Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0298%/8h= −32.7% APRpaid last 24h −0.032%

Price spread now: Phemex against dYdX+0.018%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$920.924% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.257%−$26 on $10k

Price spread, last 4 days (all we have)+0.163%+$16 · spread now +0.018%, 7d avg +0.018%

Together, before fees−0.093%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX UNI-USD	9.0004	0.0398	pay 0.0050% / 1h	44m 55s	$237K	$30K	10x
Short	Phemex UNIUSDT	9.0020	0.0100	get 0.0100% / 8h	3h 44m	$27.2M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$62.64
Price spread: +0.018% → +0.018%: $0.04
Slippage, 4 orders: −$70.36
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$154.96
Costs to cover: 0.924%
Break-even: never at this rate

Slippage from dYdX: live order book, 9 min ago; Phemex: live order book, 4 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 dYdX live order book, 9 min ago	21.54 bp	26.5 bp −$27	28.1 bp −$281	36.1 bp −$3,614	250.0 bp −$125.0K
Sell Phemex live order book, 4 min ago	5.53 bp	15.4 bp −$15	29.8 bp −$298	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 −0.0004%	1h	8.9947	−0.064%	$37K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−1.893%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0072%	1h	8.9905	−0.110%	$449	$5	10x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0073%	1h	9.0022	+0.020%	$577K	$207K	50x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.9845	−0.176%	$964K	$4.4M	10x	as long as short
Hyperliquid UNI	+0.0100%	1h	9.0077	+0.081%	$97.3M	$62.2M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0005	+0.001%	$808K	$3.5M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9941	−0.070%	$292K	$605K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.9994	−0.011%	$221.2M	$641.8M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9920	−0.093%	$101.1M	$111.4M	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	8.9880	−0.138%	$54.8M	$260.2M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9990	−0.015%	$314K	$653K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0020	+0.018%	$23.7M	$63.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9970	−0.038%	$47.2M	$25.5M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0020	+0.018%	$13.4M	$13.2M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9940	−0.071%	$33.1M	$45.2M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.9980	−0.026%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.0024	+0.022%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.0239	+0.262%	$4.2M	$4.1M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.0306	+0.336%	$170K	$346K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.0227	+0.247%	$639K	$2.8M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0320	+0.351%	$95K	$701K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0270	+0.296%	$15K	$3.4M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9894	−0.122%	$86K	$433K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9950	−0.060%	$16K	$1.4M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9951	−0.059%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0000	−0.004%	$21K	$801K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0078	+0.082%	$710K	$4.8M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	9.0020	+0.018%	$27.2M	$4.4M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	8.9896	−0.120%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	8.9870	−0.149%	$291K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9996	−0.009%	$32K	—	3x	as long as short
Lighter UNI	+0.0112%	1h	9.0135	+0.146%	$4.6M	$5.8M	15x	as long as short
Coinbase International UNI-PERP-INTX	+0.0216%	1h	9.0000	−0.004%	$939K	$5.8M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9980	−0.026%	$10.2M	$3.6M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0270%	1h	9.0034	+0.033%	$5.0M	$8.0M	50x	as long as short
Reya UNIRUSDPERP	+0.0374%	1h	8.9852	−0.168%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.9931	−0.081%	$640K	—	120x	as long as short
dYdX UNI-USDlong	+0.0398%	1h	9.0004	long leg	$237K	$30K	10x
Aftermath Perps UNIUSD	+0.0882%	1h	9.0317	+0.348%	$937	$46K	10x	as long as short