Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.037%

Price spread now: Phemex against Coinbase International+0.102%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$670.673% of the position

Long on Coinbase International Short on Phemex

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)−0.044%−$4 · spread now +0.102%, 7d avg 0.000%

Together, before fees+0.065%+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.102% dearer against Coinbase International than usual: you sell high and buy low (spread +0.102% now, against its 7-day average of 0.000%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.0 days. Mind the row above: over the last 7 days funding on this pair paid +0.109%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International UNI-PERP-INTX	8.8410	0.0184	pay 0.0023% / 1h	22m 29s	$922K	$5.8M	50x
Short	Phemex UNIUSDT	8.8500	0.0100	get 0.0100% / 8h	2h 22m	$26.7M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.102%Rate

Funding earned: −$17.64
Price spread: +0.102% → 0.000%: $10.16
Slippage, 4 orders: −$45.32
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$74.81
Costs to cover: 0.673%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Phemex: live order book, 2 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 Coinbase International live order book, 2 min ago	5.65 bp	12.8 bp −$13	17.4 bp −$174	95.3 bp −$9,531	doesn't fit
Sell Phemex live order book, 2 min ago	10.17 bp	21.4 bp −$21	29.9 bp −$299	doesn't fit	doesn't fit

UNI on 40 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
Nado UNI-PERP	−0.0068%	1h	8.8515	+0.119%	$819K	$4.7M	10x	as long as short
01 Exchange UNIUSD	−0.0024%	1h	8.8547	+0.155%	$442	$5	10x	as long as short
Kraken Futures PF_UNIUSD	−0.0017%	1h	8.8462	+0.059%	$4.7M	$8.6M	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	8.8528	+0.133%	$48K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.124%	$660	$153K	12x	as long as short
Polymarket Perps UNI-USD	+0.0094%	1h	8.8549	+0.157%	$109K	$533K	10x	as long as short
Lighter UNI	+0.0096%	1h	8.8609	+0.225%	$4.5M	$5.6M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8464	+0.062%	$25K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8588	+0.201%	$737K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8531	+0.136%	$284K	$616K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance UNIUSDT	+0.0100%	8h	8.8569	+0.180%	$216.3M	$663.2M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.8520	+0.124%	$99.0M	$112.2M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8540	+0.147%	$54.2M	$264.1M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8590	+0.204%	$316K	$700K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8550	+0.158%	$24.1M	$65.9M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8570	+0.181%	$49.1M	$27.0M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8570	+0.181%	$12.9M	$13.6M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8520	+0.124%	$32.4M	$46.0M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.8540	+0.147%	—	$57.2M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8558	+0.167%	$1.1M	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.8380	−0.033%	$4.1M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8556	+0.165%	$167K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8450	+0.045%	$621K	$2.8M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8600	+0.215%	$89K	$707K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8430	+0.023%	$15K	$3.5M	20x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8580	+0.192%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8525	+0.130%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8452	+0.048%	$32K	$874K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8467	+0.064%	$711K	$5.0M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	8.8500	+0.102%	$26.7M	$4.5M	50x
Extended UNI-USD	+0.0104%	1h	8.8491	+0.092%	$298K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8446	+0.041%	$31K	—	3x	as long as short
Hyperliquid UNI	+0.0125%	1h	8.8678	+0.303%	$94.3M	$65.9M	10x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0136%	1h	8.8474	+0.072%	$566K	$204K	50x	as long as short
dYdX UNI-USD	+0.0180%	1h	8.8512	+0.116%	$233K	$31K	10x	as long as short
Coinbase International UNI-PERP-INTXlong	+0.0184%	1h	8.8410	long leg	$922K	$5.8M	50x
BloFin UNI-USDT	+0.0220%	8h	8.8400	−0.011%	$10.0M	$3.6M	75x	as long as short
Reya UNIRUSDPERP	+0.0377%	1h	8.8543	+0.150%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0243%	1h	8.8550	+0.158%	$630K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0661%	1h	8.8630	+0.249%	$969	$45K	10x	as long as short