Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.012%

Price spread now: Binance against Phoenix+0.716%75s7-day average −0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as 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−$500.497% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−1.103%−$110 · spread now +0.716%, 7d avg −0.119%

Together, before fees−1.189%−$119 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.834% dearer against Phoenix than usual: you sell high and buy low (spread +0.716% now, against its 7-day average of −0.119%): +$83 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 16 days. At the pace of the last 7 days (−0.086% in total) that is about 2 months. The two prices were read 75 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	0.2905	0.0271	pay 0.0034% / 1h	20m 13s	$97K	$280K	10x
Short	Binance JUPUSDT	0.2926	0.0100	get 0.0050% / 4h	2h 20m	$16.1M	$39.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now +0.716%Rate

Funding earned: −$35.92
Price spread: +0.716% → −0.119%: $83.45
Slippage, 4 orders: −$32.68
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$2.15
Costs to cover: 0.497%
Break-even: from the start

Slippage from Phoenix: live order book, 26 min ago; Binance: live order book, 7 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, 26 min ago	2.54 bp	14.3 bp −$14	29.0 bp −$290	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	1.73 bp	10.7 bp −$11	37.6 bp −$376	144.9 bp −$14.5K	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	−0.4499%	1h	0.2868	−1.280%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2924	+0.640%	$16K	—	100x	as long as short
Pacifica JUP	−0.0230%	1h	0.2919	+0.474%	$278K	$142K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2923	+0.621%	—	—	150x	as long as short
dYdX JUP-USD	+0.0010%	1h	0.2917	+0.423%	$39K	$20K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2923	+0.605%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.2926	+0.713%	$759K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0100%	8h	0.2922	+0.570%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2922	+0.570%	$579K	$493K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2924	+0.657%	$18.1M	$9.0M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster JUPUSDT	+0.0100%	4h	0.2924	+0.658%	$106K	$281K	10x	as long as short
Binance JUPUSDTshort	+0.0100%	4h	0.2926	+0.716%	$16.1M	$39.8M	75x
Bybit JUPUSDT	+0.0100%	4h	0.2923	+0.630%	$15.8M	$17.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2927	+0.750%	$4.1M	$10.9M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2899	−0.213%	$60K	$280	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2921	+0.544%	$717K	$1.4M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2925	+0.682%	$6.8M	$6.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2924	+0.647%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2924	+0.647%	$5.7M	$5.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2922	+0.578%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2911	+0.200%	$959K	$191K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2909	+0.130%	$706K	$626K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2896	−0.323%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2892	−0.454%	$159K	$255K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2924	+0.651%	$92K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2924	+0.647%	$33K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2914	+0.303%	$109K	$44K	20x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2926	+0.710%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0120%	1h	0.2923	+0.626%	$26K	$10K	5x	as long as short
Extended JUP-USD	+0.0136%	1h	0.2923	+0.628%	$2.2M	$556K	25x	as long as short
Deribit JUP_USDC-PERPETUAL	+0.0160%	1h	0.2925	+0.699%	$53K	$17K	10x	as long as short
Kraken Futures PF_JUPUSD	+0.0258%	1h	0.2925	+0.685%	$577K	$463K	20x	as long as short
Phoenix JUPlong	+0.0271%	1h	0.2905	long leg	$97K	$280K	10x
Coinbase International JUP-PERP-INTX	+0.0280%	1h	0.2925	+0.695%	$74K	$48K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2910	+0.165%	$819K	$374K	50x	as long as short
Phemex JUPUSDT	+0.0414%	4h	0.2926	+0.716%	$2.9M	$3.1M	50x	as long as short