Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0081%/8h= +8.8% APRpaid last 24h −0.037%

Price spread now: Phemex against dYdX+0.096%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1071.066% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.251%−$25 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.096%, 7d avg +0.020%

Together, before fees−0.263%−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phemex is 0.077% dearer against dYdX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.020%. Mind the row above: over the last 7 days funding on this pair cost −0.251%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX UNI-USD	9.0713	0.0019	pay 0.0002% / 1h	25m 14s	$239K	$30K	10x
Short	Phemex UNIUSDT	9.0800	0.0100	get 0.0100% / 8h	6h 25m	$27.4M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.096%Rate

Funding earned: $16.94
Price spread: +0.096% → +0.020%: $7.69
Slippage, 4 orders: −$84.59
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$81.97
Costs to cover: 1.066%
Break-even: 40.9 days

Slippage from dYdX: live order book, 44 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 dYdX live order book, 44 min ago	25.60 bp	30.9 bp −$31	31.2 bp −$312	93.1 bp −$9,313	321.4 bp −$160.7K
Sell Phemex live order book, 4 min ago	6.64 bp	18.6 bp −$19	31.6 bp −$316	doesn't fit	doesn't fit

UNI on 39 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	9.0887	+0.192%	$19K	—	150x	as long as short
dYdX UNI-USDlong	+0.0019%	1h	9.0713	long leg	$239K	$30K	10x
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−2.660%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0040%	1h	9.0882	+0.187%	$454	—	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.0790	+0.085%	$950K	$4.3M	10x	as long as short
Hyperliquid UNI	+0.0100%	1h	9.0965	+0.278%	$98.8M	$60.4M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0925	+0.234%	$1.0M	$2.9M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0739	+0.029%	$297K	$574K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.0910	+0.218%	$227.0M	$610.6M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.0870	+0.174%	$101.8M	$107.4M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX UNI-USDT-SWAP	+0.0100%	8h	9.0820	+0.118%	$56.1M	$254.3M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.0920	+0.229%	$288K	$641K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0880	+0.185%	$23.3M	$58.7M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0890	+0.196%	$49.9M	$26.2M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0890	+0.196%	$13.5M	$13.7M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0830	+0.129%	$33.2M	$42.8M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	9.0900	+0.207%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.0751	+0.042%	$996K	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.0580	−0.146%	$4.1M	$4.3M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.0454	−0.285%	$170K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.0456	−0.283%	$629K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0420	−0.323%	$88K	$699K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0550	−0.179%	$56K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0896	+0.202%	$86K	$410K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0880	+0.185%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0944	+0.255%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0838	+0.138%	$22K	$712K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0940	+0.251%	$723K	$4.2M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	9.0800	+0.096%	$27.4M	$4.5M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	9.0772	+0.065%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0763	+0.056%	$303K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0849	+0.151%	$32K	—	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0312%	1h	9.0930	+0.240%	$1.1M	$4.7M	50x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0316%	1h	9.0889	+0.195%	$590K	$187K	50x	as long as short
Reya UNIRUSDPERP	+0.0368%	1h	9.0828	+0.127%	$17K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.0875	+0.179%	$647K	—	120x	as long as short
Kraken Futures PF_UNIUSD	+0.0422%	1h	9.0879	+0.183%	$5.0M	$6.9M	50x	as long as short
Lighter UNI	+0.0448%	1h	9.0996	+0.312%	$4.7M	$5.3M	15x	as long as short
Aftermath Perps UNIUSD	+0.0945%	1h	9.0446	−0.294%	$902	$48K	10x	as long as short