Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Orderly against Backpack−0.071%7-day average −0.043% · you buy dearer than you sell

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 3 days (all we have)+0.223%+$22 · spread now −0.071%, 7d avg −0.043%

Together, before fees+0.236%+$24 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 0.028% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack UNI_USDC_PERP	8.9684	0.0100	pay 0.0013% / 1h	11m 55s	$1.1M	$2.4M	10x
Short	Orderly PERP_UNI_USDC	8.9620	0.0100	get 0.0100% / 8h	11m 55s	$16K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Backpack. 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 BackpackbpFee OrderlybpOrdersPrice spread, now −0.071%Rate

Funding earned: $0
Price spread: −0.071% → −0.043%: −$2.79
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$18.79
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 2 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 Backpack live order book, 2 min ago	0.39 bp	6.0 bp −$6	89.0 bp −$890	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
Injective UNI/USDC PERP	−0.0049%	1h	8.8300	−1.543%	$660	$155K	12x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	8.9654	−0.034%	$62K	—	150x	as long as short
Variational Omni UNI	+0.0072%	8h	8.9762	+0.087%	$4.1M	$4.4M	—	as long as short
OKX UNI-USDT-SWAP	+0.0088%	8h	8.9470	−0.239%	$54.8M	$248.7M	50x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.9540	−0.161%	$945K	$4.2M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.9677	−0.007%	$1.0M	$3.3M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9596	−0.098%	$296K	$591K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.9525	−0.178%	$221.8M	$591.0M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9450	−0.261%	$101.2M	$105.3M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9660	−0.027%	$269K	$614K	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	8.9640	−0.049%	$22.8M	$59.1M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9690	+0.007%	$43.7M	$24.1M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9660	−0.027%	$13.6M	$13.5M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9450	−0.261%	$32.7M	$42.0M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.9510	−0.194%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERPlong	+0.0100%	1h	8.9684	long leg	$1.1M	$2.4M	10x
edgeX UNIUSDC	+0.0100%	4h	8.9868	+0.205%	$169K	$345K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9858	+0.194%	$628K	$2.5M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9920	+0.263%	$88K	$710K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9890	+0.230%	$36K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9651	−0.037%	$85K	$365K	10x	as long as short
Orderly PERP_UNI_USDCshort	+0.0100%	8h	8.9620	−0.071%	$16K	$1.7M	10x
SunX UNI-USDT	+0.0100%	8h	8.9718	+0.038%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9596	−0.098%	$21K	$676K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9685	+0.001%	$718K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.9630	−0.060%	$27.0M	$4.5M	50x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9534	−0.167%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	8.9643	−0.046%	$302K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9639	−0.051%	$32K	$1K	3x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0144%	1h	8.9697	+0.014%	$577K	$176K	50x	as long as short
01 Exchange UNIUSD	+0.0168%	1h	8.9616	−0.076%	$447	—	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9740	+0.062%	$10.0M	$3.5M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0232%	1h	8.9680	−0.004%	$1.1M	$5.4M	50x	as long as short
dYdX UNI-USD	+0.0286%	1h	8.9637	−0.052%	$248K	$6K	10x	as long as short
Reya UNIRUSDPERP	+0.0365%	1h	8.9599	−0.094%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0382% / S −0.0323%	1h	8.9652	−0.036%	$567K	—	120x	as long as short
Hyperliquid UNI	+0.0484%	1h	8.9730	+0.051%	$98.4M	$59.5M	10x	as long as short
Kraken Futures PF_UNIUSD	+0.0565%	1h	8.9646	−0.042%	$5.0M	$7.0M	50x	as long as short
Aftermath Perps UNIUSD	+0.0866%	1h	8.9867	+0.204%	$1K	$49K	10x	as long as short
Lighter UNI	+0.0904%	1h	8.9788	+0.116%	$4.6M	$5.3M	15x	as long as short