Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Phemex against SunX−0.064%56s7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$620.620% of the position

Long on SunX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 3 days (all we have)−0.087%−$9 · spread now −0.064%, 7d avg −0.035%

Together, before fees−0.134%−$13 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: Phemex is 0.029% cheaper against SunX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.035%. The two prices were read 56 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	SunX UNI-USDT	8.7966	0.0100	pay 0.0100% / 8h	2h 05m	$36K	$1.3M	30x
Short	Phemex UNIUSDT	8.7910	0.0100	get 0.0100% / 8h	2h 05m	$26.4M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SunX. 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 SunXbpFee PhemexbpOrdersPrice spread, now −0.064%Rate

Funding earned: $0
Price spread: −0.064% → −0.035%: −$2.9
Slippage, 4 orders: −$41.97
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$64.87
Costs to cover: 0.620%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; Phemex: live order book, 4 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 SunX live order book, 9 min ago	11.59 bp	16.8 bp −$17	35.4 bp −$354	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.84 bp	13.9 bp −$14	31.0 bp −$310	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	−0.0110%	8h	8.7751	−0.244%	$3.9M	$4.7M	—	as long as short
Bybit UNIUSDT	−0.0064%	8h	8.7960	−0.007%	$100.3M	$106.2M	75x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	8.7990	+0.028%	$79K	—	150x	as long as short
OKX UNI-USDT-SWAP	+0.0032%	8h	8.7920	−0.052%	$54.4M	$245.8M	50x	as long as short
01 Exchange UNIUSD	+0.0040%	1h	8.7988	+0.025%	$439	—	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.7845	−0.138%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.7825	−0.160%	$850K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.7948	−0.021%	$1.0M	$3.4M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.7890	−0.086%	$298K	$565K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.7980	+0.016%	$215.1M	$597.4M	75x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus UNI-USD	+0.0100%	1h	8.7970	+0.005%	$271K	$612K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.7970	+0.005%	$22.8M	$59.6M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.7940	−0.030%	$42.5M	$24.8M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.7920	−0.052%	$13.3M	$13.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.7950	−0.018%	$31.9M	$41.6M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.7950	−0.018%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.7895	−0.081%	$976K	$2.3M	10x	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8113	+0.167%	$166K	$342K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8116	+0.171%	$612K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8010	+0.050%	$83K	$713K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.7840	−0.143%	$105K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.7931	−0.040%	$86K	$346K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.7960	−0.007%	$15K	$1.7M	10x	as long as short
SunX UNI-USDTlong	+0.0100%	8h	8.7966	long leg	$36K	$1.3M	30x
SoDEX UNI-USD	+0.0100%	1h	8.7871	−0.108%	$25K	$668K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8060	+0.107%	$719K	$4.4M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	8.7910	−0.064%	$26.4M	$4.5M	50x
Extended UNI-USD	+0.0104%	1h	8.7840	−0.144%	$300K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.7981	+0.017%	$31K	$1K	3x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0133%	1h	8.8016	+0.057%	$562K	$155K	50x	as long as short
dYdX UNI-USD	+0.0186%	1h	8.7892	−0.084%	$243K	$6K	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0200%	1h	8.7910	−0.064%	$1.0M	$5.3M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.7910	−0.064%	$9.8M	$3.4M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0271%	1h	8.7944	−0.025%	$4.9M	$7.2M	50x	as long as short
Hyperliquid UNI	+0.0315%	1h	8.8047	+0.092%	$96.0M	$59.7M	10x	as long as short
Reya UNIRUSDPERP	+0.0361%	1h	8.7890	−0.086%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0320%	1h	8.7979	+0.014%	$552K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0590%	1h	8.8212	+0.280%	$1K	$50K	10x	as long as short
Lighter UNI	+0.0624%	1h	8.8040	+0.084%	$4.5M	$5.4M	15x	as long as short
Injective UNI/USDC PERP	+0.2702%	1h	8.7900	−0.075%	$657	$97K	12x	as long as short