Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Polymarket Perps against Backpack−0.205%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 3 days (all we have)+0.799%+$80 · spread now −0.205%, 7d avg +0.004%

Together, before fees+0.732%+$73 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: Polymarket Perps is 0.209% cheaper against Backpack than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack UNI_USDC_PERP	8.9863	0.0100	pay 0.0013% / 1h	0m 36s	$999K	$2.3M	10x
Short	Polymarket Perps UNI-USD	8.9679	0.0100	get 0.0013% / 1h	0m 36s	$87K	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.205%Rate

Funding earned: $0
Price spread: −0.205% → +0.004%: −$20.88
Slippage, 4 orders: −$9.71
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$48.59
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Polymarket Perps: live order book, 17 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, 3 min ago	0.06 bp	5.7 bp −$6	57.0 bp −$570	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 17 min ago	2.25 bp	6.4 bp −$6	6.7 bp −$67	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	−0.0030%	8h	8.9413	−0.501%	$4.0M	$4.6M	—	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	8.9727	−0.152%	$62K	—	150x	as long as short
Bybit UNIUSDT	+0.0028%	8h	8.9760	−0.115%	$102.6M	$105.1M	75x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−1.739%	$660	$155K	12x	as long as short
OKX UNI-USDT-SWAP	+0.0063%	8h	8.9810	−0.059%	$55.4M	$248.6M	50x	as long as short
01 Exchange UNIUSD	+0.0096%	1h	8.9891	+0.031%	$449	—	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9760	−0.115%	$26K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.9607	−0.284%	$949K	$4.1M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.9870	+0.008%	$1.0M	$3.3M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9812	−0.056%	$299K	$584K	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	8.9809	−0.060%	$221.5M	$592.8M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9900	+0.041%	$277K	$621K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9820	−0.048%	$23.1M	$59.1M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9860	−0.003%	$43.3M	$24.7M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9800	−0.070%	$13.7M	$13.8M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9780	−0.092%	$32.7M	$41.5M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.9820	−0.048%	—	$51.7M	—	as long as short
Backpack UNI_USDC_PERPlong	+0.0100%	1h	8.9863	long leg	$999K	$2.3M	10x
edgeX UNIUSDC	+0.0100%	4h	8.9542	−0.357%	$168K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9616	−0.275%	$628K	$2.5M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9540	−0.359%	$88K	$713K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9660	−0.226%	$107K	$3.2M	20x	as long as short
Polymarket Perps UNI-USDshort	+0.0100%	1h	8.9679	−0.205%	$87K	$356K	10x
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9720	−0.159%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9792	−0.079%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9731	−0.147%	$25K	$663K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9805	−0.065%	$734K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.9730	−0.148%	$27.0M	$4.4M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.9797	−0.073%	$303K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9901	+0.042%	$32K	$1K	3x	as long as short
dYdX UNI-USD	+0.0109%	1h	8.9829	−0.038%	$249K	$6K	10x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0202%	1h	8.9776	−0.097%	$571K	$157K	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9760	−0.115%	$10.0M	$3.4M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0224%	1h	8.9770	−0.103%	$1.1M	$5.4M	50x	as long as short
Kraken Futures PF_UNIUSD	+0.0337%	1h	8.9788	−0.083%	$5.0M	$7.0M	50x	as long as short
Reya UNIRUSDPERP	+0.0363%	1h	8.9615	−0.276%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0380% / S −0.0320%	1h	8.9712	−0.168%	$563K	—	120x	as long as short
Hyperliquid UNI	+0.0458%	1h	8.9900	+0.041%	$98.9M	$59.4M	10x	as long as short
Aftermath Perps UNIUSD	+0.0678%	1h	8.9586	−0.308%	$1K	$49K	10x	as long as short
Lighter UNI	+0.0688%	1h	8.9974	+0.124%	$4.6M	$5.2M	15x	as long as short