Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0171%/8h= +18.8% APRpaid last 24h +0.039%

Price spread now: Kraken Futures against Phemex+0.079%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$730.727% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.200%+$20 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now +0.079%, 7d avg +0.031%

Together, before fees+0.168%+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Kraken Futures is 0.048% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	9.0060	0.0100	pay 0.0100% / 8h	4h 39m	$27.2M	$4.5M	50x
Short	Kraken Futures PF_UNIUSD	9.0131	0.0271	get 0.0034% / 1h	39m 08s	$5.0M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.079%Rate

Funding earned: $35.98
Price spread: +0.079% → +0.031%: $4.83
Slippage, 4 orders: −$50.75
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$31.94
Costs to cover: 0.727%
Break-even: 13.2 days

Slippage from Phemex: live order book, 5 min ago; Kraken Futures: 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	9.85 bp	26.9 bp −$27	97.4 bp −$974	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	2.19 bp	12.0 bp −$12	15.4 bp −$154	39.6 bp −$3,959	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
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	9.0109	+0.054%	$577K	$193K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	9.0070	+0.012%	$37K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−1.954%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0072%	1h	9.0035	−0.028%	$449	$5	10x	as long as short
dYdX UNI-USD	+0.0093%	1h	8.9964	−0.107%	$237K	$30K	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.9980	−0.089%	$909K	$4.4M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0118	+0.064%	$1.0M	$3.0M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0086	+0.029%	$292K	$593K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.0190	+0.144%	$222.5M	$633.1M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.0180	+0.133%	$101.2M	$110.8M	75x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX UNI-USDT-SWAP	+0.0100%	8h	9.0170	+0.122%	$54.8M	$258.3M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.0100	+0.044%	$285K	$629K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0120	+0.067%	$23.4M	$63.1M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0100	+0.044%	$47.8M	$25.3M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0100	+0.044%	$13.5M	$13.1M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0170	+0.122%	$33.4M	$44.5M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	9.0120	+0.067%	—	$56.6M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.0140	+0.089%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.0778	+0.797%	$4.3M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.1200	+1.266%	$172K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.1036	+1.084%	$637K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0880	+0.911%	$89K	$694K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0870	+0.899%	$27K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0050	−0.011%	$87K	$422K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0070	+0.011%	$16K	$1.6M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0135	+0.083%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0090	+0.033%	$21K	$789K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0080	+0.022%	$713K	$4.6M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	9.0060	long leg	$27.2M	$4.5M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	8.9892	−0.187%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0047	−0.014%	$294K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0090	+0.033%	$32K	—	3x	as long as short
Lighter UNI	+0.0200%	1h	9.0212	+0.169%	$4.6M	$5.8M	15x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0070	+0.011%	$10.2M	$3.5M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0248%	1h	9.0120	+0.067%	$1.0M	$5.5M	50x	as long as short
Kraken Futures PF_UNIUSDshort	+0.0271%	1h	9.0131	+0.079%	$5.0M	$7.9M	50x
Reya UNIRUSDPERP	+0.0372%	1h	8.9982	−0.087%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.0049	−0.013%	$641K	—	120x	as long as short
Hyperliquid UNI	+0.0437%	1h	9.0240	+0.200%	$98.1M	$61.9M	10x	as long as short
Aftermath Perps UNIUSD	+0.1068%	1h	9.0840	+0.866%	$917	$46K	10x	as long as short