Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0198%/8h= +21.7% APRpaid last 24h +0.039%

Price spread now: Hyperliquid against Phemex+0.170%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$510.514% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.197%+$20 on $10k

Price spread, last 3 days (all we have)−0.224%−$22 · spread now +0.170%, 7d avg +0.071%

Together, before fees−0.027%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 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 Hyperliquid is 0.099% dearer against Phemex than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	8.8260	0.0100	pay 0.0100% / 8h	1h 31m	$26.5M	$4.5M	50x
Short	Hyperliquid UNI	8.8410	0.0298	get 0.0037% / 1h	31m 48s	$96.7M	$59.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.170%Rate

Funding earned: $41.52
Price spread: +0.170% → +0.071%: $9.89
Slippage, 4 orders: −$30.4
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $0.01
Costs to cover: 0.514%
Break-even: 7.0 days

Slippage from Phemex: live order book, 2 min ago; Hyperliquid: live order book, 12 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, 2 min ago	6.22 bp	16.4 bp −$16	26.9 bp −$269	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.40 bp	7.5 bp −$8	doesn't fit	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
Variational Omni UNI	−0.0076%	8h	8.8115	−0.164%	$3.9M	$4.5M	—	as long as short
Bybit UNIUSDT	−0.0016%	8h	8.8290	+0.034%	$100.7M	$104.3M	75x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	8.8276	+0.018%	$61K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	+0.045%	$660	$155K	12x	as long as short
OKX UNI-USDT-SWAP	+0.0040%	8h	8.8290	+0.034%	$54.6M	$243.5M	50x	as long as short
01 Exchange UNIUSD	+0.0048%	1h	8.8328	+0.077%	$441	—	10x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0072%	1h	8.8310	+0.056%	$561K	$157K	50x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8261	+0.001%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8250	−0.011%	$934K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8349	+0.101%	$1.0M	$3.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica UNI	+0.0100%	1h	8.8297	+0.042%	$296K	$570K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8310	+0.057%	$216.7M	$587.9M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8360	+0.113%	$281K	$615K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8280	+0.023%	$22.9M	$58.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8290	+0.034%	$42.7M	$24.5M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8270	+0.011%	$13.5M	$13.8M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8290	+0.034%	$32.0M	$41.3M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8290	+0.034%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8287	+0.031%	$980K	$2.3M	10x	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8185	−0.085%	$166K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8300	+0.045%	$612K	$2.5M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8280	+0.023%	$87K	$714K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8350	+0.102%	$105K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8230	−0.034%	$86K	$351K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8240	−0.023%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8277	+0.019%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8251	−0.010%	$25K	$666K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8357	+0.110%	$726K	$4.3M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	8.8260	long leg	$26.5M	$4.5M	50x
Extended UNI-USD	+0.0104%	1h	8.8250	−0.011%	$300K	$1.4M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8522	+0.297%	$31K	$1K	3x	as long as short
dYdX UNI-USD	+0.0110%	1h	8.8289	+0.032%	$244K	$6K	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8330	+0.079%	$9.8M	$3.3M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0224%	1h	8.8290	+0.034%	$1.0M	$5.3M	50x	as long as short
Hyperliquid UNIshort	+0.0298%	1h	8.8410	+0.170%	$96.7M	$59.1M	10x
Kraken Futures PF_UNIUSD	+0.0343%	1h	8.8340	+0.091%	$4.9M	$7.0M	50x	as long as short
Reya UNIRUSDPERP	+0.0362%	1h	8.8204	−0.063%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0319%	1h	8.8271	+0.013%	$553K	—	120x	as long as short
Lighter UNI	+0.0608%	1h	8.8434	+0.197%	$4.5M	$5.2M	15x	as long as short
Aftermath Perps UNIUSD	+0.0632%	1h	8.8317	+0.064%	$1K	$49K	10x	as long as short