Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0459%/8h= +50.3% APRpaid last 24h +0.047%

Price spread now: Hyperliquid against Phemex+0.094%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$490.488% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 4 days (all we have)−0.590%−$59 · spread now +0.094%, 7d avg +0.072%

Together, before fees−0.377%+ Points / potential airdropHyperliquid: Season 2 · farm board−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.022% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.072%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.213% in total (about 11.1% 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	Phemex UNIUSDT	9.2700	0.0100	pay 0.0100% / 8h	5h 17m	$28.0M	$4.5M	50x
Short	Hyperliquid UNI	9.2787	0.0559	get 0.0070% / 1h	17m 46s	$101.3M	$60.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.094%Rate

Funding earned: $96.47
Price spread: +0.094% → +0.072%: $2.16
Slippage, 4 orders: −$27.83
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $49.8
Costs to cover: 0.488%
Break-even: 3.4 days

Slippage from Phemex: live order book, 6 min ago; Hyperliquid: live order book, 6 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, 6 min ago	6.53 bp	17.1 bp −$17	26.8 bp −$268	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.70 bp	8.0 bp −$8	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 −0.0006%	1h	9.2675	−0.027%	$51K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−4.746%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0048%	1h	9.3201	+0.540%	$465	$5	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.2910	+0.227%	$972K	$4.3M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.2885	+0.199%	$1.1M	$2.9M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.2979	+0.301%	$303K	$573K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.2710	+0.011%	$230.5M	$618.0M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.2630	−0.076%	$104.0M	$109.1M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.2620	−0.086%	$57.3M	$259.2M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.3280	+0.626%	$295K	$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	9.2680	−0.022%	$23.3M	$61.0M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.2750	+0.054%	$49.7M	$25.3M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.2710	+0.011%	$13.9M	$12.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.2610	−0.097%	$33.8M	$43.2M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	9.2700	0.000%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.2769	+0.074%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.1888	−0.876%	$4.3M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.1904	−0.859%	$173K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.2276	−0.457%	$646K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.1920	−0.841%	$90K	$693K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.2880	+0.194%	$45K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.2965	+0.286%	$89K	$415K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.2640	−0.065%	$17K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.2647	−0.057%	$38K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.2640	−0.065%	$22K	$770K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.2920	+0.237%	$724K	$4.4M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	9.2700	long leg	$28.0M	$4.5M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	9.2916	+0.232%	$27K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.2646	−0.058%	$311K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.2623	−0.083%	$33K	—	3x	as long as short
dYdX UNI-USD	+0.0114%	1h	9.3001	+0.325%	$245K	$31K	10x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0115%	1h	9.2678	−0.024%	$594K	$193K	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.2830	+0.140%	$10.6M	$3.6M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0264%	1h	9.2768	+0.074%	$5.2M	$7.6M	50x	as long as short
Coinbase International UNI-PERP-INTX	+0.0296%	1h	9.2720	+0.022%	$1.1M	$5.4M	50x	as long as short
Reya UNIRUSDPERP	+0.0371%	1h	9.2876	+0.190%	$17K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.2692	−0.008%	$660K	—	120x	as long as short
Hyperliquid UNIshort	+0.0559%	1h	9.2787	+0.094%	$101.3M	$60.7M	10x
Lighter UNI	+0.0568%	1h	9.2855	+0.167%	$4.7M	$5.7M	15x	as long as short
Aftermath Perps UNIUSD	+0.0976%	1h	9.2294	−0.438%	$1K	$47K	10x	as long as short