Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.159%

Price spread now: Injective against Phemex−1.922%7-day average +0.041% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.463%−$46 on $10k

Price spread, last 4 days (all we have)+1.864%+$186 · spread now −1.922%, 7d avg +0.041%

Together, before fees+1.401%+$140 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.962% cheaper against Phemex than usual: you would sell low and buy high (−$196 if the spread goes back to its 7-day average of +0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	9.0030	0.0100	pay 0.0100% / 8h	1h 59m	$27.2M	$4.5M	50x
Short	Injective UNI/USDC PERP	8.8300	0.0033	get 0.0004% / 1h	59m 00s	$660	$153K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −1.922%Rate

Funding earned: −$14
Price spread: −1.922% → +0.041%: −$196.23
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$222.25
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Injective: no order-book sample. Net counts fees only.

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	12.19 bp	19.8 bp −$20	32.9 bp −$329	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Nado UNI-PERP	−0.0108%	1h	8.9972	−0.064%	$775K	$4.7M	10x	as long as short
Kraken Futures PF_UNIUSD	−0.0017%	1h	9.0043	+0.015%	$4.7M	$8.6M	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	9.0022	−0.009%	$49K	—	150x	as long as short
01 Exchange UNIUSD	+0.0032%	1h	8.9947	−0.092%	$449	$5	10x	as long as short
Injective UNI/USDC PERPshort	+0.0033%	1h	8.8300	−1.922%	$660	$153K	12x
Polymarket Perps UNI-USD	+0.0048%	1h	8.9874	−0.173%	$123K	$585K	10x	as long as short
Lighter UNI	+0.0096%	1h	9.0132	+0.113%	$4.5M	$5.6M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9867	−0.181%	$26K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0087	+0.064%	$743K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9993	−0.041%	$288K	$593K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance UNIUSDT	+0.0100%	8h	9.0060	+0.033%	$218.5M	$659.6M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.0050	+0.022%	$100.2M	$112.4M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.0060	+0.033%	$54.7M	$268.4M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.0010	−0.022%	$321K	$705K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0050	+0.022%	$24.8M	$65.8M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0010	−0.022%	$49.6M	$26.5M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0040	+0.011%	$13.2M	$13.4M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0040	+0.011%	$33.1M	$45.8M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	9.0030	0.000%	—	$57.3M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.0100	+0.078%	$1.1M	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.0088	+0.065%	$4.1M	$4.3M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.0227	+0.219%	$171K	$347K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.0110	+0.089%	$624K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0270	+0.267%	$91K	$709K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0250	+0.244%	$15K	$3.5M	20x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9990	−0.044%	$17K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0061	+0.034%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9995	−0.039%	$32K	$886K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0028	−0.002%	$702K	$5.0M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	9.0030	long leg	$27.2M	$4.5M	50x
Extended UNI-USD	+0.0104%	1h	8.9999	−0.035%	$301K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0001	−0.032%	$32K	—	3x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0130%	1h	9.0059	+0.032%	$593K	$248K	50x	as long as short
dYdX UNI-USD	+0.0136%	1h	8.9982	−0.053%	$237K	$31K	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0192%	1h	9.0050	+0.022%	$938K	$5.6M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0020	−0.011%	$10.1M	$3.7M	75x	as long as short
Reya UNIRUSDPERP	+0.0377%	1h	8.9877	−0.170%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0243%	1h	9.0022	−0.009%	$640K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0488%	1h	9.0120	+0.100%	$1K	$54K	10x	as long as short
Hyperliquid UNI	+0.0584%	1h	9.0156	+0.140%	$96.9M	$66.7M	10x	as long as short