UNI

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	BackpackUNI_USDC_PERP	8.9421	+0.0100	pay 0.0013% / 1h	49m 32s	$1.1M	$1.2M	10x	Long Backpack
SHORT	PhoenixUNI	8.9348	−0.0045	pay 0.0006% / 1h	49m 32s	$4K	$246K	10x	Short Phoenix

Price gap−0.082%

Funding gap−0.0145% /8h

Both sides work against this direction now: funding costs $4 a day on $10k and the gap is 0.069% under its 7d average. Swap the legs.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast

Funding−$82−0.0145% /8h now · paid −0.817% over the last 7D

Price−$7spread −0.082% now, avg −0.012% → −0.069% if it goes back

Costs−$400.399% of $10k · taker + slippage, in and out

Result−$129−1.29%no pointsWhat the last 7D really paid, hour by hour → backtest

Funding history

you earnyou payavg

RANGE STATS · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.

Price spread between the two exchanges

Phoenix price against Backpacknow

RANGE STATS · 7D

Now−0.082%

Average—

Range—

Wider than now—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

UNI on 41 exchanges

lowest funding first

Before you open

1 ok · 4 to watch

Watch: Large against open interest7.0 / 13.2 bp
$10k is over 10% of Phoenix’s open interest.
Note: Margin at max leverage$1,000 + $1,000
Backpack 10x, Phoenix 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
OK: Same payment interval1h / 1h
Both legs pay at the same time.
Next 24h at the current rates, on $10k a leg: −$4.34Long Backpack: 24 payments, −$3.00; short Phoenix: 24 payments, −$1.34.
Watch: Gap narrower than usual−0.082% vs −0.012%
Less room for the price leg to pay you. If it goes back to average, the short loses.
Watch: Short leg is thinner$4K vs $1.1M OI
Phoenix sets your exit cost. Check its book before closing.
Note: No points program—
Neither exchange runs points right now.
Watch: KYCBackpack Yes · Phoenix No
KYC (ID, face scan, residency and source of income) before any trading.

Profit calculator

both legs, in and out

Position, each leg

Hold for

Orders

Price spread

Funding rate

Funding earned−0.0389%/8h × 21 periods−$81.74

Price spread−0.082% → −0.012% (7d avg)−$6.92

Slippage, 4 orderslive order books−$22.86

Fee Backpack bp × 2 orders−$10.00

Fee Phoenix bp × 2 orders−$7.00

Net · 7 days · $10k−$128.52

Costs to cover0.399%Break-evennever at this rate

Slippage: Backpack: live order book, 4 min ago; Phoenix: live order book, 2 min ago

Cost to enter

taker + slippage from mid, one side

BUY · LONGBackpack1.017.0 bp−$7238.0 bp−$2,380doesn’t fitdoesn’t fit

SELL · SHORTPhoenix1.1213.2 bp−$1346.8 bp−$468doesn’t fitdoesn’t fit

Closing costs about the same again.

UNI news

posts that mention UNI, from every exchangeSearch all news →

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UNI