UNI

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.014%

Price spread now: Backpack against Deribit+0.173%50s7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.408% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 3 days (all we have)−0.614%−$61 · spread now +0.173%, 7d avg −0.011%

Together, before fees−0.502%−$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.184% dearer against Deribit than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.011%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit UNI_USDC-PERPETUAL	8.8928	0	get 0.0000% / 1h	16m 23s	$562K	$138K	50x
Short	Backpack UNI_USDC_PERP	8.9082	0.0100	get 0.0013% / 1h	16m 23s	$988K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.173%Rate

Funding earned: $21
Price spread: +0.173% → −0.011%: $18.43
Slippage, 4 orders: −$23.77
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$1.34
Costs to cover: 0.408%
Break-even: 7.4 days

Slippage from Deribit: live order book, 7 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 Deribit live order book, 7 min ago	8.70 bp	15.2 bp −$15	23.4 bp −$234	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	0.06 bp	6.1 bp −$6	181.7 bp −$1,817	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	−0.0146%	8h	8.9020	+0.103%	$4.0M	$4.6M	—	as long as short
Bybit UNIUSDT	−0.0098%	8h	8.8840	−0.099%	$101.2M	$106.1M	75x	as long as short
Deribit UNI_USDC-PERPETUALlong	0.0000%	1h	8.8928	long leg	$562K	$138K	50x
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	8.8901	−0.031%	$80K	—	150x	as long as short
OKX UNI-USDT-SWAP	+0.0024%	8h	8.8840	−0.099%	$54.7M	$247.8M	50x	as long as short
01 Exchange UNIUSD	+0.0024%	1h	8.8938	+0.011%	$444	—	10x	as long as short
dYdX UNI-USD	+0.0092%	1h	8.8975	+0.052%	$246K	$5K	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8861	−0.075%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8920	−0.009%	$850K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8935	+0.008%	$1.0M	$3.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica UNI	+0.0100%	1h	8.8930	+0.002%	$301K	$563K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8860	−0.077%	$217.2M	$595.7M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8960	+0.036%	$274K	$612K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8880	−0.054%	$23.1M	$59.4M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8890	−0.043%	$43.2M	$24.7M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8890	−0.043%	$13.4M	$13.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8900	−0.032%	$32.2M	$41.5M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.8850	−0.088%	—	$50.0M	—	as long as short
Backpack UNI_USDC_PERPshort	+0.0100%	1h	8.9082	+0.173%	$988K	$2.3M	10x
edgeX UNIUSDC	+0.0100%	4h	8.9121	+0.216%	$168K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9060	+0.148%	$618K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9090	+0.182%	$84K	$713K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9110	+0.204%	$106K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8881	−0.053%	$94K	$334K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8850	−0.088%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8938	+0.011%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8890	−0.043%	$25K	$666K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9034	+0.119%	$723K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8880	−0.054%	$26.8M	$4.3M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8874	−0.061%	$308K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8886	−0.047%	$32K	$1K	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0200%	1h	8.9090	+0.182%	$1.0M	$5.4M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9070	+0.159%	$9.8M	$3.4M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0267%	1h	8.8960	+0.036%	$5.0M	$7.1M	50x	as long as short
Hyperliquid UNI	+0.0297%	1h	8.8999	+0.080%	$96.9M	$59.8M	10x	as long as short
Reya UNIRUSDPERP	+0.0360%	1h	8.8853	−0.085%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0320%	1h	8.8883	−0.051%	$558K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0540%	1h	8.9080	+0.171%	$1K	$50K	10x	as long as short
Lighter UNI	+0.0568%	1h	8.9084	+0.175%	$4.5M	$5.4M	15x	as long as short
Injective UNI/USDC PERP	+0.2702%	1h	8.7900	−1.156%	$657	$97K	12x	as long as short