Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0281%/8h= −30.7% APRpaid last 24h −0.063%

Price spread now: Phemex against GMX−0.057%128s7-day average 0.000% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.228%−$23 on $10k

Price spread, last 4 days (all we have)+0.131%+$13 · spread now −0.057%, 7d avg 0.000%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phemex is 0.057% cheaper against GMX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of 0.000%). Swap the legs. The two prices were read 128 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX UNI/USD [UNI-USDC]	8.9281	L +0.0381% / S −0.0243%	pay 0.0048% / 1h	28m 57s	$635K	—	120x
Short	Phemex UNIUSDT	8.9230	0.0100	get 0.0100% / 8h	1h 28m	$26.9M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GMX. 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 GMXbpFee PhemexbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$58.97
Price spread: −0.057% → 0.000%: −$5.65
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$88.62
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 5 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	2.24 bp	13.1 bp −$13	25.6 bp −$256	doesn't fit	doesn't fit

GMX: 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
Polymarket Perps UNI-USD	−0.0164%	1h	8.9265	−0.017%	$107K	$618K	10x	as long as short
Kraken Futures PF_UNIUSD	−0.0017%	1h	8.9220	−0.068%	$4.7M	$8.7M	50x	as long as short
01 Exchange UNIUSD	−0.0008%	1h	8.9284	+0.004%	$446	$5	10x	as long as short
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.9238	−0.048%	$588K	$250K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	8.9289	+0.010%	$49K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−1.098%	$660	$153K	12x	as long as short
Nado UNI-PERP	+0.0083%	1h	8.9295	+0.016%	$739K	$4.7M	10x	as long as short
Lighter UNI	+0.0096%	1h	8.9297	+0.018%	$4.5M	$5.7M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9303	+0.026%	$25K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.9185	−0.107%	$734K	$3.6M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica UNI	+0.0100%	1h	8.9330	+0.055%	$286K	$590K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.9108	−0.194%	$215.0M	$658.6M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9140	−0.157%	$99.0M	$111.9M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.9120	−0.180%	$54.1M	$265.9M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9380	+0.111%	$319K	$698K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9140	−0.157%	$25.0M	$66.6M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9200	−0.090%	$49.1M	$26.6M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9160	−0.135%	$13.1M	$13.4M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9160	−0.135%	$32.6M	$45.4M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.9130	−0.169%	—	$57.4M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.9240	−0.045%	$1.0M	$2.5M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.9219	−0.069%	$4.1M	$4.3M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.9187	−0.104%	$169K	$347K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9259	−0.024%	$630K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9420	+0.156%	$90K	$709K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9290	+0.011%	$15K	$3.5M	20x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9220	−0.068%	$16K	$1.9M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9289	+0.009%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9160	−0.135%	$32K	$886K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9416	+0.152%	$699K	$4.8M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	8.9230	−0.057%	$26.9M	$4.5M	50x
Extended UNI-USD	+0.0104%	1h	8.9104	−0.198%	$294K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9202	−0.088%	$32K	—	3x	as long as short
dYdX UNI-USD	+0.0178%	1h	8.9240	−0.045%	$235K	$31K	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0192%	1h	8.9270	−0.012%	$930K	$5.5M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9240	−0.045%	$10.0M	$3.6M	75x	as long as short
Hyperliquid UNI	+0.0228%	1h	8.9295	+0.016%	$94.9M	$67.7M	10x	as long as short
Reya UNIRUSDPERP	+0.0379%	1h	8.9148	−0.149%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]long	L +0.0381% / S −0.0243%	1h	8.9281	long leg	$635K	—	120x
Aftermath Perps UNIUSD	+0.0484%	1h	8.9285	+0.004%	$944	$53K	10x	as long as short