Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.037%

Price spread now: Backpack against Bybit+0.115%7-day average +0.582% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 on $10k

Price spread, last 7 days−0.108%−$11 · spread now +0.115%, 7d avg +0.582%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.467% cheaper against Bybit than usual: you would sell low and buy high (spread +0.115% now, against its 7-day average of +0.582%). If the spread goes back, that is −$47 on $10k: about 22 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit UNIUSDT	8.9760	0.0028	pay 0.0028% / 8h	1h 00m	$102.6M	$105.1M	75x
Short	Backpack UNI_USDC_PERP	8.9863	0.0100	get 0.0013% / 1h	0m 43s	$999K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.115%Rate

Funding earned: $15.22
Price spread: +0.115% → +0.582%: −$46.74
Slippage, 4 orders: −$8.68
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$61.21
Costs to cover: 0.297%
Break-even: 35.2 days

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 3 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 Bybit live order book, 3 min ago	0.56 bp	8.1 bp −$8	13.1 bp −$131	32.3 bp −$3,225	doesn't fit
Sell Backpack live order book, 3 min ago	0.06 bp	7.7 bp −$8	175.5 bp −$1,755	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	−0.387%	$4.0M	$4.6M	—	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	8.9727	−0.037%	$62K	—	150x	as long as short
Bybit UNIUSDTlong	+0.0028%	8h	8.9760	long leg	$102.6M	$105.1M	75x
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−1.627%	$660	$155K	12x	as long as short
OKX UNI-USDT-SWAP	+0.0063%	8h	8.9810	+0.056%	$55.4M	$248.6M	50x	as long as short
01 Exchange UNIUSD	+0.0096%	1h	8.9891	+0.146%	$449	—	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9760	0.000%	$26K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.9607	−0.170%	$949K	$4.1M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.9870	+0.123%	$1.0M	$3.3M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9812	+0.058%	$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	+0.054%	$221.5M	$592.8M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9900	+0.156%	$277K	$621K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9820	+0.067%	$23.1M	$59.1M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9860	+0.111%	$43.3M	$24.7M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9800	+0.045%	$13.7M	$13.8M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9780	+0.022%	$32.7M	$41.5M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.9820	+0.067%	—	$51.7M	—	as long as short
Backpack UNI_USDC_PERPshort	+0.0100%	1h	8.9863	+0.115%	$999K	$2.3M	10x
edgeX UNIUSDC	+0.0100%	4h	8.9542	−0.243%	$168K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9616	−0.160%	$628K	$2.5M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9540	−0.245%	$88K	$713K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9660	−0.111%	$107K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9679	−0.090%	$87K	$356K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9720	−0.045%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9792	+0.036%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9731	−0.032%	$25K	$663K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9805	+0.050%	$734K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.9730	−0.033%	$27.0M	$4.4M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.9797	+0.042%	$303K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9901	+0.157%	$32K	$1K	3x	as long as short
dYdX UNI-USD	+0.0109%	1h	8.9829	+0.076%	$249K	$6K	10x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0202%	1h	8.9776	+0.018%	$571K	$157K	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9760	0.000%	$10.0M	$3.4M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0224%	1h	8.9770	+0.011%	$1.1M	$5.4M	50x	as long as short
Kraken Futures PF_UNIUSD	+0.0337%	1h	8.9788	+0.031%	$5.0M	$7.0M	50x	as long as short
Reya UNIRUSDPERP	+0.0363%	1h	8.9615	−0.162%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0380% / S −0.0320%	1h	8.9712	−0.054%	$563K	—	120x	as long as short
Hyperliquid UNI	+0.0458%	1h	8.9900	+0.156%	$98.9M	$59.4M	10x	as long as short
Aftermath Perps UNIUSD	+0.0678%	1h	8.9586	−0.194%	$1K	$49K	10x	as long as short
Lighter UNI	+0.0688%	1h	8.9974	+0.238%	$4.6M	$5.2M	15x	as long as short