Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h 0.000%

Price spread now: Orderly against Deribit−0.334%55s7-day average −0.054% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 4 days (all we have)+0.281%+$28 · spread now −0.334%, 7d avg −0.054%

Together, before fees+0.386%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.279% cheaper against Deribit than usual: you would sell low and buy high (spread −0.334% now, against its 7-day average of −0.054%). If the spread goes back, that is −$28 on $10k: about 9.3 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.105% in total) that is about 19 days. The two prices were read 55 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	8.8806	0	get 0.0000% / 1h	12m 21s	$569K	$208K	50x
Short	Orderly PERP_UNI_USDC	8.8510	0.0100	get 0.0100% / 8h	3h 12m	$16K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.334%Rate

Funding earned: $21
Price spread: −0.334% → −0.054%: −$27.93
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$19.93
Costs to cover: 0.130%
Break-even: 13.6 days

Slippage unknown: Deribit: live order book, 41 min ago; Orderly: no order-book sample. Net counts fees only.

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, 41 min ago	5.69 bp	10.9 bp −$11	18.6 bp −$186	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
01 Exchange UNIUSD	0.0000%	1h	8.8499	−0.346%	$442	$5	10x	as long as short
Deribit UNI_USDC-PERPETUALlong	0.0000%	1h	8.8806	long leg	$569K	$208K	50x
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	8.8566	−0.270%	$48K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.570%	$660	$154K	12x	as long as short
Lighter UNI	+0.0096%	1h	8.8640	−0.187%	$4.5M	$5.9M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8522	−0.320%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8567	−0.269%	$864K	$4.5M	10x	as long as short
Hyperliquid UNI	+0.0100%	1h	8.8592	−0.241%	$93.9M	$64.9M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8545	−0.294%	$773K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8592	−0.241%	$285K	$612K	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	8.8530	−0.311%	$216.9M	$650.8M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.8500	−0.345%	$99.2M	$111.8M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8510	−0.334%	$53.7M	$259.6M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8640	−0.187%	$317K	$666K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8520	−0.322%	$23.3M	$65.1M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8490	−0.356%	$47.0M	$26.3M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8500	−0.345%	$13.1M	$13.3M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8510	−0.334%	$32.7M	$45.9M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.8530	−0.311%	—	$56.7M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8717	−0.100%	$1.0M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.9159	+0.398%	$4.2M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.9158	+0.396%	$168K	$346K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9107	+0.339%	$619K	$2.8M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9420	+0.691%	$91K	$701K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9020	+0.241%	$15K	$3.4M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8509	−0.335%	$85K	$454K	10x	as long as short
Orderly PERP_UNI_USDCshort	+0.0100%	8h	8.8510	−0.334%	$16K	$1.5M	10x
SunX UNI-USDT	+0.0100%	8h	8.8815	+0.010%	$36K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8760	−0.052%	$31K	$811K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8838	+0.036%	$691K	$4.9M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8700	−0.120%	$26.9M	$4.4M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8487	−0.359%	$285K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8760	−0.052%	$31K	—	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0216%	1h	8.8820	+0.016%	$921K	$5.8M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8640	−0.187%	$10.1M	$3.6M	75x	as long as short
dYdX UNI-USD	+0.0241%	1h	8.8558	−0.279%	$233K	$30K	10x	as long as short
Kraken Futures PF_UNIUSD	+0.0274%	1h	8.8800	−0.007%	$4.8M	$8.2M	50x	as long as short
Reya UNIRUSDPERP	+0.0375%	1h	8.8487	−0.359%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.8548	−0.291%	$630K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0741%	1h	8.9108	+0.340%	$894	$45K	10x	as long as short