Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Phemex against Backpack−0.023%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$4 on $10k

Price spread, last 4 days (all we have)+0.138%+$14 · spread now −0.023%, 7d avg −0.014%

Together, before fees+0.103%+$10 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack UNI_USDC_PERP	8.8610	0.0100	pay 0.0013% / 1h	59m 03s	$1.1M	$2.4M	10x
Short	Phemex UNIUSDT	8.8590	0.0100	get 0.0100% / 8h	59m 03s	$26.7M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.023%Rate

Funding earned: $0
Price spread: −0.023% → −0.014%: −$0.9
Slippage, 4 orders: −$18.88
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$41.78
Costs to cover: 0.409%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Phemex: live order book, 5 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 Backpack live order book, 5 min ago	0.56 bp	6.2 bp −$6	138.9 bp −$1,389	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.51 bp	14.4 bp −$14	28.4 bp −$284	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
Nado UNI-PERP	−0.0317%	1h	8.8585	−0.028%	$736K	$4.7M	10x	as long as short
Kraken Futures PF_UNIUSD	−0.0307%	1h	8.8617	+0.008%	$4.7M	$8.6M	50x	as long as short
Polymarket Perps UNI-USD	−0.0071%	1h	8.8580	−0.034%	$106K	$616K	10x	as long as short
01 Exchange UNIUSD	−0.0024%	1h	8.8650	+0.045%	$442	$5	10x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	8.8597	−0.015%	$49K	—	150x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0005%	1h	8.8624	+0.016%	$584K	$250K	50x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.350%	$660	$153K	12x	as long as short
Lighter UNI	+0.0096%	1h	8.8671	+0.069%	$4.4M	$5.5M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8657	+0.053%	$25K	—	20x	as long as short
Hyperliquid UNI	+0.0100%	1h	8.8659	+0.055%	$94.3M	$67.7M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster UNIUSDT	+0.0100%	8h	8.8599	−0.012%	$725K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8690	+0.090%	$284K	$590K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8538	−0.082%	$213.9M	$657.4M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.8520	−0.102%	$98.0M	$111.4M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8520	−0.102%	$53.9M	$263.8M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8680	+0.079%	$316K	$695K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8560	−0.056%	$25.2M	$65.6M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8580	−0.034%	$48.3M	$26.0M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8580	−0.034%	$13.0M	$13.4M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8530	−0.090%	$32.5M	$45.4M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8540	−0.079%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERPlong	+0.0100%	1h	8.8610	long leg	$1.1M	$2.4M	10x
Variational Omni UNI	+0.0100%	8h	8.8510	−0.113%	$4.1M	$4.3M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8559	−0.057%	$168K	$347K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8480	−0.147%	$619K	$2.7M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8620	+0.011%	$89K	$709K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8720	+0.124%	$15K	$3.4M	20x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8590	−0.023%	$16K	$2.0M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8710	+0.113%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8560	−0.056%	$32K	$887K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8677	+0.076%	$694K	$4.8M	75x	as long as short
Phemex UNIUSDTshort	+0.0100%	8h	8.8590	−0.023%	$26.7M	$4.5M	50x
Extended UNI-USD	+0.0104%	1h	8.8523	−0.098%	$289K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8565	−0.051%	$31K	—	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0200%	1h	8.8710	+0.113%	$924K	$5.4M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8580	−0.034%	$10.0M	$3.6M	75x	as long as short
Reya UNIRUSDPERP	+0.0380%	1h	8.8547	−0.071%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0243%	1h	8.8594	−0.018%	$630K	—	120x	as long as short
dYdX UNI-USD	+0.0389%	1h	8.8654	+0.050%	$233K	$30K	10x	as long as short
Aftermath Perps UNIUSD	+0.0506%	1h	8.8701	+0.103%	$947	$53K	10x	as long as short