Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h +0.002%

Price spread now: Phemex against Deribit−0.028%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$660.658% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now −0.028%, 7d avg −0.024%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.024%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit UNI_USDC-PERPETUAL	9.0655	0.0052	pay 0.0006% / 1h	50m 15s	$581K	$193K	50x
Short	Phemex UNIUSDT	9.0630	0.0100	get 0.0100% / 8h	4h 50m	$27.4M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.028%Rate

Funding earned: $10.08
Price spread: −0.028% → −0.024%: −$0.41
Slippage, 4 orders: −$46.85
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$56.18
Costs to cover: 0.658%
Break-even: 46.0 days

Slippage from Deribit: live order book, 9 min ago; Phemex: live order book, 4 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 Deribit live order book, 9 min ago	8.16 bp	13.0 bp −$13	21.4 bp −$214	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	10.42 bp	17.6 bp −$18	33.9 bp −$339	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
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	9.0666	+0.012%	$37K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−2.598%	$660	$154K	12x	as long as short
Deribit UNI_USDC-PERPETUALlong	+0.0052%	1h	9.0655	long leg	$581K	$193K	50x
01 Exchange UNIUSD	+0.0056%	1h	9.0722	+0.074%	$453	$5	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.0615	−0.044%	$905K	$4.3M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0682	+0.029%	$1.0M	$3.0M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0677	+0.024%	$296K	$589K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.0610	−0.050%	$224.4M	$628.5M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.0520	−0.149%	$101.7M	$110.5M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.0550	−0.116%	$55.6M	$256.6M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus UNI-USD	+0.0100%	1h	9.0720	+0.071%	$287K	$613K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0640	−0.017%	$23.0M	$62.2M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0570	−0.094%	$48.5M	$25.2M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0560	−0.105%	$13.6M	$13.1M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0600	−0.061%	$33.3M	$43.9M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	9.0660	+0.005%	—	$56.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.0797	+0.156%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.0589	−0.073%	$4.3M	$4.3M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.1122	+0.515%	$172K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.1180	+0.579%	$635K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.1120	+0.513%	$89K	$694K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0720	+0.071%	$36K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0693	+0.042%	$87K	$420K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0600	−0.061%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0644	−0.012%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0604	−0.057%	$22K	$781K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0810	+0.171%	$715K	$4.5M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	9.0630	−0.028%	$27.4M	$4.5M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	9.0752	+0.106%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0551	−0.115%	$298K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0591	−0.071%	$32K	—	3x	as long as short
dYdX UNI-USD	+0.0161%	1h	9.0671	+0.017%	$239K	$30K	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0750	+0.104%	$10.4M	$3.5M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0248%	1h	9.0730	+0.082%	$1.1M	$5.4M	50x	as long as short
Kraken Futures PF_UNIUSD	+0.0270%	1h	9.0669	+0.015%	$5.0M	$7.8M	50x	as long as short
Lighter UNI	+0.0336%	1h	9.0741	+0.095%	$4.6M	$5.8M	15x	as long as short
Reya UNIRUSDPERP	+0.0372%	1h	9.0632	−0.026%	$17K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.0656	+0.001%	$646K	—	120x	as long as short
Hyperliquid UNI	+0.0475%	1h	9.0779	+0.136%	$98.6M	$61.6M	10x	as long as short
Aftermath Perps UNIUSD	+0.1078%	1h	9.1080	+0.468%	$1K	$46K	10x	as long as short