Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0195%/8h= +21.4% APRpaid last 24h 0.000%

Price spread now: Deribit against Phemex+0.067%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

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

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

Long on Phemex Short on Deribit

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)−0.018%−$2 · spread now +0.067%, 7d avg +0.025%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Deribit is 0.043% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.025%. Mind the row above: over the last 7 days funding on this pair cost −0.056%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.056% in total (about -2.9% 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	Phemex UNIUSDT	8.8790	0.0100	pay 0.0100% / 8h	2h 29m	$26.8M	$4.5M	50x
Short	Deribit UNI_USDC-PERPETUAL	8.8850	0.0295	get 0.0037% / 1h	29m 43s	$569K	$204K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.067%Rate

Funding earned: $40.95
Price spread: +0.067% → +0.025%: $4.25
Slippage, 4 orders: −$46.87
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$20.67
Costs to cover: 0.659%
Break-even: 10.5 days

Slippage from Phemex: live order book, 4 min ago; Deribit: live order book, 19 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, 4 min ago	5.65 bp	17.1 bp −$17	26.1 bp −$261	doesn't fit	doesn't fit
Sell Deribit live order book, 19 min ago	6.95 bp	11.8 bp −$12	20.5 bp −$205	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	−0.0112%	1h	8.8995	+0.231%	$822K	$4.7M	10x	as long as short
01 Exchange UNIUSD	−0.0048%	1h	8.8464	−0.367%	$441	$5	10x	as long as short
Kraken Futures PF_UNIUSD	−0.0017%	1h	8.8817	+0.030%	$4.7M	$8.6M	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0008%	1h	8.8799	+0.010%	$53K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.552%	$660	$153K	12x	as long as short
Polymarket Perps UNI-USD	+0.0086%	1h	8.8539	−0.283%	$96K	$515K	10x	as long as short
Lighter UNI	+0.0096%	1h	8.8772	−0.020%	$4.5M	$5.6M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8689	−0.114%	$25K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8746	−0.049%	$750K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8750	−0.045%	$284K	$616K	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	8.8690	−0.113%	$216.8M	$662.4M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.8650	−0.158%	$99.2M	$112.7M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8690	−0.113%	$54.1M	$264.4M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8500	−0.327%	$316K	$700K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8800	+0.011%	$24.0M	$65.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8690	−0.113%	$49.5M	$26.9M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8750	−0.045%	$12.9M	$13.5M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8780	−0.011%	$32.6M	$46.6M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8830	+0.045%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8868	+0.088%	$1.0M	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.8571	−0.246%	$4.1M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8670	−0.135%	$168K	$346K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8791	+0.001%	$619K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8700	−0.101%	$91K	$706K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8640	−0.169%	$15K	$3.4M	20x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8790	0.000%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8477	−0.353%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8785	−0.006%	$32K	$858K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8960	+0.191%	$714K	$5.0M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	8.8790	long leg	$26.8M	$4.5M	50x
Extended UNI-USD	+0.0104%	1h	8.8771	−0.021%	$299K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8785	−0.006%	$32K	—	3x	as long as short
Hyperliquid UNI	+0.0127%	1h	8.8936	+0.164%	$94.6M	$66.5M	10x	as long as short
dYdX UNI-USD	+0.0174%	1h	8.8629	−0.181%	$233K	$31K	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0184%	1h	8.8820	+0.034%	$926K	$5.8M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8640	−0.169%	$10.0M	$3.6M	75x	as long as short
Deribit UNI_USDC-PERPETUALshort	+0.0295%	1h	8.8850	+0.067%	$569K	$204K	50x
Reya UNIRUSDPERP	+0.0376%	1h	8.8908	+0.133%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.8859	+0.078%	$633K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0631%	1h	8.8779	−0.013%	$915	$45K	10x	as long as short