Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.035%

Price spread now: Gate against Phoenix−1.008%107s7-day average −0.155% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as 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−$760.760% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now −1.008%, 7d avg −0.155%

Together, before fees−0.226%−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Gate is 0.853% cheaper against Phoenix than usual: you would sell low and buy high (−$85 if the spread goes back to its 7-day average of −0.155%). Swap the legs. The two prices were read 107 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	0.2965	0.0271	pay 0.0034% / 1h	51m 41s	$99K	$304K	10x
Short	Gate JUP_USDT	0.2935	0.0100	get 0.0050% / 4h	51m 41s	$729K	$1.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −1.008%Rate

Funding earned: −$35.87
Price spread: −1.008% → −0.155%: −$85.31
Slippage, 4 orders: −$53.98
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$197.16
Costs to cover: 0.760%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Gate: live order book, 1 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, 5 min ago	2.53 bp	14.4 bp −$14	28.8 bp −$288	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	5.11 bp	22.5 bp −$23	121.6 bp −$1,216	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	−0.4661%	1h	0.2910	−1.852%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2940	−0.828%	$16K	—	100x	as long as short
Pacifica JUP	−0.0125%	1h	0.2937	−0.934%	$280K	$147K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	−0.0124%	1h	0.2940	−0.850%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2941	−0.798%	—	—	150x	as long as short
dYdX JUP-USD	+0.0002%	1h	0.2940	−0.857%	$38K	$26K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2939	−0.873%	—	—	20x	as long as short
01 Exchange JUPUSD	+0.0072%	1h	0.2937	−0.958%	$26K	$19K	5x	as long as short
Lighter JUP	+0.0096%	1h	0.2941	−0.809%	$778K	$1.0M	10x	as long as short
Kraken Futures PF_JUPUSD	+0.0096%	1h	0.2940	−0.842%	$588K	$489K	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	+0.0098%	8h	0.2936	−0.973%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2938	−0.890%	$593K	$502K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2940	−0.826%	$18.7M	$9.5M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2943	−0.739%	$114K	$288K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2938	−0.907%	$16.2M	$42.3M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2934	−1.035%	$15.7M	$18.9M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2936	−0.975%	$4.0M	$12.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2957	−0.266%	$62K	$8K	10x	as long as short
Gate JUP_USDTshort	+0.0100%	4h	0.2935	−1.008%	$729K	$1.4M	75x
MEXC JUP_USDT	+0.0100%	4h	0.2937	−0.941%	$7.3M	$6.4M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2939	−0.874%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2939	−0.874%	$5.7M	$5.8M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2937	−0.941%	—	$20.7M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2939	−0.857%	$975K	$245K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2960	−0.165%	$722K	$693K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2955	−0.318%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2945	−0.671%	$156K	$265K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2942	−0.786%	$93K	$104K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2940	−0.840%	$31K	$42K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2934	−1.042%	$110K	$49K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2944	−0.705%	$2.9M	$3.2M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2938	−0.893%	$40K	—	3x	as long as short
Coinbase International JUP-PERP-INTX	+0.0208%	1h	0.2944	−0.702%	$74K	$49K	50x	as long as short
Phoenix JUPlong	+0.0271%	1h	0.2965	long leg	$99K	$304K	10x
BloFin JUP-USDT	+0.0340%	4h	0.2945	−0.671%	$844K	$382K	50x	as long as short
Extended JUP-USD	+0.0400%	1h	0.2935	−0.993%	$2.2M	$502K	25x	as long as short