Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1010%/8h= +110.6% APRpaid last 24h +0.204%

Price spread now: Lighter against Bybit+0.341%7-day average +0.164% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.364%+$36 on $10k

Price spread, last 7 days−0.137%−$14 · spread now +0.341%, 7d avg +0.164%

Together, before fees+0.227%+ Points / potential airdropLighter: Season 3 · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$30 a day on $10k at the current rate, and Lighter is 0.178% dearer against Bybit than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.164%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.364% in total (about 19.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit UNIUSDT	9.0230	0.0038	pay 0.0038% / 8h	54m 59s	$103.0M	$103.8M	75x
Short	Lighter UNI	9.0538	0.1048	get 0.0131% / 1h	54m 59s	$4.6M	$5.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.341%Rate

Funding earned: $212.06
Price spread: +0.341% → +0.164%: $17.77
Slippage, 4 orders: −$21.64
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $197.19
Costs to cover: 0.326%
Break-even: 0.5 days

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 8 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, 4 min ago	0.56 bp	10.2 bp −$10	16.1 bp −$161	31.5 bp −$3,148	doesn't fit
Sell Lighter live order book, 8 min ago	1.39 bp	6.2 bp −$6	15.8 bp −$158	107.6 bp −$10.8K	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
Injective UNI/USDC PERP	−0.0049%	1h	8.8300	−2.139%	$660	$155K	12x	as long as short
Variational Omni UNI	−0.0010%	8h	9.0073	−0.174%	$4.0M	$4.4M	—	as long as short
dYdX UNI-USD	0.0000%	1h	9.0088	−0.157%	$249K	$6K	10x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	9.0326	+0.106%	$63K	—	150x	as long as short
Bybit UNIUSDTlong	+0.0038%	8h	9.0230	long leg	$103.0M	$103.8M	75x
OKX UNI-USDT-SWAP	+0.0072%	8h	9.0230	0.000%	$55.7M	$248.3M	50x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	9.0226	−0.004%	$26K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.0225	−0.006%	$957K	$4.1M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0375	+0.161%	$1.1M	$3.3M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0126	−0.115%	$301K	$586K	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	9.0268	+0.042%	$222.5M	$593.7M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.0350	+0.133%	$279K	$619K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0270	+0.044%	$23.2M	$57.6M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0300	+0.078%	$43.7M	$23.6M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0260	+0.033%	$13.7M	$13.8M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0250	+0.022%	$32.8M	$41.3M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	9.0250	+0.022%	—	$6.5M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.0073	−0.174%	$169K	$342K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.0062	−0.186%	$627K	$2.5M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0130	−0.111%	$89K	$712K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0170	−0.066%	$108K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0338	+0.120%	$87K	$355K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0330	+0.111%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0391	+0.178%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0350	+0.133%	$25K	$654K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0442	+0.235%	$740K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	9.0350	+0.133%	$27.2M	$4.4M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0253	+0.025%	$301K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0340	+0.122%	$32K	$1K	3x	as long as short
Backpack UNI_USDC_PERP	+0.0188%	1h	9.0325	+0.105%	$1.0M	$2.3M	10x	as long as short
01 Exchange UNIUSD	+0.0216%	1h	9.0340	+0.122%	$451	—	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0360	+0.144%	$10.0M	$3.4M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0232%	1h	9.0390	+0.177%	$1.1M	$5.4M	50x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0285%	1h	9.0399	+0.188%	$582K	$173K	50x	as long as short
Reya UNIRUSDPERP	+0.0363%	1h	9.0280	+0.056%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0380% / S −0.0320%	1h	9.0331	+0.112%	$568K	—	120x	as long as short
Kraken Futures PF_UNIUSD	+0.0560%	1h	9.0401	+0.189%	$5.1M	$7.1M	50x	as long as short
Aftermath Perps UNIUSD	+0.0702%	1h	8.9958	−0.301%	$1K	$49K	10x	as long as short
Hyperliquid UNI	+0.0784%	1h	9.0427	+0.218%	$99.7M	$59.6M	10x	as long as short
Lighter UNIshort	+0.1048%	1h	9.0538	+0.341%	$4.6M	$5.1M	15x