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: Deribit against Phemex+0.028%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

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

Long on Phemex Short on Deribit

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	Phemex UNIUSDT	9.0630	0.0100	pay 0.0100% / 8h	4h 49m	$27.4M	$4.5M	50x
Short	Deribit UNI_USDC-PERPETUAL	9.0655	0.0052	get 0.0006% / 1h	49m 34s	$581K	$193K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$10.08
Price spread: +0.028% → +0.024%: $0.41
Slippage, 4 orders: −$46.85
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$75.51
Costs to cover: 0.658%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Deribit: live order book, 9 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 Phemex live order book, 4 min ago	10.42 bp	22.1 bp −$22	32.9 bp −$329	doesn't fit	doesn't fit
Sell Deribit live order book, 9 min ago	8.16 bp	13.2 bp −$13	40.9 bp −$409	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	+0.040%	$37K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−2.571%	$660	$154K	12x	as long as short
Deribit UNI_USDC-PERPETUALshort	+0.0052%	1h	9.0655	+0.028%	$581K	$193K	50x
01 Exchange UNIUSD	+0.0056%	1h	9.0584	−0.051%	$452	$5	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.0500	−0.143%	$901K	$4.3M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0644	+0.016%	$1.0M	$3.0M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0628	−0.002%	$294K	$590K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.0610	−0.022%	$224.4M	$628.7M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.0570	−0.066%	$101.7M	$110.5M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.0510	−0.132%	$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	9.0680	+0.055%	$287K	$613K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0550	−0.088%	$22.9M	$62.2M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0600	−0.033%	$48.4M	$25.2M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0560	−0.077%	$13.6M	$13.1M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0480	−0.166%	$33.3M	$43.9M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	9.0600	−0.033%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.0607	−0.025%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.0589	−0.045%	$4.3M	$4.3M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.1122	+0.543%	$172K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.1180	+0.607%	$635K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0710	+0.088%	$88K	$695K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0700	+0.077%	$36K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0592	−0.042%	$87K	$421K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0600	−0.033%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0644	+0.015%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0604	−0.029%	$22K	$781K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0810	+0.199%	$715K	$4.5M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	9.0630	long leg	$27.4M	$4.5M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	9.0612	−0.020%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0546	−0.093%	$298K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0591	−0.043%	$32K	—	3x	as long as short
dYdX UNI-USD	+0.0145%	1h	9.0624	−0.007%	$239K	$30K	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0750	+0.132%	$10.4M	$3.5M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0248%	1h	9.0730	+0.110%	$1.1M	$5.4M	50x	as long as short
Kraken Futures PF_UNIUSD	+0.0270%	1h	9.0669	+0.043%	$5.0M	$7.8M	50x	as long as short
Lighter UNI	+0.0336%	1h	9.0779	+0.164%	$4.6M	$5.8M	15x	as long as short
Reya UNIRUSDPERP	+0.0372%	1h	9.0462	−0.185%	$17K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.0656	+0.029%	$646K	—	120x	as long as short
Hyperliquid UNI	+0.0468%	1h	9.0689	+0.065%	$98.5M	$61.7M	10x	as long as short
Aftermath Perps UNIUSD	+0.1078%	1h	9.1080	+0.496%	$1K	$46K	10x	as long as short