Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h −0.014%

Price spread now: Orderly against Phoenix+0.024%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.024% dearer against Phoenix than usual: you sell high and buy low (spread +0.024% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2942	0.0355	pay 0.0044% / 1h	56m 56s	$106K	$275K	10x
Short	Orderly PERP_JUP_USDC	0.2943	0.0100	get 0.0050% / 4h	3h 56m	$33K	$29K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.024%Rate

Funding earned: −$53.58
Price spread: +0.024% → 0.000%: $2.38
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$64.2
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 39 min ago; Orderly: no order-book sample. Net counts fees only.

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, 39 min ago	2.57 bp	14.3 bp −$14	29.2 bp −$292	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2903	−1.336%	$3K	$205K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0618%	1h	0.2942	−0.019%	$16K	—	100x	as long as short
Pacifica JUP	−0.0070%	1h	0.2938	−0.146%	$280K	$137K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2942	0.000%	$16K	—	150x	as long as short
Deribit JUP_USDC-PERPETUAL	+0.0022%	1h	0.2944	+0.041%	$53K	$17K	10x	as long as short
Reya JUPRUSDPERP	+0.0057%	1h	0.2940	−0.067%	—	—	20x	as long as short
dYdX JUP-USD	+0.0072%	1h	0.2940	−0.092%	$39K	$15K	5x	as long as short
Lighter JUP	+0.0096%	1h	0.2945	+0.092%	$761K	$1.0M	10x	as long as short
Paradex JUP-USD-PERP	+0.0098%	8h	0.2940	−0.095%	$9K	$11K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2939	−0.095%	$579K	$492K	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	0.2945	+0.085%	$18.1M	$9.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2942	+0.004%	$102K	$295K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2941	−0.034%	$16.1M	$38.8M	75x	as long as short
Bybit JUPUSDT	+0.0100%	4h	0.2939	−0.116%	$15.9M	$17.1M	50x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2939	−0.112%	$4.1M	$10.2M	50x	as long as short
Gate JUP_USDT	+0.0100%	4h	0.2941	−0.044%	$700K	$1.3M	75x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2941	−0.044%	$7.1M	$5.5M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2942	−0.010%	$4.0M	$6.7M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2943	+0.024%	$5.8M	$4.9M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2941	−0.044%	—	$20.5M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2943	+0.024%	$973K	$223K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2928	−0.482%	$711K	$528K	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2934	−0.282%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2932	−0.350%	$162K	$254K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2942	−0.010%	$93K	$106K	10x	as long as short
Orderly PERP_JUP_USDCshort	+0.0100%	4h	0.2943	+0.024%	$33K	$29K	10x
HTX JUP-USDT	+0.0100%	4h	0.2932	−0.350%	$112K	$45K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2943	+0.024%	$2.9M	$3.0M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2935	−0.260%	$61K	$2K	10x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2939	−0.095%	$2.2M	$571K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2939	−0.095%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0208%	1h	0.2943	+0.010%	$26K	$2K	5x	as long as short
Kraken Futures PF_JUPUSD	+0.0278%	1h	0.2943	+0.020%	$579K	$415K	20x	as long as short
Coinbase International JUP-PERP-INTX	+0.0320%	1h	0.2944	+0.075%	$75K	$49K	50x	as long as short
BloFin JUP-USDT	+0.0340%	4h	0.2934	−0.282%	$640K	$376K	50x	as long as short
Phoenix JUPlong	+0.0355%	1h	0.2942	long leg	$106K	$275K	10x