Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0322%/8h= +35.3% APRpaid last 24h 0.000%

Price spread now: Phemex against Nado+0.006%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$490.486% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.177%+$18 · spread now +0.006%, 7d avg +0.068%

Together, before fees+0.178%+ Points / potential airdropNado: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.063% cheaper against Nado than usual: you would sell low and buy high (spread +0.006% now, against its 7-day average of +0.068%). If the spread goes back, that is −$6 on $10k: about 16 hours of funding at the current rate (+$10 a day). At the pace of the last 3 days (+0.002% in total) that is about 5 months.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.002% in total (about 0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado UNI-PERP	8.9115	−0.0222	get 0.0028% / 1h	48m 39s	$795K	$4.7M	10x
Short	Phemex UNIUSDT	8.9120	0.0100	get 0.0100% / 8h	2h 48m	$27.0M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.006%Rate

Funding earned: $67.62
Price spread: +0.006% → +0.068%: −$6.28
Slippage, 4 orders: −$29.65
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $12.7
Costs to cover: 0.486%
Break-even: 5.7 days

Slippage from Nado: 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 Nado live order book, 5 min ago	0.06 bp	5.6 bp −$6	13.4 bp −$134	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.13 bp	11.5 bp −$11	21.5 bp −$215	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-PERPlong	−0.0222%	1h	8.9115	long leg	$795K	$4.7M	10x
01 Exchange UNIUSD	−0.0088%	1h	8.9132	+0.019%	$445	$5	10x	as long as short
Kraken Futures PF_UNIUSD	−0.0017%	1h	8.9141	+0.029%	$4.8M	$8.4M	50x	as long as short
dYdX UNI-USD	0.0000%	1h	8.9087	−0.031%	$235K	$31K	10x	as long as short
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.9189	+0.083%	$572K	$208K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	8.9167	+0.058%	$49K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.915%	$660	$153K	12x	as long as short
Lighter UNI	+0.0096%	1h	8.9219	+0.117%	$4.5M	$5.4M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9099	−0.018%	$25K	—	20x	as long as short
Hyperliquid UNI	+0.0100%	1h	8.9244	+0.145%	$95.1M	$66.3M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster UNIUSDT	+0.0100%	8h	8.9164	+0.055%	$758K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9120	+0.006%	$285K	$612K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.9140	+0.028%	$216.7M	$657.8M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9080	−0.039%	$99.6M	$112.6M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.9100	−0.017%	$54.0M	$263.9M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9210	+0.107%	$332K	$684K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9090	−0.028%	$23.6M	$64.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9110	−0.006%	$46.9M	$26.3M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9130	+0.017%	$13.3M	$13.4M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9090	−0.028%	$32.8M	$46.4M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.9100	−0.017%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.9150	+0.039%	$1.0M	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.9009	−0.118%	$4.1M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8705	−0.460%	$168K	$345K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9060	−0.062%	$621K	$2.8M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9030	−0.095%	$91K	$704K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9100	−0.017%	$15K	$3.4M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9124	+0.010%	$98K	$497K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9110	−0.006%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9118	+0.003%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9096	−0.021%	$25K	$849K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9320	+0.230%	$712K	$5.0M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	8.9120	+0.006%	$27.0M	$4.3M	50x
Extended UNI-USD	+0.0104%	1h	8.9061	−0.061%	$295K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9128	+0.015%	$32K	—	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0184%	1h	8.9150	+0.039%	$932K	$5.8M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9090	−0.028%	$10.0M	$3.6M	75x	as long as short
Reya UNIRUSDPERP	+0.0376%	1h	8.9097	−0.020%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.9163	+0.054%	$634K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0662%	1h	8.8897	−0.245%	$956	$45K	10x	as long as short