JUP

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0055%/8h= +6.0% APRnext payment +$0.07 per $10,000 · paid last 24h −0.027%

Price spread now: Backpack against Phoenix−0.269%80s7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$460.465% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 3 days (all we have)−0.390%−$39 · spread now −0.269%, 7d avg −0.094%

Together, before fees−0.371%−$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.175% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.269% now, against its 7-day average of −0.094%). If the spread goes back, that is −$18 on $10k: about 11 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.019% in total) that is about 2 months. The two prices were read 80 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	Phoenix JUP	0.2971	0	get 0.0000% / 1h	37m 47s	$94K	$447K	10x
Short	Backpack JUP_USDC_PERP	0.2963	0.0055	get 0.0007% / 1h	37m 47s	$983K	$268K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.269%Rate

Funding earned: $11.49
Price spread: −0.269% → −0.094%: −$17.55
Slippage, 4 orders: −$29.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$52.54
Costs to cover: 0.465%
Break-even: 39.0 days

Slippage from Phoenix: live order book, 49 min ago; Backpack: live order book, 51 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 Phoenix live order book, 49 min ago	2.51 bp	14.3 bp −$14	28.9 bp −$289	doesn't fit	doesn't fit
Sell Backpack live order book, 51 min ago	2.01 bp	8.8 bp −$9	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	−0.5000%	1h	0.2929	−1.427%	$3K	$154K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0751% / S +0.0259%	1h	0.2964	−0.261%	$13K	—	100x	as long as short
Bybit JUPUSDT	−0.0326%	4h	0.2962	−0.316%	$16.2M	$24.2M	50x	as long as short
Gate JUP_USDT	0.0000%	4h	0.2960	−0.384%	$738K	$1.9M	75x	as long as short
Phoenix JUPlong	0.0000%	1h	0.2971	long leg	$94K	$447K	10x
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2964	−0.246%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2963	−0.292%	$17K	—	150x	as long as short
Kraken Futures PF_JUPUSD	+0.0009%	1h	0.2964	−0.261%	$601K	$623K	20x	as long as short
dYdX JUP-USD	+0.0013%	1h	0.2961	−0.355%	$39K	$36K	5x	as long as short
Backpack JUP_USDC_PERPshort	+0.0055%	1h	0.2963	−0.269%	$983K	$268K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange JUPUSD	+0.0056%	1h	0.2962	−0.323%	$26K	$19K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2958	−0.437%	—	—	20x	as long as short
BloFin JUP-USDT	+0.0085%	4h	0.2962	−0.316%	$863K	$328K	50x	as long as short
Variational Omni JUP	+0.0089%	4h	0.2965	−0.215%	$725K	$1.2M	—	as long as short
Paradex JUP-USD-PERP	+0.0090%	8h	0.2959	−0.405%	$9K	$15K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2966	−0.178%	$891K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0099%	4h	0.2963	−0.283%	$31K	$51K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2957	−0.493%	$597K	$667K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2968	−0.104%	$19.0M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2961	−0.340%	$107K	$366K	10x	as long as short
Pacifica JUP	+0.0100%	1h	0.2959	−0.401%	$282K	$183K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2965	−0.209%	$16.5M	$56.4M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2964	−0.249%	$4.1M	$16.7M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2966	−0.182%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2964	−0.249%	$4.5M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2963	−0.283%	$5.6M	$8.5M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2963	−0.283%	—	$21.6M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2970	−0.059%	$1.6M	$4.2M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2966	−0.182%	$158K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2963	−0.276%	$94K	$137K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2957	−0.485%	$111K	$69K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2966	−0.182%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2965	−0.199%	$58K	$4K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2959	−0.432%	$40K	—	3x	as long as short
Extended JUP-USD	+0.0248%	1h	0.2963	−0.285%	$2.2M	$539K	25x	as long as short
Coinbase International JUP-PERP-INTX	+0.0248%	1h	0.2988	+0.549%	$74K	$95K	50x	as long as short