Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Phemex against MEXC+0.166%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$490.493% of the position

Long on MEXC Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now +0.166%, 7d avg +0.020%

Together, before fees+0.126%+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.146% dearer against MEXC than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC UNI_USDT	9.0280	0.0100	pay 0.0100% / 8h	3h 47m	$47.4M	$25.5M	200x
Short	Phemex UNIUSDT	9.0430	0.0100	get 0.0100% / 8h	3h 47m	$27.4M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against MEXC. 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 MEXCbpFee PhemexbpOrdersPrice spread, now +0.166%Rate

Funding earned: $0
Price spread: +0.166% → +0.020%: $14.57
Slippage, 4 orders: −$33.29
Fee MEXC: 2 bp × 2 orders: −$4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$34.72
Costs to cover: 0.493%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Phemex: live order book, 6 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 MEXC live order book, 1 min ago	0.55 bp	6.5 bp −$7	9.0 bp −$90	25.0 bp −$2,502	158.7 bp −$79.4K
Sell Phemex live order book, 6 min ago	4.42 bp	17.2 bp −$17	26.3 bp −$263	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	9.0407	+0.141%	$37K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−2.193%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0072%	1h	9.0325	+0.050%	$451	$5	10x	as long as short
Lighter UNI	+0.0096%	1h	9.0481	+0.223%	$4.6M	$5.8M	15x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.0397	+0.130%	$973K	$4.4M	10x	as long as short
Hyperliquid UNI	+0.0100%	1h	9.0461	+0.200%	$97.8M	$62.2M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0398	+0.131%	$813K	$3.5M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0333	+0.059%	$293K	$605K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.0312	+0.035%	$222.0M	$641.1M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.0240	−0.044%	$101.5M	$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	9.0240	−0.044%	$55.0M	$261.1M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.0360	+0.089%	$315K	$653K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0250	−0.033%	$23.7M	$63.4M	75x	as long as short
MEXC UNI_USDTlong	+0.0100%	8h	9.0280	long leg	$47.4M	$25.5M	200x
KuCoin UNIUSDTM	+0.0100%	8h	9.0310	+0.033%	$13.5M	$13.2M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0230	−0.055%	$33.2M	$45.2M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	9.0260	−0.022%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.0459	+0.198%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.0039	−0.267%	$4.2M	$4.1M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.0450	+0.188%	$171K	$345K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.0380	+0.111%	$640K	$2.8M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0480	+0.222%	$95K	$701K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0260	−0.022%	$15K	$3.4M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0498	+0.241%	$86K	$431K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0380	+0.111%	$16K	$1.5M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0604	+0.359%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0400	+0.133%	$22K	$801K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0533	+0.280%	$726K	$4.8M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	9.0430	+0.166%	$27.4M	$4.4M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	9.0218	−0.069%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0210	−0.077%	$291K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0398	+0.131%	$32K	—	3x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0204%	1h	9.0447	+0.185%	$579K	$207K	50x	as long as short
Coinbase International UNI-PERP-INTX	+0.0216%	1h	9.0460	+0.199%	$946K	$5.8M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0280	0.000%	$10.2M	$3.6M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0269%	1h	9.0449	+0.187%	$5.0M	$8.0M	50x	as long as short
Reya UNIRUSDPERP	+0.0374%	1h	9.0432	+0.169%	$17K	—	20x	as long as short
dYdX UNI-USD	+0.0379%	1h	9.0312	+0.035%	$238K	$30K	10x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.0387	+0.118%	$644K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0878%	1h	9.0472	+0.212%	$1K	$45K	10x	as long as short