Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.030%

Price spread now: dYdX against Phemex+0.038%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$970.972% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 4 days (all we have)−0.196%−$20 · spread now +0.038%, 7d avg −0.015%

Together, before fees+0.063%+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.053% dearer against Phemex than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.015%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 43 hours. Mind the row above: over the last 7 days funding on this pair paid +0.259%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	8.9120	0.0100	pay 0.0100% / 8h	2h 48m	$27.0M	$4.3M	50x
Short	dYdX UNI-USD	8.9154	0	get 0.0000% / 1h	48m 45s	$235K	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.038%Rate

Funding earned: −$21
Price spread: +0.038% → −0.015%: $5.35
Slippage, 4 orders: −$75.17
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$112.82
Costs to cover: 0.972%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; dYdX: live order book, 65 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	1.13 bp	26.1 bp −$26	38.7 bp −$387	doesn't fit	doesn't fit
Sell dYdX live order book, 65 min ago	21.54 bp	33.0 bp −$33	132.1 bp −$1,321	211.1 bp −$21.1K	341.6 bp −$170.8K

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	−0.0222%	1h	8.9115	−0.006%	$795K	$4.7M	10x	as long as short
01 Exchange UNIUSD	−0.0088%	1h	8.9162	+0.047%	$445	$5	10x	as long as short
Kraken Futures PF_UNIUSD	−0.0017%	1h	8.9141	+0.023%	$4.8M	$8.4M	50x	as long as short
dYdX UNI-USDshort	0.0000%	1h	8.9154	+0.038%	$235K	$31K	10x
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.9189	+0.077%	$572K	$208K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	8.9167	+0.053%	$49K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.920%	$660	$153K	12x	as long as short
Lighter UNI	+0.0096%	1h	8.9219	+0.111%	$4.5M	$5.4M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9147	+0.030%	$25K	—	20x	as long as short
Hyperliquid UNI	+0.0100%	1h	8.9244	+0.139%	$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	8.9151	+0.035%	$761K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9150	+0.034%	$285K	$612K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.9120	0.000%	$216.7M	$657.9M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9090	−0.034%	$99.6M	$112.6M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.9070	−0.056%	$53.9M	$264.1M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9220	+0.112%	$332K	$684K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9090	−0.034%	$23.6M	$64.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9060	−0.067%	$46.9M	$26.3M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9090	−0.034%	$13.2M	$13.4M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9090	−0.034%	$32.8M	$46.5M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.9090	−0.034%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.9150	+0.034%	$1.0M	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.9009	−0.124%	$4.1M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8705	−0.466%	$168K	$345K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9060	−0.067%	$621K	$2.8M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9030	−0.101%	$91K	$704K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9100	−0.022%	$15K	$3.4M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9124	+0.004%	$98K	$497K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9110	−0.011%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9118	−0.002%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9096	−0.027%	$25K	$849K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9320	+0.224%	$712K	$5.0M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	8.9120	long leg	$27.0M	$4.3M	50x
Extended UNI-USD	+0.0104%	1h	8.9001	−0.134%	$295K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9128	+0.009%	$32K	—	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0184%	1h	8.9150	+0.034%	$932K	$5.8M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9090	−0.034%	$10.0M	$3.6M	75x	as long as short
Reya UNIRUSDPERP	+0.0376%	1h	8.9097	−0.025%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.9163	+0.049%	$634K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0662%	1h	8.8897	−0.250%	$956	$45K	10x	as long as short