Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0461%/8h= −50.5% APRpaid last 24h −0.023%

Price spread now: Variational Omni against Deribit−0.229%7-day average −0.089% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.086%−$9 on $10k

Price spread, last 3 days (all we have)−0.102%−$10 · spread now −0.229%, 7d avg −0.089%

Together, before fees−0.189%+ Points / potential airdropVariational Omni: Active · farm board−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Variational Omni is 0.140% cheaper against Deribit than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.089%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.086% in total (about -9.2% 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	Deribit UNI_USDC-PERPETUAL	9.1248	0.0561	pay 0.0070% / 1h	8m 27s	$592K	$188K	50x
Short	Variational Omni UNI	9.1039	0.0100	get 0.0100% / 8h	6h 08m	$4.1M	$4.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.229%Rate

Funding earned: −$96.81
Price spread: −0.229% → −0.089%: −$14.02
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$117.83
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 60 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 60 min ago	7.29 bp	10.8 bp −$11	19.6 bp −$196	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.26 bp	doesn't fit	14.5 bp −$145	doesn't fit	doesn't fit

UNI on 39 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
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	9.1138	−0.121%	$19K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−3.231%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0064%	1h	9.1108	−0.154%	$455	$5	10x	as long as short
dYdX UNI-USD	+0.0087%	1h	9.0912	−0.368%	$239K	$30K	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.1060	−0.206%	$969K	$4.3M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.1088	−0.175%	$1.0M	$2.9M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0960	−0.316%	$297K	$568K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.1144	−0.114%	$228.1M	$612.6M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.1140	−0.118%	$102.1M	$107.7M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.1160	−0.097%	$56.2M	$255.9M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus UNI-USD	+0.0100%	1h	9.1090	−0.173%	$288K	$640K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.1130	−0.129%	$23.4M	$59.3M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.1090	−0.173%	$49.8M	$26.4M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.1090	−0.173%	$13.8M	$12.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.1180	−0.075%	$33.4M	$42.9M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	9.1130	−0.129%	—	$56.8M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	9.0810	−0.480%	$994K	$2.3M	10x	as long as short
Variational Omni UNIshort	+0.0100%	8h	9.1039	−0.229%	$4.1M	$4.3M	—
edgeX UNIUSDC	+0.0100%	4h	9.0969	−0.306%	$171K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.1109	−0.153%	$634K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0950	−0.327%	$89K	$700K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0950	−0.327%	$56K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.1150	−0.108%	$87K	$410K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.1170	−0.086%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.1222	−0.029%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.1186	−0.068%	$22K	$728K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.1120	−0.140%	$724K	$4.2M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	9.0780	−0.513%	$27.4M	$4.5M	50x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	9.0950	−0.327%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0952	−0.324%	$301K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.1212	−0.040%	$32K	—	3x	as long as short
Hyperliquid UNI	+0.0229%	1h	9.1181	−0.074%	$99.0M	$58.8M	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0312%	1h	9.0930	−0.349%	$1.1M	$4.7M	50x	as long as short
Reya UNIRUSDPERP	+0.0369%	1h	9.1026	−0.243%	$17K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.1151	−0.106%	$649K	—	120x	as long as short
Kraken Futures PF_UNIUSD	+0.0422%	1h	9.0920	−0.360%	$5.1M	$6.9M	50x	as long as short
Lighter UNI	+0.0496%	1h	9.1034	−0.235%	$4.7M	$5.3M	15x	as long as short
Deribit UNI_USDC-PERPETUALlong	+0.0561%	1h	9.1248	long leg	$592K	$188K	50x
Aftermath Perps UNIUSD	+0.0955%	1h	9.1132	−0.127%	$1K	$48K	10x	as long as short