Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0261%/8h= −28.6% APRpaid last 24h −0.071%

Price spread now: Phemex against Reya−0.099%46s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phemex is 0.099% cheaper against Reya than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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	Reya UNIRUSDPERP	8.8007	0.0361	pay 0.0045% / 1h	45m 25s	$16K	—	20x
Short	Phemex UNIUSDT	8.7920	0.0100	get 0.0100% / 8h	1h 45m	$26.5M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$54.88
Price spread: −0.099% → 0.000%: −$9.88
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$82.75
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 4 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	7.41 bp	16.4 bp −$16	27.2 bp −$272	doesn't fit	doesn't fit

Reya: 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
Variational Omni UNI	−0.0078%	8h	8.7827	−0.205%	$3.9M	$4.7M	—	as long as short
Bybit UNIUSDT	−0.0034%	8h	8.8050	+0.049%	$100.6M	$105.0M	75x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	8.8072	+0.074%	$79K	—	150x	as long as short
OKX UNI-USDT-SWAP	+0.0033%	8h	8.8020	+0.015%	$54.5M	$243.2M	50x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.7900	−0.121%	$657	$96K	12x	as long as short
01 Exchange UNIUSD	+0.0040%	1h	8.8050	+0.049%	$439	—	10x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0055%	1h	8.8113	+0.120%	$561K	$157K	50x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8019	+0.014%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8012	+0.006%	$856K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8048	+0.046%	$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	8.8037	+0.034%	$296K	$579K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8047	+0.045%	$216.3M	$590.4M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8080	+0.083%	$271K	$606K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8030	+0.026%	$22.9M	$58.3M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8000	−0.008%	$42.4M	$24.4M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8030	+0.026%	$13.5M	$13.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8050	+0.049%	$32.1M	$41.3M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.8030	+0.026%	—	$52.1M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8032	+0.028%	$974K	$2.3M	10x	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.7803	−0.232%	$165K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.7853	−0.175%	$612K	$2.5M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.7890	−0.133%	$87K	$715K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.7910	−0.110%	$105K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8036	+0.033%	$87K	$350K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8050	+0.049%	$15K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8096	+0.101%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.7951	−0.064%	$25K	$668K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8060	+0.060%	$723K	$4.3M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	8.7920	−0.099%	$26.5M	$4.5M	50x
Extended UNI-USD	+0.0104%	1h	8.7946	−0.069%	$299K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8060	+0.060%	$31K	$1K	3x	as long as short
dYdX UNI-USD	+0.0179%	1h	8.8021	+0.016%	$244K	$6K	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.7800	−0.235%	$9.8M	$3.3M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0224%	1h	8.8020	+0.015%	$1.0M	$5.3M	50x	as long as short
Hyperliquid UNI	+0.0325%	1h	8.8153	+0.166%	$96.4M	$59.6M	10x	as long as short
Kraken Futures PF_UNIUSD	+0.0344%	1h	8.8001	−0.006%	$4.9M	$7.3M	50x	as long as short
Reya UNIRUSDPERPlong	+0.0361%	1h	8.8007	long leg	$16K	—	20x
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0319%	1h	8.8062	+0.062%	$551K	—	120x	as long as short
Lighter UNI	+0.0520%	1h	8.8188	+0.206%	$4.5M	$5.2M	15x	as long as short
Aftermath Perps UNIUSD	+0.0623%	1h	8.7942	−0.074%	$1K	$49K	10x	as long as short