Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0172%/8h= −18.9% APRpaid last 24h −0.036%

Price spread now: OKX against Phoenix−0.030%7-day average −0.164% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$570.569% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 4 days (all we have)−0.981%−$98 · spread now −0.030%, 7d avg −0.164%

Together, before fees−1.106%−$111 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.134% dearer against Phoenix than usual: you sell high and buy low (spread −0.030% now, against its 7-day average of −0.164%): +$13 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 7 days (−0.125% in total) that is about 7.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.3019	0.0272	pay 0.0034% / 1h	3m 03s	$109K	$275K	10x
Short	OKX JUP-USDT-SWAP	0.3018	0.0100	get 0.0050% / 4h	3h 03m	$4.2M	$10.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$36.22
Price spread: −0.030% → −0.164%: $13.38
Slippage, 4 orders: −$39.89
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$79.73
Costs to cover: 0.569%
Break-even: never at this rate

Slippage from Phoenix: live order book, 28 min ago; OKX: live order book, 5 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, 28 min ago	2.56 bp	14.2 bp −$14	29.1 bp −$291	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.66 bp	13.9 bp −$14	68.3 bp −$683	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	−0.3798%	1h	0.2931	−2.912%	$3K	$205K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0340% / S +0.0664%	1h	0.3019	−0.007%	$17K	—	100x	as long as short
Pacifica JUP	−0.0070%	1h	0.3017	−0.048%	$287K	$129K	10x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.3019	+0.020%	$54K	$8K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S 0.0000%	1h	0.3019	−0.004%	$18K	—	150x	as long as short
dYdX JUP-USD	+0.0039%	1h	0.3018	−0.014%	$40K	$16K	5x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.3018	−0.046%	—	—	20x	as long as short
Lighter JUP	+0.0096%	1h	0.3022	+0.103%	$779K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0098%	8h	0.3018	−0.038%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.3018	−0.030%	$589K	$482K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid JUP	+0.0100%	1h	0.3022	+0.109%	$18.7M	$8.6M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.3018	−0.030%	$106K	$296K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.3018	−0.014%	$16.8M	$37.9M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.3015	−0.129%	$16.3M	$16.6M	50x	as long as short
OKX JUP-USDT-SWAPshort	+0.0100%	4h	0.3018	−0.030%	$4.2M	$10.3M	50x
Bulk JUP-USD	+0.0100%	1h	0.3016	−0.096%	$63K	$2K	10x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.3018	−0.030%	$714K	$1.3M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.3017	−0.063%	$8.1M	$5.7M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.3019	+0.003%	$4.2M	$6.8M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.3019	+0.003%	$5.9M	$4.3M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.3018	−0.030%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.3019	−0.010%	$1.0M	$211K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.3013	−0.195%	$728K	$470K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.3018	−0.030%	$1.7M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.3018	−0.030%	$166K	$250K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.3024	+0.159%	$95K	$105K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.3018	−0.030%	$34K	$29K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.3012	−0.229%	$114K	$51K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.3023	+0.136%	$2.9M	$2.9M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.3016	−0.079%	$41K	—	3x	as long as short
Extended JUP-USD	+0.0184%	1h	0.3017	−0.048%	$2.2M	$543K	25x	as long as short
01 Exchange JUPUSD	+0.0248%	1h	0.3021	+0.073%	$27K	$2K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0271%	1h	0.3023	+0.132%	$594K	$397K	20x	as long as short
Phoenix JUPlong	+0.0272%	1h	0.3019	long leg	$109K	$275K	10x
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.3041	+0.722%	$78K	$52K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.3017	−0.063%	$834K	$385K	50x	as long as short