Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.168%

Price spread now: Lighter against Phemex+0.044%7-day average +0.134% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$480.482% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.352%+$35 on $10k

Price spread, last 4 days (all we have)−0.526%−$53 · spread now +0.044%, 7d avg +0.134%

Together, before fees−0.174%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.090% cheaper against Phemex than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.134%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	9.0250	0.0100	pay 0.0100% / 8h	7h 15m	$27.3M	$4.4M	50x
Short	Lighter UNI	9.0290	0.0096	get 0.0012% / 1h	15m 04s	$4.4M	$5.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$0.84
Price spread: +0.044% → +0.134%: −$8.98
Slippage, 4 orders: −$36.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$58.03
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Lighter: live order book, 13 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	1.11 bp	21.8 bp −$22	30.4 bp −$304	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	1.97 bp	2.6 bp −$3	10.0 bp −$100	97.2 bp −$9,716	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
Kraken Futures PF_UNIUSD	−0.0061%	1h	9.0285	+0.039%	$4.8M	$8.5M	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0005%	1h	9.0226	−0.027%	$78K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−2.161%	$660	$153K	12x	as long as short
Nado UNI-PERP	+0.0079%	1h	9.0235	−0.017%	$729K	$4.5M	10x	as long as short
01 Exchange UNIUSD	+0.0088%	1h	9.0260	+0.011%	$477	$31	10x	as long as short
Lighter UNIshort	+0.0096%	1h	9.0290	+0.044%	$4.4M	$5.6M	15x
Paradex UNI-USD-PERP	+0.0100%	8h	9.0370	+0.133%	$26K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0251	+0.001%	$737K	$3.2M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0394	+0.160%	$292K	$555K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.0200	−0.055%	$218.1M	$637.9M	75x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit UNIUSDT	+0.0100%	8h	9.0190	−0.066%	$100.0M	$108.0M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.0210	−0.044%	$55.0M	$259.7M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.0340	+0.100%	$324K	$700K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0200	−0.055%	$27.3M	$63.2M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0180	−0.078%	$47.5M	$25.7M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0200	−0.055%	$13.3M	$12.7M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0190	−0.066%	$33.7M	$45.5M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	9.0140	−0.122%	—	$58.1M	—	as long as short
Variational Omni UNI	+0.0100%	8h	9.0442	+0.213%	$4.2M	$3.9M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.0496	+0.272%	$171K	$348K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.0280	+0.033%	$628K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0600	+0.388%	$91K	$711K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0610	+0.399%	$32K	$3.5M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0311	+0.068%	$105K	$610K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0200	−0.055%	$17K	$2.4M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0302	+0.058%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0213	−0.041%	$32K	$859K	10x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0100%	1h	9.0256	+0.007%	$597K	$251K	50x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0293	+0.048%	$715K	$4.5M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	9.0250	long leg	$27.3M	$4.4M	50x
Extended UNI-USD	+0.0104%	1h	9.0172	−0.087%	$297K	$1.8M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0225	−0.028%	$32K	—	3x	as long as short
Hyperliquid UNI	+0.0180%	1h	9.0321	+0.079%	$97.0M	$67.3M	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0208%	1h	9.0300	+0.055%	$939K	$5.3M	50x	as long as short
Backpack UNI_USDC_PERP	+0.0216%	1h	9.0232	−0.020%	$1.1M	$2.5M	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0220	−0.033%	$10.1M	$3.7M	75x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.0185	−0.072%	$642K	—	120x	as long as short
Reya UNIRUSDPERP	+0.0383%	1h	9.0169	−0.090%	$16K	—	20x	as long as short
Aftermath Perps UNIUSD	+0.0457%	1h	9.0089	−0.179%	$1K	$52K	10x	as long as short
dYdX UNI-USD	+0.0478%	1h	9.0259	+0.010%	$236K	$32K	10x	as long as short