Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.153%

Price spread now: Injective against Phemex−0.720%65s7-day average +0.001% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.431%−$43 on $10k

Price spread, last 4 days (all we have)+0.180%+$18 · spread now −0.720%, 7d avg +0.001%

Together, before fees−0.251%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.721% cheaper against Phemex than usual: you would sell low and buy high (−$72 if the spread goes back to its 7-day average of +0.001%). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	8.8940	0.0100	pay 0.0100% / 8h	7h 31m	$26.9M	$4.4M	50x
Short	Injective UNI/USDC PERP	8.8300	0.0033	get 0.0004% / 1h	31m 44s	$660	$153K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −0.720%Rate

Funding earned: −$14
Price spread: −0.720% → +0.001%: −$72.11
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$98.13
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Injective: no order-book sample. Net counts fees only.

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	1.68 bp	10.6 bp −$11	18.1 bp −$181	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_UNIUSD	−0.0062%	1h	8.8956	+0.018%	$4.7M	$8.5M	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0005%	1h	8.8928	−0.014%	$76K	—	150x	as long as short
Injective UNI/USDC PERPshort	+0.0033%	1h	8.8300	−0.720%	$660	$153K	12x
Deribit UNI_USDC-PERPETUAL	+0.0088%	1h	8.8975	+0.039%	$589K	$273K	50x	as long as short
Nado UNI-PERP	+0.0092%	1h	8.8855	−0.096%	$731K	$4.5M	10x	as long as short
Lighter UNI	+0.0096%	1h	8.9006	+0.074%	$4.5M	$5.4M	15x	as long as short
01 Exchange UNIUSD	+0.0096%	1h	8.8900	−0.045%	$444	$5	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8885	−0.062%	$25K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8960	+0.023%	$727K	$3.2M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8911	−0.033%	$288K	$565K	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	8.8901	−0.044%	$216.4M	$645.6M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.8860	−0.090%	$98.5M	$109.8M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8860	−0.090%	$54.4M	$260.1M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8950	+0.011%	$322K	$701K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8890	−0.056%	$26.7M	$62.7M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8880	−0.067%	$47.7M	$25.4M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8930	−0.011%	$13.0M	$13.2M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8870	−0.079%	$33.1M	$45.8M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.8870	−0.079%	—	$58.0M	—	as long as short
Variational Omni UNI	+0.0100%	8h	8.9080	+0.158%	$4.1M	$4.0M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.9141	+0.226%	$168K	$347K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9234	+0.331%	$623K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9170	+0.259%	$90K	$709K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9010	+0.079%	$14K	$3.5M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8941	+0.001%	$104K	$615K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8910	−0.034%	$17K	$2.4M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8918	−0.025%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8905	−0.039%	$32K	$890K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9121	+0.204%	$706K	$4.7M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	8.8940	long leg	$26.9M	$4.4M	50x
Extended UNI-USD	+0.0104%	1h	8.8837	−0.116%	$300K	$1.8M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8929	−0.012%	$32K	—	3x	as long as short
Hyperliquid UNI	+0.0169%	1h	8.9012	+0.081%	$95.2M	$67.7M	10x	as long as short
Backpack UNI_USDC_PERP	+0.0182%	1h	8.8975	+0.039%	$1.1M	$2.5M	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0208%	1h	8.9100	+0.180%	$927K	$5.4M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8990	+0.056%	$10.2M	$3.6M	75x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.8933	−0.008%	$633K	—	120x	as long as short
Reya UNIRUSDPERP	+0.0383%	1h	8.8842	−0.110%	$16K	—	20x	as long as short
Aftermath Perps UNIUSD	+0.0422%	1h	8.9138	+0.222%	$1K	$52K	10x	as long as short
dYdX UNI-USD	+0.0549%	1h	8.8923	−0.019%	$234K	$31K	10x	as long as short