Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0171%/8h= −18.8% APRpaid last 24h −0.039%

Price spread now: Phemex against Kraken Futures−0.079%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$730.727% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.200%−$20 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.079%, 7d avg −0.031%

Together, before fees−0.168%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.048% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.031%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_UNIUSD	9.0131	0.0271	pay 0.0034% / 1h	38m 54s	$5.0M	$7.9M	50x
Short	Phemex UNIUSDT	9.0060	0.0100	get 0.0100% / 8h	4h 38m	$27.2M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$35.98
Price spread: −0.079% → −0.031%: −$4.82
Slippage, 4 orders: −$50.75
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$113.55
Costs to cover: 0.727%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Phemex: live order book, 5 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 Kraken Futures live order book, 5 min ago	2.19 bp	17.4 bp −$17	23.0 bp −$230	53.2 bp −$5,317	doesn't fit
Sell Phemex live order book, 5 min ago	9.85 bp	16.4 bp −$16	32.0 bp −$320	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
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	9.0109	−0.025%	$577K	$193K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	9.0070	−0.067%	$37K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−2.032%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0072%	1h	9.0035	−0.107%	$449	$5	10x	as long as short
dYdX UNI-USD	+0.0093%	1h	8.9964	−0.186%	$237K	$30K	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.9980	−0.168%	$909K	$4.4M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0135	+0.005%	$1.0M	$3.4M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0086	−0.050%	$292K	$593K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.9980	−0.168%	$222.0M	$633.7M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9940	−0.212%	$100.9M	$110.9M	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	8.9920	−0.234%	$54.7M	$257.7M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.0100	−0.035%	$285K	$629K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0110	−0.023%	$23.4M	$63.1M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9940	−0.212%	$47.6M	$25.4M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0210	+0.087%	$13.5M	$13.1M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9950	−0.201%	$33.3M	$44.6M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.9930	−0.223%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.0140	+0.010%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.0778	+0.718%	$4.3M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.1200	+1.186%	$172K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.1036	+1.004%	$637K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0880	+0.831%	$89K	$694K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0870	+0.820%	$27K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0050	−0.090%	$87K	$422K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0070	−0.068%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0135	+0.004%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0090	−0.046%	$21K	$789K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0080	−0.057%	$713K	$4.6M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	9.0060	−0.079%	$27.2M	$4.5M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	8.9892	−0.266%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0130	−0.001%	$294K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0090	−0.046%	$32K	—	3x	as long as short
Lighter UNI	+0.0200%	1h	9.0212	+0.090%	$4.6M	$5.8M	15x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0070	−0.068%	$10.2M	$3.5M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0248%	1h	9.0120	−0.012%	$1.0M	$5.5M	50x	as long as short
Kraken Futures PF_UNIUSDlong	+0.0271%	1h	9.0131	long leg	$5.0M	$7.9M	50x
Reya UNIRUSDPERP	+0.0372%	1h	8.9982	−0.166%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.0049	−0.092%	$641K	—	120x	as long as short
Hyperliquid UNI	+0.0437%	1h	9.0240	+0.121%	$98.1M	$61.9M	10x	as long as short
Aftermath Perps UNIUSD	+0.1068%	1h	9.0840	+0.786%	$917	$46K	10x	as long as short