Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.009%

Price spread now: KuCoin against Phoenix−0.166%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1121.118% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 4 days (all we have)−1.619%−$162 · spread now −0.166%, 7d avg −0.088%

Together, before fees−1.727%−$173 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.078% cheaper against Phoenix than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.088%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2960	0.0188	pay 0.0023% / 1h	43m 17s	$97K	$402K	10x
Short	KuCoin JUPUSDTM	0.2955	0.0100	get 0.0050% / 4h	2h 43m	$4.0M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$18.44
Price spread: −0.166% → −0.088%: −$7.75
Slippage, 4 orders: −$92.79
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$137.99
Costs to cover: 1.118%
Break-even: never at this rate

Slippage from Phoenix: live order book, 24 min ago; KuCoin: 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 Phoenix live order book, 24 min ago	2.49 bp	14.3 bp −$14	28.8 bp −$288	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	3.38 bp	48.7 bp −$49	122.6 bp −$1,226	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	−0.4347%	1h	0.2904	−1.889%	$3K	$206K	5.5x	as long as short
Bybit JUPUSDT	−0.0447%	4h	0.2947	−0.443%	$15.8M	$20.6M	50x	as long as short
Pacifica JUP	−0.0353%	1h	0.2954	−0.185%	$281K	$149K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0210% / S +0.0573%	1h	0.2954	−0.187%	$16K	—	100x	as long as short
OKX JUP-USDT-SWAP	−0.0096%	4h	0.2947	−0.436%	$4.0M	$14.8M	50x	as long as short
Gate JUP_USDT	−0.0032%	4h	0.2953	−0.233%	$738K	$1.5M	75x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2954	−0.185%	$594K	$523K	20x	as long as short
dYdX JUP-USD	0.0000%	1h	0.2957	−0.114%	$39K	$30K	5x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2953	−0.243%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2955	−0.156%	—	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange JUPUSD	+0.0016%	1h	0.2957	−0.108%	$26K	$19K	5x	as long as short
Variational Omni JUP	+0.0040%	4h	0.2951	−0.316%	$716K	$761K	—	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2952	−0.265%	—	—	20x	as long as short
Paradex JUP-USD-PERP	+0.0085%	8h	0.2955	−0.177%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2955	−0.152%	$781K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2954	−0.199%	$31K	$44K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2953	−0.233%	$606K	$604K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2957	−0.115%	$18.9M	$11.3M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2957	−0.098%	$114K	$325K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2954	−0.216%	$16.3M	$47.3M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2955	−0.166%	$7.6M	$6.9M	200x	as long as short
KuCoin JUPUSDTMshort	+0.0100%	4h	0.2955	−0.166%	$4.0M	$6.7M	50x
Bitget JUPUSDT	+0.0100%	4h	0.2953	−0.233%	$5.7M	$6.7M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2954	−0.199%	—	$20.8M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2957	−0.091%	$980K	$236K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2953	−0.233%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2962	+0.071%	$157K	$302K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2959	−0.034%	$94K	$111K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2954	−0.199%	$111K	$55K	20x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2962	+0.085%	$62K	$8K	10x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2949	−0.368%	$40K	—	3x	as long as short
Extended JUP-USD	+0.0128%	1h	0.2951	−0.317%	$2.2M	$485K	25x	as long as short
Phoenix JUPlong	+0.0188%	1h	0.2960	long leg	$97K	$402K	10x
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2960	−0.003%	$74K	$56K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2964	+0.139%	$853K	$380K	50x	as long as short
Phemex JUPUSDT	+0.0440%	4h	0.2955	−0.166%	$2.9M	$3.6M	50x	as long as short