Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.037%

Price spread now: dYdX against Phemex−0.228%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1181.179% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.253%+$25 on $10k

Price spread, last 4 days (all we have)−0.421%−$42 · spread now −0.228%, 7d avg −0.018%

Together, before fees−0.169%−$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.210% cheaper against Phemex than usual: you would sell low and buy high (spread −0.228% now, against its 7-day average of −0.018%). If the spread goes back, that is −$21 on $10k: about 2 months of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.253% in total) that is about 5.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	9.1140	0.0100	pay 0.0100% / 8h	5h 34m	$27.5M	$4.5M	50x
Short	dYdX UNI-USD	9.0932	0.0111	get 0.0014% / 1h	34m 14s	$239K	$30K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.228%Rate

Funding earned: $2.31
Price spread: −0.228% → −0.018%: −$21
Slippage, 4 orders: −$95.87
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$136.56
Costs to cover: 1.179%
Break-even: 420.8 days

Slippage from Phemex: live order book, 5 min ago; dYdX: live order book, 30 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, 5 min ago	9.36 bp	21.8 bp −$22	39.4 bp −$394	doesn't fit	doesn't fit
Sell dYdX live order book, 30 min ago	33.44 bp	38.9 bp −$39	129.8 bp −$1,298	217.8 bp −$21.8K	463.1 bp −$231.5K

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 −0.0008%	1h	9.0945	−0.215%	$28K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−3.116%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0064%	1h	9.0930	−0.230%	$454	$5	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.0865	−0.302%	$948K	$4.3M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0964	−0.193%	$1.0M	$2.9M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0931	−0.229%	$296K	$568K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.1110	−0.033%	$226.8M	$609.5M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.0970	−0.187%	$102.2M	$107.8M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.0960	−0.197%	$56.1M	$252.4M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.0960	−0.197%	$288K	$614K	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	9.0940	−0.219%	$23.5M	$59.6M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0940	−0.219%	$49.2M	$25.1M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0960	−0.197%	$13.6M	$12.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.1000	−0.154%	$33.3M	$42.6M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	9.0930	−0.230%	—	$56.6M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.1219	+0.087%	$991K	$2.2M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.1137	−0.003%	$4.2M	$4.3M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.0550	−0.648%	$171K	$345K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.0749	−0.429%	$631K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0620	−0.571%	$89K	$694K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.1340	+0.219%	$40K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0914	−0.248%	$88K	$412K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.1010	−0.143%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0999	−0.155%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.1036	−0.114%	$22K	$760K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0969	−0.188%	$714K	$4.4M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	9.1140	long leg	$27.5M	$4.5M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	9.0867	−0.300%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0958	−0.200%	$303K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.1025	−0.126%	$32K	—	3x	as long as short
dYdX UNI-USDshort	+0.0111%	1h	9.0932	−0.228%	$239K	$30K	10x
BloFin UNI-USDT	+0.0220%	8h	9.1220	+0.088%	$10.5M	$3.6M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0269%	1h	9.1112	−0.030%	$5.1M	$7.3M	50x	as long as short
Coinbase International UNI-PERP-INTX	+0.0296%	1h	9.0940	−0.219%	$1.1M	$5.0M	50x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0297%	1h	9.1068	−0.079%	$585K	$192K	50x	as long as short
Reya UNIRUSDPERP	+0.0370%	1h	9.0874	−0.292%	$17K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.0959	−0.199%	$647K	—	120x	as long as short
Hyperliquid UNI	+0.0525%	1h	9.1037	−0.113%	$98.7M	$59.7M	10x	as long as short
Lighter UNI	+0.0576%	1h	9.1183	+0.047%	$4.7M	$5.6M	15x	as long as short
Aftermath Perps UNIUSD	+0.0964%	1h	9.0997	−0.157%	$883	$47K	10x	as long as short