Funding arb · Price arb /

JUP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0133%/8h= −14.5% APRnext payment −$0.17 per $10,000 · paid last 24h —

Price spread now: Reya against Phoenix−0.184%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Reya is 0.184% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix JUP	0.2955	0.0190	pay 0.0024% / 1h	25m 22s	$95K	$441K	10x
Short	Reya JUPRUSDPERP	0.2949	0.0057	get 0.0007% / 1h	25m 22s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.184%Rate

Funding earned: −$27.9
Price spread: −0.184% → 0.000%: −$18.39
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Reya: 3 bp × 2 orders: −$6
Net: −$59.29
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 56 min ago; Reya: 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, 56 min ago	2.51 bp	14.3 bp −$14	29.0 bp −$290	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.3508%	1h	0.2911	−1.482%	$3K	$206K	5.5x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0473% / S +0.0334%	1h	0.2953	−0.070%	$15K	—	100x	as long as short
Pacifica JUP	−0.0335%	1h	0.2949	−0.185%	$281K	$171K	10x	as long as short
Kraken Futures PF_JUPUSD	−0.0176%	1h	0.2954	−0.037%	$600K	$617K	20x	as long as short
01 Exchange JUPUSD	−0.0064%	1h	0.2953	−0.058%	$26K	$19K	5x	as long as short
Gate JUP_USDT	−0.0020%	4h	0.2949	−0.196%	$745K	$1.9M	75x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2953	−0.054%	$56K	$14K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0002% / S −0.0001%	1h	0.2953	−0.061%	$17K	—	150x	as long as short
Bybit JUPUSDT	+0.0050%	4h	0.2949	−0.196%	$16.1M	$23.4M	50x	as long as short
BloFin JUP-USDT	+0.0053%	4h	0.2954	−0.027%	$849K	$324K	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya JUPRUSDPERPshort	+0.0057%	1h	0.2949	−0.184%	—	—	20x
Paradex JUP-USD-PERP	+0.0068%	8h	0.2949	−0.212%	$9K	$13K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2954	−0.017%	$792K	$1.3M	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2950	−0.146%	$612K	$672K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2958	+0.098%	$19.0M	$14.0M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2953	−0.070%	$106K	$365K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2952	−0.095%	$16.3M	$55.2M	75x	as long as short
OKX JUP-USDT-SWAP	+0.0100%	4h	0.2949	−0.196%	$4.0M	$16.5M	50x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2952	−0.095%	$8.1M	$8.1M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2952	−0.095%	$4.3M	$7.2M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2951	−0.129%	$5.6M	$8.2M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2952	−0.095%	—	$20.9M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2949	−0.213%	$976K	$257K	10x	as long as short
Variational Omni JUP	+0.0100%	4h	0.2948	−0.226%	$713K	$1.1M	—	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2951	−0.143%	$1.6M	$4.0M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2949	−0.196%	$157K	$319K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2955	+0.014%	$93K	$133K	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2953	−0.061%	$31K	$50K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2944	−0.366%	$110K	$67K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2956	+0.041%	$2.9M	$4.1M	50x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2941	−0.452%	$57K	$3K	10x	as long as short
dYdX JUP-USD	+0.0101%	1h	0.2949	−0.179%	$39K	$35K	5x	as long as short
Extended JUP-USD	+0.0104%	1h	0.2952	−0.105%	$2.2M	$503K	25x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2952	−0.112%	$40K	—	3x	as long as short
Phoenix JUPlong	+0.0190%	1h	0.2955	long leg	$95K	$441K	10x
Coinbase International JUP-PERP-INTX	+0.0264%	1h	0.2952	−0.095%	$73K	$92K	50x	as long as short