Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0368%/8h= +40.2% APRpaid last 24h 0.000%

Price spread now: SoDEX against Phemex+0.017%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$600.598% of the position

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%−$1 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.017%, 7d avg −0.032%

Together, before fees−0.022%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and SoDEX is 0.048% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.032%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.005% in total (about -0.5% 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	8.9600	−0.0268	get 0.0268% / 8h	7h 48m	$27.1M	$4.4M	50x
Short	SoDEX UNI-USD	8.9615	0.0100	get 0.0013% / 1h	48m 39s	$32K	$894K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.017%Rate

Funding earned: $77.18
Price spread: +0.017% → −0.032%: $4.84
Slippage, 4 orders: −$39.78
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $22.24
Costs to cover: 0.598%
Break-even: 5.0 days

Slippage from Phemex: live order book, 5 min ago; SoDEX: live order book, 50 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	7.85 bp	20.1 bp −$20	51.9 bp −$519	doesn't fit	doesn't fit
Sell SoDEX live order book, 50 min ago	0.56 bp	8.6 bp −$9	27.0 bp −$270	128.1 bp −$12.8K	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
Phemex UNIUSDTlong	−0.0268%	8h	8.9600	long leg	$27.1M	$4.4M	50x
Kraken Futures PF_UNIUSD	−0.0062%	1h	8.9662	+0.069%	$4.7M	$8.6M	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0005%	1h	8.9599	−0.001%	$77K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−1.451%	$660	$153K	12x	as long as short
Nado UNI-PERP	+0.0082%	1h	8.9580	−0.022%	$731K	$4.7M	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9337	−0.294%	$26K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.9433	−0.186%	$727K	$3.2M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9421	−0.200%	$290K	$568K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.9359	−0.269%	$217.4M	$652.8M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9340	−0.290%	$99.2M	$110.7M	75x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX UNI-USDT-SWAP	+0.0100%	8h	8.9350	−0.279%	$54.8M	$263.3M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9630	+0.033%	$325K	$701K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9580	−0.022%	$26.7M	$62.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9360	−0.268%	$48.1M	$25.3M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9380	−0.246%	$13.0M	$13.3M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9560	−0.045%	$33.1M	$46.1M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.9570	−0.033%	—	$6.5M	—	as long as short
Variational Omni UNI	+0.0100%	8h	8.9300	−0.335%	$4.1M	$4.0M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.9122	−0.534%	$168K	$346K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9123	−0.532%	$630K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9160	−0.491%	$90K	$710K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9350	−0.279%	$14K	$3.5M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9615	+0.017%	$105K	$616K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9580	−0.022%	$17K	$2.3M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9631	+0.035%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USDshort	+0.0100%	1h	8.9615	+0.017%	$32K	$894K	10x
HTX UNI-USDT	+0.0100%	8h	8.9680	+0.089%	$710K	$4.7M	75x	as long as short
Extended UNI-USD	+0.0104%	1h	8.9333	−0.298%	$300K	$1.8M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9615	+0.017%	$32K	—	3x	as long as short
Hyperliquid UNI	+0.0123%	1h	8.9684	+0.094%	$95.7M	$67.6M	10x	as long as short
Lighter UNI	+0.0136%	1h	8.9567	−0.037%	$4.5M	$5.4M	15x	as long as short
01 Exchange UNIUSD	+0.0136%	1h	8.9622	+0.025%	$447	$5	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0208%	1h	8.9480	−0.134%	$931K	$5.5M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9600	0.000%	$10.2M	$3.6M	75x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0243%	1h	8.9664	+0.071%	$594K	$273K	50x	as long as short
Backpack UNI_USDC_PERP	+0.0270%	1h	8.9716	+0.129%	$1.1M	$2.5M	10x	as long as short
dYdX UNI-USD	+0.0314%	1h	8.9385	−0.240%	$235K	$31K	10x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0243%	1h	8.9603	+0.003%	$637K	—	120x	as long as short
Reya UNIRUSDPERP	+0.0382%	1h	8.9603	+0.003%	$16K	—	20x	as long as short
Aftermath Perps UNIUSD	+0.0390%	1h	8.9337	−0.294%	$1K	$52K	10x	as long as short