Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0279%/8h= −30.6% APRpaid last 24h −0.051%

Price spread now: GRVT against GMX−0.162%7-day average +0.016% · you buy dearer than you sell

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

Long on GMX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.216%−$22 on $10k

Price spread, last 3 days (all we have)+0.111%+$11 · spread now −0.162%, 7d avg +0.016%

Together, before fees−0.104%+ Points / potential airdropGRVT: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GRVT is 0.178% cheaper against GMX than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX UNI/USD [UNI-USDC]	8.8572	L +0.0379% / S −0.0320%	pay 0.0047% / 1h	35m 07s	$555K	—	120x
Short	GRVT UNI_USDT_Perp	8.8428	0.0100	get 0.0100% / 8h	2h 35m	$618K	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee GRVTbpOrdersPrice spread, now −0.162%Rate

Funding earned: −$58.68
Price spread: −0.162% → +0.016%: −$17.81
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$97.49
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 4 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 GMX no order-book sample	—	—	—	—	—
Sell GRVT live order book, 4 min ago	1.13 bp	16.2 bp −$16	24.8 bp −$248	doesn't fit	doesn't fit

GMX: 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.

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
Variational Omni UNI	−0.0185%	8h	8.8292	−0.316%	$3.9M	$4.6M	—	as long as short
Bybit UNIUSDT	−0.0158%	8h	8.8580	+0.009%	$102.4M	$104.4M	75x	as long as short
01 Exchange UNIUSD	0.0000%	1h	8.8573	+0.001%	$442	—	10x	as long as short
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.8616	+0.050%	$553K	$125K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	8.8561	−0.012%	$80K	—	150x	as long as short
OKX UNI-USDT-SWAP	+0.0014%	8h	8.8560	−0.013%	$54.4M	$245.7M	50x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8467	−0.118%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8515	−0.064%	$855K	$3.9M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8565	−0.008%	$1.0M	$3.4M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8530	−0.047%	$296K	$561K	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	8.8590	+0.021%	$216.7M	$593.6M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8610	+0.043%	$273K	$612K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8590	+0.021%	$23.0M	$59.1M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8570	−0.002%	$42.9M	$24.5M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8570	−0.002%	$13.8M	$13.7M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8570	−0.002%	$32.0M	$41.0M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8580	+0.009%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8638	+0.075%	$985K	$2.3M	10x	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8350	−0.251%	$166K	$342K	20x	as long as short
GRVT UNI_USDT_Perpshort	+0.0100%	8h	8.8428	−0.162%	$618K	$2.5M	10x
ApeX Omni UNIUSDT	+0.0100%	1h	8.8490	−0.092%	$84K	$712K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8380	−0.216%	$105K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8562	−0.011%	$87K	$323K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8560	−0.013%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8604	+0.036%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8549	−0.026%	$25K	$661K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8587	+0.017%	$723K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8580	+0.009%	$26.7M	$4.3M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8510	−0.070%	$298K	$1.4M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8570	−0.002%	$31K	$1K	3x	as long as short
dYdX UNI-USD	+0.0108%	1h	8.8536	−0.040%	$245K	$5K	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0200%	1h	8.8470	−0.115%	$1.0M	$5.3M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8480	−0.104%	$9.8M	$3.3M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0268%	1h	8.8619	+0.054%	$5.0M	$7.1M	50x	as long as short
Hyperliquid UNI	+0.0321%	1h	8.8709	+0.155%	$96.5M	$59.8M	10x	as long as short
Reya UNIRUSDPERP	+0.0360%	1h	8.8524	−0.054%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]long	L +0.0379% / S −0.0320%	1h	8.8572	long leg	$555K	—	120x
Aftermath Perps UNIUSD	+0.0467%	1h	8.8490	−0.092%	$1K	$50K	10x	as long as short
Lighter UNI	+0.0528%	1h	8.8729	+0.178%	$4.5M	$5.4M	15x	as long as short
Injective UNI/USDC PERP	+0.2702%	1h	8.7900	−0.758%	$657	$97K	12x	as long as short