Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.032%

Price spread now: Backpack against BloFin+0.106%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.191%−$19 on $10k

Price spread, last 4 days (all we have)−0.169%−$17 · spread now +0.106%, 7d avg +0.028%

Together, before fees−0.360%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.078% dearer against BloFin than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of +0.028%): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin UNI-USDT	8.8880	0.0220	pay 0.0220% / 8h	14m 42s	$10.0M	$3.6M	75x
Short	Backpack UNI_USDC_PERP	8.8974	0.0100	get 0.0013% / 1h	14m 42s	$1.1M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$25.2
Price spread: +0.106% → +0.028%: $7.82
Slippage, 4 orders: −$14.35
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$53.73
Costs to cover: 0.364%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 4 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 BloFin live order book, 4 min ago	1.13 bp	8.2 bp −$8	14.8 bp −$148	36.3 bp −$3,625	doesn't fit
Sell Backpack live order book, 4 min ago	0.56 bp	6.6 bp −$7	76.7 bp −$767	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
Kraken Futures PF_UNIUSD	−0.0306%	1h	8.8869	−0.012%	$4.7M	$8.6M	50x	as long as short
01 Exchange UNIUSD	−0.0008%	1h	8.8821	−0.066%	$443	$5	10x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0005%	1h	8.8870	−0.011%	$73K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.653%	$660	$153K	12x	as long as short
Nado UNI-PERP	+0.0039%	1h	8.8770	−0.124%	$727K	$4.7M	10x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0056%	1h	8.8909	+0.033%	$589K	$270K	50x	as long as short
Polymarket Perps UNI-USD	+0.0086%	1h	8.8795	−0.096%	$104K	$616K	10x	as long as short
Lighter UNI	+0.0096%	1h	8.9044	+0.185%	$4.5M	$5.6M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8927	+0.052%	$25K	—	20x	as long as short
Hyperliquid UNI	+0.0100%	1h	8.9034	+0.173%	$94.9M	$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	8.8975	+0.107%	$723K	$3.3M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8921	+0.046%	$288K	$591K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8900	+0.023%	$215.3M	$652.6M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.8810	−0.079%	$98.4M	$110.5M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8800	−0.090%	$54.4M	$261.8M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8910	+0.034%	$317K	$690K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8860	−0.023%	$26.2M	$66.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8900	+0.023%	$48.2M	$26.3M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8940	+0.068%	$13.0M	$13.3M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8850	−0.034%	$32.5M	$45.3M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8820	−0.068%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERPshort	+0.0100%	1h	8.8974	+0.106%	$1.1M	$2.5M	10x
Variational Omni UNI	+0.0100%	8h	8.8681	−0.224%	$4.1M	$4.1M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8824	−0.063%	$168K	$348K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8706	−0.196%	$615K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8670	−0.236%	$89K	$709K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8810	−0.079%	$14K	$3.5M	20x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8820	−0.068%	$16K	$2.2M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8895	+0.017%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8840	−0.045%	$32K	$886K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8956	+0.086%	$702K	$4.7M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8800	−0.090%	$26.8M	$4.4M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8789	−0.102%	$286K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8850	−0.034%	$32K	—	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0200%	1h	8.8890	+0.011%	$925K	$5.4M	50x	as long as short
BloFin UNI-USDTlong	+0.0220%	8h	8.8880	long leg	$10.0M	$3.6M	75x
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0243%	1h	8.8868	−0.013%	$632K	—	120x	as long as short
Reya UNIRUSDPERP	+0.0381%	1h	8.8744	−0.153%	$16K	—	20x	as long as short
Aftermath Perps UNIUSD	+0.0401%	1h	8.8682	−0.222%	$1K	$52K	10x	as long as short
dYdX UNI-USD	+0.0568%	1h	8.8943	+0.071%	$234K	$30K	10x	as long as short