Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h −0.002%

Price spread now: Phemex against 01 Exchange−0.123%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phemex is 0.123% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.123% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange UNIUSD	8.9420	0.0008	pay 0.0001% / 1h	23m 59s	$446	$5	10x
Short	Phemex UNIUSDT	8.9310	0.0100	get 0.0100% / 8h	3h 23m	$27.0M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against 01 Exchange. 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 01 ExchangebpFee PhemexbpOrdersPrice spread, now −0.123%Rate

Funding earned: $19.32
Price spread: −0.123% → 0.000%: −$12.3
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$11.98
Costs to cover: 0.190%
Break-even: 11.3 days

Slippage unknown: 01 Exchange: no order-book sample; Phemex: live order book, 5 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	3.90 bp	12.0 bp −$12	34.7 bp −$347	doesn't fit	doesn't fit

01 Exchange: 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 −0.0007%	1h	8.9346	−0.083%	$49K	—	150x	as long as short
01 Exchange UNIUSDlong	+0.0008%	1h	8.9420	long leg	$446	$5	10x
Deribit UNI_USDC-PERPETUAL	+0.0030%	1h	8.9355	−0.073%	$573K	$208K	50x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−1.253%	$660	$154K	12x	as long as short
Lighter UNI	+0.0096%	1h	8.9381	−0.044%	$4.5M	$5.9M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9389	−0.035%	$26K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.9325	−0.106%	$967K	$4.5M	10x	as long as short
Hyperliquid UNI	+0.0100%	1h	8.9360	−0.067%	$95.1M	$64.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.9300	−0.134%	$781K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9423	+0.003%	$290K	$608K	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	8.9270	−0.168%	$220.4M	$647.4M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9240	−0.201%	$100.1M	$111.7M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.9240	−0.201%	$54.5M	$260.3M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9510	+0.101%	$312K	$656K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9260	−0.179%	$23.8M	$64.0M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9270	−0.168%	$47.7M	$26.0M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9300	−0.134%	$13.2M	$13.3M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9220	−0.224%	$33.1M	$45.4M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.9250	−0.190%	—	$56.6M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.9309	−0.124%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.9508	+0.099%	$4.2M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.9522	+0.114%	$169K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9680	+0.291%	$623K	$2.8M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9600	+0.201%	$92K	$702K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9600	+0.201%	$15K	$3.4M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9361	−0.066%	$86K	$437K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9330	−0.101%	$16K	$1.4M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9512	+0.103%	$37K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9280	−0.157%	$31K	$818K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9500	+0.089%	$700K	$4.9M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	8.9310	−0.123%	$27.0M	$4.4M	50x
Extended UNI-USD	+0.0104%	1h	8.9205	−0.240%	$284K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9318	−0.114%	$32K	—	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0216%	1h	8.9560	+0.157%	$933K	$5.8M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9490	+0.078%	$10.2M	$3.5M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0272%	1h	8.9341	−0.089%	$4.9M	$8.1M	50x	as long as short
dYdX UNI-USD	+0.0279%	1h	8.9424	+0.004%	$235K	$30K	10x	as long as short
Reya UNIRUSDPERP	+0.0375%	1h	8.9315	−0.117%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.9352	−0.077%	$636K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0782%	1h	8.9674	+0.284%	$948	$45K	10x	as long as short