UNI

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	HyperliquidUNI	8.8242	+0.0100	pay 0.0013% / 1h	11m 14s	$84.5M	$36.0M	10x	Long Hyperliquid4% off
SHORT	PhoenixUNI	8.8335	−0.0108	pay 0.0014% / 1h	11m 14s	$4K	$231K	10x	Short Phoenix

Price gap+0.105%

Funding gap−0.0208% /8h

The gap pays +$15 on $10k if it goes back to its 7d average, but funding costs $6 a day and eats that in about 2.4 days.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast

Funding−$67−0.0208% /8h now · paid −0.667% over the last 7D

Price+$15spread +0.105% now, avg −0.045% → +0.150% if it goes back

Costsdoesn’t fit$10k a leg is deeper than the books hold

Result, before costs−$52−0.52%+ Points / potential airdropHyperliquid: Season 2 · farm boardcosts unknown: book too thin at $10k · What the last 7D really paid, hour by hour → backtest

Funding history

you earnyou payavg

RANGE STATS · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.

Price spread between the two exchanges

Phoenix price against Hyperliquidnow

RANGE STATS · 7D

Now+0.105%

Average—

Range—

Wider than now—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

UNI on 41 exchanges

lowest funding first

Before you open

4 ok · 2 to watch

Problem: Doesn’t fit the books—
$10k a leg is deeper than Hyperliquid’s order book right now.
Note: Margin at max leverage$1,000 + $1,000
Hyperliquid 10x, Phoenix 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
OK: Same payment interval1h / 1h
Both legs pay at the same time.
Next 24h at the current rates, on $10k a leg: −$6.24Long Hyperliquid: 24 payments, −$3.00; short Phoenix: 24 payments, −$3.24.
OK: Entry gap works for you+0.105% vs −0.045%
You short the dearer leg. If the gap goes back to average, the short gains.
Watch: Short leg is thinner$4K vs $84.5M OI
Phoenix sets your exit cost. Check its book before closing.
OK: Points on a legHyperliquid Season 2
Volume here counts toward the points program.
OK: No KYC on either legHyperliquid No · Phoenix No
Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

Hold for

Orders

Price spread

Funding rate

Funding earned−0.0317%/8h × 21 periods−$66.67

Price spread+0.105% → −0.045% (7d avg)+$15.00

Slippage, 4 ordersdoesn’t fit the book at $10k—

Fee Hyperliquid bp × 2 orders−$9.00

Fee Phoenix bp × 2 orders−$7.00

Net · 7 days · $10k—

doesn’t fit the books at $10k

Costs to cover—Break-even—

Slippage: Hyperliquid: live order book, 12 min ago; Phoenix: live order book, 31 min ago

Cost to enter

taker + slippage from mid, one side

BUY · LONGHyperliquid0.40doesn’t fitdoesn’t fitdoesn’t fitdoesn’t fit

SELL · SHORTPhoenix1.3515.1 bp−$1555.2 bp−$552doesn’t fitdoesn’t fit

Closing costs about the same again.

UNI news

posts that mention UNI, from every exchangeSearch all news →

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UNI