923	−0.020%	$39K	$15K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2924	+0.017%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2927	+0.106%	$758K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0099%	8h	0.2925	+0.038%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2927	+0.103%	$572K	$490K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUPshort	+0.0100%	1h	0.2923	−0.038%	$18.0M	$8.9M	10x
Aster JUPUSDT	+0.0100%	4h	0.2924	+0.005%	$99K	$296K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2925	+0.034%	$16.0M	$38.9M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2923	−0.034%	$15.9M	$17.4M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2925	+0.034%	$4.0M	$10.2M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2913	−0.359%	$60K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2922	−0.068%	$700K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2921	−0.103%	$6.7M	$5.5M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2922	−0.068%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2923	−0.034%	$5.8M	$5.0M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2924	0.000%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2922	−0.085%	$967K	$223K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2927	+0.100%	$708K	$530K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2928	+0.132%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2928	+0.137%	$161K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2929	+0.181%	$93K	$106K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2922	−0.068%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2921	−0.103%	$110K	$42K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2919	−0.188%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0152%	1h	0.2928	+0.150%	$26K	$6K	5x	as long as short
Extended JUP-USD	+0.0176%	1h	0.2919	−0.181%	$2.2M	$573K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2931	+0.236%	$74K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2920	−0.137%	$819K	$371K	50x	as long as short
Phoenix JUP	+0.0355%	1h	0.2930	+0.222%	$105K	$284K	10x	as long as short
Kraken Futures PF_JUPUSD	+0.0414%	1h	0.2923	−0.048%	$575K	$417K	20x	as long as short
Phemex JUPUSDTlong	+0.0431%	4h	0.2924	long leg	$2.9M	$3.0M	50x