Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h +0.037%

Price spread now: Coinbase International against Phemex+0.056%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$670.673% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 4 days (all we have)−0.114%−$11 · spread now +0.056%, 7d avg 0.000%

Together, before fees−0.223%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Coinbase International is 0.057% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of 0.000%. Mind the row above: over the last 7 days funding on this pair cost −0.109%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	8.8700	0.0100	pay 0.0100% / 8h	2h 28m	$26.8M	$4.5M	50x
Short	Coinbase International UNI-PERP-INTX	8.8750	0.0184	get 0.0023% / 1h	28m 51s	$926K	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.056%Rate

Funding earned: $17.64
Price spread: +0.056% → 0.000%: $5.66
Slippage, 4 orders: −$45.33
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$44.03
Costs to cover: 0.673%
Break-even: 24.5 days

Slippage from Phemex: live order book, 5 min ago; Coinbase International: 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 Phemex live order book, 5 min ago	5.65 bp	17.1 bp −$17	26.1 bp −$261	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	5.64 bp	11.7 bp −$12	15.2 bp −$152	53.3 bp −$5,333	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	−0.0111%	1h	8.8850	+0.169%	$822K	$4.7M	10x	as long as short
01 Exchange UNIUSD	−0.0048%	1h	8.9008	+0.347%	$444	$5	10x	as long as short
Kraken Futures PF_UNIUSD	−0.0017%	1h	8.8711	+0.012%	$4.7M	$8.6M	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	8.8799	+0.111%	$49K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.451%	$660	$153K	12x	as long as short
Lighter UNI	+0.0096%	1h	8.8770	+0.079%	$4.5M	$5.6M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8689	−0.013%	$25K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8651	−0.055%	$750K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8750	+0.056%	$284K	$616K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8640	−0.068%	$216.7M	$662.9M	75x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit UNIUSDT	+0.0100%	8h	8.8580	−0.135%	$99.1M	$112.8M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8590	−0.124%	$54.1M	$264.3M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9100	+0.451%	$318K	$700K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8560	−0.158%	$24.0M	$65.6M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8600	−0.113%	$49.4M	$26.9M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8570	−0.147%	$12.9M	$13.6M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8570	−0.147%	$32.5M	$46.7M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8590	−0.124%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8720	+0.023%	$1.0M	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.8571	−0.145%	$4.1M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8670	−0.033%	$168K	$346K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8540	−0.180%	$617K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8700	0.000%	$91K	$706K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8600	−0.113%	$15K	$3.4M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8819	+0.134%	$103K	$524K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8780	+0.090%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8746	+0.052%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8690	−0.011%	$32K	$874K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9033	+0.375%	$714K	$5.0M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	8.8700	long leg	$26.8M	$4.5M	50x
Extended UNI-USD	+0.0104%	1h	8.8530	−0.191%	$300K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8768	+0.077%	$31K	—	3x	as long as short
Hyperliquid UNI	+0.0127%	1h	8.8725	+0.028%	$94.4M	$66.5M	10x	as long as short
dYdX UNI-USD	+0.0174%	1h	8.8629	−0.080%	$233K	$31K	10x	as long as short
Coinbase International UNI-PERP-INTXshort	+0.0184%	1h	8.8750	+0.056%	$926K	$5.8M	50x
Deribit UNI_USDC-PERPETUAL	+0.0217%	1h	8.8821	+0.137%	$568K	$204K	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8660	−0.045%	$10.0M	$3.6M	75x	as long as short
Reya UNIRUSDPERP	+0.0376%	1h	8.8833	+0.150%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.8814	+0.129%	$632K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0648%	1h	8.8823	+0.139%	$915	$45K	10x	as long as short