Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Orderly against Phemex+0.032%7-day average −0.030% · you sell dearer than you buy

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now +0.032%, 7d avg −0.030%

Together, before fees+0.008%+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.063% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	9.2490	0.0100	pay 0.0100% / 8h	7h 28m	$27.9M	$4.5M	50x
Short	Orderly PERP_UNI_USDC	9.2520	0.0100	get 0.0100% / 8h	7h 28m	$16K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.032%Rate

Funding earned: $0
Price spread: +0.032% → −0.030%: $6.27
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.73
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Orderly: 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, 5 min ago	9.88 bp	20.1 bp −$20	30.6 bp −$306	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	9.2424	−0.072%	$50K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−4.530%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0072%	1h	9.2321	−0.183%	$461	—	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.2292	−0.214%	$989K	$4.3M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.2478	−0.013%	$1.1M	$2.9M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.2343	−0.159%	$308K	$586K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.2525	+0.038%	$232.3M	$596.2M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.2460	−0.032%	$104.3M	$107.1M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.2390	−0.108%	$56.6M	$258.6M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.2350	−0.151%	$275K	$616K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate UNI_USDT	+0.0100%	8h	9.2350	−0.151%	$23.3M	$59.1M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.2360	−0.141%	$45.3M	$23.9M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.2330	−0.173%	$13.9M	$13.5M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.2420	−0.076%	$33.9M	$42.3M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	9.2520	+0.032%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.2387	−0.111%	$1.1M	$2.4M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	9.2011	−0.518%	$4.2M	$4.4M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.1962	−0.570%	$173K	$345K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.2169	−0.347%	$649K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.1340	−1.243%	$89K	$708K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.2310	−0.195%	$37K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.2377	−0.122%	$81K	$383K	10x	as long as short
Orderly PERP_UNI_USDCshort	+0.0100%	8h	9.2520	+0.032%	$16K	$1.7M	10x
SunX UNI-USDT	+0.0100%	8h	9.2530	+0.043%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.2503	+0.014%	$22K	$714K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.2512	+0.024%	$734K	$4.4M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	9.2490	long leg	$27.9M	$4.5M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	9.2179	−0.336%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.2333	−0.170%	$308K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.2513	+0.025%	$33K	—	3x	as long as short
dYdX UNI-USD	+0.0120%	1h	9.2197	−0.317%	$254K	$8K	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.2440	−0.054%	$10.4M	$3.6M	75x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0238%	1h	9.2552	+0.067%	$596K	$178K	50x	as long as short
Coinbase International UNI-PERP-INTX	+0.0272%	1h	9.2570	+0.086%	$1.1M	$4.9M	50x	as long as short
Reya UNIRUSDPERP	+0.0366%	1h	9.2335	−0.167%	$17K	—	20x	as long as short
Kraken Futures PF_UNIUSD	+0.0379%	1h	9.2536	+0.050%	$5.2M	$7.0M	50x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0382% / S −0.0323%	1h	9.2434	−0.061%	$585K	—	120x	as long as short
Hyperliquid UNI	+0.0526%	1h	9.2507	+0.018%	$102.0M	$60.4M	10x	as long as short
Aftermath Perps UNIUSD	+0.0934%	1h	9.1870	−0.670%	$953	$49K	10x	as long as short
Lighter UNI	+0.0960%	1h	9.2624	+0.145%	$4.7M	$5.3M	15x	as long as short