Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0281%/8h= +30.8% APRpaid last 24h +0.026%

Price spread now: Kraken Futures against Phemex−0.024%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$690.690% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.171%+$17 on $10k

Price spread, last 3 days (all we have)+0.100%+$10 · spread now −0.024%, 7d avg +0.030%

Together, before fees+0.271%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.054% cheaper against Phemex than usual: you would sell low and buy high (spread −0.024% now, against its 7-day average of +0.030%). If the spread goes back, that is −$5 on $10k: about 15 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.171% in total) that is about 2.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.171% in total (about 8.9% 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	9.2090	0.0100	pay 0.0100% / 8h	7h 37m	$27.8M	$4.5M	50x
Short	Kraken Futures PF_UNIUSD	9.2068	0.0381	get 0.0048% / 1h	37m 42s	$5.1M	$7.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.024%Rate

Funding earned: $59.1
Price spread: −0.024% → +0.030%: −$5.4
Slippage, 4 orders: −$46.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$15.28
Costs to cover: 0.690%
Break-even: 8.8 days

Slippage from Phemex: live order book, 6 min ago; Kraken Futures: live order book, 1 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	9.84 bp	19.0 bp −$19	34.2 bp −$342	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	7.61 bp	17.8 bp −$18	19.3 bp −$193	50.9 bp −$5,090	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 −0.0005%	1h	9.2132	+0.046%	$75K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−4.116%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0072%	1h	9.1925	−0.179%	$459	—	10x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.1600	−0.532%	$56.4M	$255.5M	50x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.1970	−0.130%	$972K	$4.2M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.1743	−0.377%	$1.1M	$3.4M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.1664	−0.463%	$308K	$583K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.1640	−0.489%	$229.4M	$594.6M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.1610	−0.521%	$103.3M	$106.9M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.1720	−0.402%	$273K	$616K	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	9.1600	−0.532%	$23.0M	$58.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.1640	−0.489%	$44.7M	$23.8M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.1670	−0.456%	$13.8M	$13.5M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.1590	−0.543%	$33.6M	$42.1M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	9.1610	−0.521%	—	$53.7M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.2145	+0.060%	$1.0M	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.1681	−0.444%	$4.2M	$4.4M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.1739	−0.381%	$173K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.1211	−0.955%	$637K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.1780	−0.337%	$90K	$708K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.2040	−0.054%	$37K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.2117	+0.029%	$86K	$375K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.2120	+0.033%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.2194	+0.113%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.2010	−0.087%	$21K	$702K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.2148	+0.063%	$736K	$4.4M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	9.2090	long leg	$27.8M	$4.5M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	9.1587	−0.546%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.1576	−0.558%	$306K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.2097	+0.008%	$33K	—	3x	as long as short
dYdX UNI-USD	+0.0125%	1h	9.1656	−0.471%	$253K	$7K	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.1780	−0.337%	$10.2M	$3.6M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0272%	1h	9.2140	+0.054%	$1.1M	$5.6M	50x	as long as short
Reya UNIRUSDPERP	+0.0366%	1h	9.2108	+0.019%	$17K	—	20x	as long as short
Kraken Futures PF_UNIUSDshort	+0.0381%	1h	9.2068	−0.024%	$5.1M	$7.0M	50x
GMX UNI/USD [UNI-USDC]	L +0.0382% / S −0.0323%	1h	9.2129	+0.043%	$582K	—	120x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0473%	1h	9.2193	+0.112%	$594K	$178K	50x	as long as short
Hyperliquid UNI	+0.0508%	1h	9.1837	−0.275%	$101.2M	$59.9M	10x	as long as short
Lighter UNI	+0.0840%	1h	9.1859	−0.251%	$4.7M	$5.3M	15x	as long as short
Aftermath Perps UNIUSD	+0.0855%	1h	9.1559	−0.576%	$1K	$49K	10x	as long as short