Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h 0.000%

Price spread now: Phemex against Deribit−0.071%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$660.659% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.071%, 7d avg −0.025%

Together, before fees+0.078%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.046% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.025%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.056%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit UNI_USDC-PERPETUAL	8.8693	0.0150	pay 0.0019% / 1h	30m 36s	$568K	$203K	50x
Short	Phemex UNIUSDT	8.8630	0.0100	get 0.0100% / 8h	2h 30m	$26.8M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$10.5
Price spread: −0.071% → −0.025%: −$4.63
Slippage, 4 orders: −$46.87
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$81
Costs to cover: 0.659%
Break-even: never at this rate

Slippage from Deribit: live order book, 18 min ago; Phemex: live order book, 3 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 Deribit live order book, 18 min ago	6.95 bp	14.7 bp −$15	21.4 bp −$214	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	5.65 bp	22.3 bp −$22	31.7 bp −$317	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
Nado UNI-PERP	−0.0119%	1h	8.8550	−0.161%	$821K	$4.7M	10x	as long as short
01 Exchange UNIUSD	−0.0048%	1h	8.8464	−0.258%	$441	$5	10x	as long as short
Kraken Futures PF_UNIUSD	−0.0017%	1h	8.8680	−0.015%	$4.8M	$8.5M	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	8.8630	−0.072%	$48K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.443%	$660	$153K	12x	as long as short
Polymarket Perps UNI-USD	+0.0085%	1h	8.8602	−0.103%	$96K	$515K	10x	as long as short
Lighter UNI	+0.0096%	1h	8.8572	−0.137%	$4.5M	$5.5M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8443	−0.282%	$25K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8510	−0.207%	$748K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8487	−0.232%	$283K	$612K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance UNIUSDT	+0.0100%	8h	8.8460	−0.263%	$214.9M	$659.2M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.8410	−0.319%	$98.8M	$112.3M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8400	−0.331%	$53.8M	$263.0M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8500	−0.218%	$316K	$700K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8410	−0.319%	$23.9M	$65.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8450	−0.274%	$46.3M	$26.4M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8460	−0.263%	$13.0M	$13.5M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8380	−0.353%	$32.5M	$46.4M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8410	−0.319%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8697	+0.004%	$1.0M	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.8571	−0.137%	$4.1M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8670	−0.026%	$168K	$346K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8791	+0.110%	$619K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8700	+0.008%	$91K	$706K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8710	+0.019%	$15K	$3.4M	20x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8630	−0.071%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8685	−0.009%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8631	−0.070%	$32K	$857K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8697	+0.004%	$708K	$5.0M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	8.8630	−0.071%	$26.8M	$4.3M	50x
Extended UNI-USD	+0.0104%	1h	8.8376	−0.357%	$286K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8574	−0.135%	$31K	—	3x	as long as short
Hyperliquid UNI	+0.0133%	1h	8.8606	−0.098%	$94.3M	$66.4M	10x	as long as short
Deribit UNI_USDC-PERPETUALlong	+0.0150%	1h	8.8693	long leg	$568K	$203K	50x
dYdX UNI-USD	+0.0175%	1h	8.8485	−0.235%	$233K	$31K	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0184%	1h	8.8630	−0.071%	$926K	$5.8M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8640	−0.060%	$10.0M	$3.6M	75x	as long as short
Reya UNIRUSDPERP	+0.0376%	1h	8.8578	−0.130%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.8616	−0.087%	$631K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0634%	1h	8.8773	+0.090%	$915	$45K	10x	as long as short