Funding arb · Price arb /

JUP

all JUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0131%/8h= +14.4% APRnext payment +$0.16 per $10,000 · paid last 24h —

Price spread now: Phoenix against Reya+0.202%59s7-day average — · you sell dearer than you buy

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

Long on Reya Short on Phoenix

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 for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.202% dearer against Reya than usual: you sell high and buy low: +$20 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 59 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	Reya JUPRUSDPERP	0.2965	0.0057	pay 0.0007% / 1h	21m 51s	—	—	20x
Short	Phoenix JUP	0.2970	0.0188	get 0.0023% / 1h	21m 51s	$98K	$402K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Reya. 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 ReyabpFee PhoenixbpOrdersPrice spread, now +0.202%Rate

Funding earned: $27.54
Price spread: +0.202% → 0.000%: $20.18
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $34.72
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Phoenix: live order book, 45 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 45 min ago	2.49 bp	14.3 bp −$14	29.3 bp −$293	doesn't fit	doesn't fit

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 35 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	0.2917	−1.603%	$3K	$206K	5.5x	as long as short
Pacifica JUP	−0.0353%	1h	0.2966	+0.046%	$283K	$148K	10x	as long as short
GMX JUP/USD [WBTC.b-USDC]	L −0.0275% / S +0.0619%	1h	0.2965	+0.010%	$16K	—	100x	as long as short
Bybit JUPUSDT	−0.0186%	4h	0.2959	−0.190%	$15.9M	$20.0M	50x	as long as short
OKX JUP-USDT-SWAP	−0.0048%	4h	0.2960	−0.152%	$4.1M	$14.0M	50x	as long as short
Kraken Futures PF_JUPUSD	−0.0024%	1h	0.2964	−0.023%	$592K	$515K	20x	as long as short
Deribit JUP_USDC-PERPETUAL	0.0000%	1h	0.2965	+0.026%	$54K	$16K	10x	as long as short
gTrade (Gains Network) JUP/USD	L +0.0001% / S −0.0001%	1h	0.2964	−0.009%	—	—	150x	as long as short
dYdX JUP-USD	+0.0014%	1h	0.2963	−0.037%	$39K	$29K	5x	as long as short
Variational Omni JUP	+0.0036%	4h	0.2967	+0.084%	$724K	$751K	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate JUP_USDT	+0.0052%	4h	0.2964	−0.017%	$740K	$1.5M	75x	as long as short
Reya JUPRUSDPERPlong	+0.0057%	1h	0.2965	long leg	—	—	20x
Paradex JUP-USD-PERP	+0.0091%	8h	0.2966	+0.056%	$9K	$11K	10x	as long as short
Lighter JUP	+0.0096%	1h	0.2967	+0.067%	$784K	$1.3M	10x	as long as short
Orderly PERP_JUP_USDC	+0.0100%	4h	0.2964	−0.017%	$31K	$43K	10x	as long as short
Nado JUP-PERP	+0.0100%	1h	0.2965	+0.016%	$601K	$535K	10x	as long as short
Hyperliquid JUP	+0.0100%	1h	0.2966	+0.060%	$18.9M	$10.7M	10x	as long as short
Aster JUPUSDT	+0.0100%	4h	0.2965	0.000%	$114K	$321K	10x	as long as short
Binance JUPUSDT	+0.0100%	4h	0.2961	−0.119%	$16.4M	$45.6M	75x	as long as short
Bulk JUP-USD	+0.0100%	1h	0.2964	−0.017%	$62K	$8K	10x	as long as short
MEXC JUP_USDT	+0.0100%	4h	0.2962	−0.085%	$7.4M	$7.0M	200x	as long as short
KuCoin JUPUSDTM	+0.0100%	4h	0.2964	−0.017%	$4.0M	$6.6M	50x	as long as short
Bitget JUPUSDT	+0.0100%	4h	0.2963	−0.051%	$5.8M	$6.4M	75x	as long as short
BingX JUP-USDT	+0.0100%	4h	0.2962	−0.085%	—	$20.8M	—	as long as short
Backpack JUP_USDC_PERP	+0.0100%	1h	0.2964	−0.011%	$981K	$235K	10x	as long as short
GRVT JUP_USDT_Perp	+0.0100%	4h	0.2966	+0.050%	$1.6M	$3.8M	10x	as long as short
ApeX Omni JUPUSDT	+0.0100%	1h	0.2968	+0.117%	$158K	$296K	50x	as long as short
Polymarket Perps JUP-USD	+0.0100%	1h	0.2967	+0.097%	$94K	$109K	10x	as long as short
HTX JUP-USDT	+0.0100%	4h	0.2959	−0.186%	$112K	$49K	20x	as long as short
Phemex JUPUSDT	+0.0100%	4h	0.2969	+0.151%	$2.9M	$3.5M	50x	as long as short
Aevo JUP-PERP	+0.0104%	1h	0.2961	−0.105%	$40K	—	3x	as long as short
01 Exchange JUPUSD	+0.0128%	1h	0.2967	+0.097%	$26K	$19K	5x	as long as short
Phoenix JUPshort	+0.0188%	1h	0.2970	+0.202%	$98K	$402K	10x
Coinbase International JUP-PERP-INTX	+0.0272%	1h	0.2969	+0.155%	$75K	$51K	50x	as long as short
Extended JUP-USD	+0.0424%	1h	0.2960	−0.162%	$2.2M	$486K	25x	as long as short