Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0417%/8h= +45.7% APRpaid last 24h +0.064%

Price spread now: Hyperliquid against OKX+0.232%7-day average +0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$320.318% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.265%+$27 on $10k

Price spread, last 7 days−0.200%−$20 · spread now +0.232%, 7d avg +0.105%

Together, before fees+0.065%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Hyperliquid is 0.127% dearer against OKX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.105%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.265% in total (about 13.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX UNI-USDT-SWAP	9.1190	0.0100	pay 0.0100% / 8h	4h 54m	$56.0M	$258.1M	50x
Short	Hyperliquid UNI	9.1402	0.0517	get 0.0065% / 1h	54m 14s	$99.4M	$61.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.232%Rate

Funding earned: $87.55
Price spread: +0.232% → +0.105%: $12.73
Slippage, 4 orders: −$12.81
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $68.47
Costs to cover: 0.318%
Break-even: 1.5 days

Slippage from OKX: live order book, 5 min ago; Hyperliquid: live order book, 10 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 OKX live order book, 5 min ago	0.55 bp	9.1 bp −$9	17.0 bp −$170	59.9 bp −$5,995	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.22 bp	6.8 bp −$7	doesn't fit	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	9.1268	+0.086%	$37K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−3.169%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0056%	1h	9.1281	+0.100%	$455	$5	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.1230	+0.044%	$920K	$4.3M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.1340	+0.164%	$1.0M	$2.9M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.1273	+0.091%	$298K	$589K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.1237	+0.052%	$225.7M	$625.6M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.1170	−0.022%	$102.4M	$110.6M	75x	as long as short
OKX UNI-USDT-SWAPlong	+0.0100%	8h	9.1190	long leg	$56.0M	$258.1M	50x
Arcus UNI-USD	+0.0100%	1h	9.1320	+0.143%	$289K	$618K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate UNI_USDT	+0.0100%	8h	9.1210	+0.022%	$23.1M	$62.0M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.1230	+0.044%	$48.8M	$25.2M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.1210	+0.022%	$13.7M	$13.1M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.1190	0.000%	$33.6M	$43.9M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	9.1170	−0.022%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.1272	+0.090%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.1490	+0.329%	$4.3M	$4.3M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.0960	−0.252%	$171K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.1208	+0.020%	$635K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0950	−0.263%	$89K	$694K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.1330	+0.154%	$36K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.1271	+0.089%	$88K	$422K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.1210	+0.022%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.1317	+0.139%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.1267	+0.084%	$22K	$781K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.1304	+0.125%	$718K	$4.5M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	9.1260	+0.077%	$27.6M	$4.5M	50x	as long as short
Paradex UNI-USD-PERP	+0.0101%	8h	9.1190	0.000%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.1187	−0.003%	$301K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.1231	+0.045%	$32K	—	3x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0193%	1h	9.1275	+0.094%	$585K	$193K	50x	as long as short
dYdX UNI-USD	+0.0205%	1h	9.1234	+0.049%	$240K	$30K	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.1270	+0.088%	$10.4M	$3.6M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0248%	1h	9.1340	+0.164%	$1.1M	$5.4M	50x	as long as short
Kraken Futures PF_UNIUSD	+0.0268%	1h	9.1327	+0.150%	$5.1M	$7.8M	50x	as long as short
Reya UNIRUSDPERP	+0.0371%	1h	9.1228	+0.041%	$17K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.1258	+0.075%	$650K	—	120x	as long as short
Lighter UNI	+0.0416%	1h	9.1385	+0.214%	$4.6M	$5.8M	15x	as long as short
Hyperliquid UNIshort	+0.0517%	1h	9.1402	+0.232%	$99.4M	$61.4M	10x
Aftermath Perps UNIUSD	+0.1010%	1h	9.1347	+0.172%	$1K	$46K	10x	as long as short