Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0151%/8h= +16.5% APRpaid last 24h +0.002%

Price spread now: Backpack against GRVT+0.030%7-day average +0.491% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 7 days−2.294%−$229 · spread now +0.030%, 7d avg +0.491%

Together, before fees−2.277%+ Points / potential airdropGRVT: Active · farm board−$228 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.461% cheaper against GRVT than usual: you would sell low and buy high (spread +0.030% now, against its 7-day average of +0.491%). If the spread goes back, that is −$46 on $10k: about 10 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.017% in total) that is about 6 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT UNI_USDT_Perp	8.9100	0.0100	pay 0.0100% / 8h	7h 40m	$622K	$2.6M	10x
Short	Backpack UNI_USDC_PERP	8.9127	0.0251	get 0.0031% / 1h	40m 30s	$1.1M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now +0.030%Rate

Funding earned: $31.64
Price spread: +0.030% → +0.491%: −$46.08
Slippage, 4 orders: −$16.59
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$50.03
Costs to cover: 0.356%
Break-even: 18.1 days

Slippage from GRVT: live order book, 3 min ago; Backpack: live order book, 4 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 GRVT live order book, 3 min ago	2.24 bp	8.9 bp −$9	34.9 bp −$349	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.06 bp	7.4 bp −$7	105.1 bp −$1,051	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
Kraken Futures PF_UNIUSD	−0.0062%	1h	8.9044	−0.064%	$4.7M	$8.5M	50x	as long as short
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.9051	−0.056%	$590K	$273K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0005%	1h	8.9001	−0.112%	$77K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.898%	$660	$153K	12x	as long as short
Nado UNI-PERP	+0.0098%	1h	8.9010	−0.102%	$731K	$4.6M	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.9101	0.000%	$25K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.9090	−0.012%	$724K	$3.3M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9130	+0.033%	$289K	$568K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.9042	−0.065%	$216.7M	$651.8M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9010	−0.102%	$98.7M	$110.5M	75x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX UNI-USDT-SWAP	+0.0100%	8h	8.9030	−0.079%	$54.6M	$262.4M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9160	+0.067%	$323K	$701K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9110	+0.011%	$26.7M	$62.7M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9120	+0.022%	$47.9M	$25.3M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9150	+0.056%	$13.0M	$13.3M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9100	−0.001%	$33.2M	$46.1M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.9140	+0.044%	—	$6.5M	—	as long as short
Variational Omni UNI	+0.0100%	8h	8.8960	−0.157%	$4.1M	$4.0M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.9380	+0.314%	$169K	$348K	20x	as long as short
GRVT UNI_USDT_Perplong	+0.0100%	8h	8.9100	long leg	$622K	$2.6M	10x
ApeX Omni UNIUSDT	+0.0100%	1h	8.9380	+0.314%	$90K	$709K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9180	+0.089%	$14K	$3.5M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9068	−0.036%	$104K	$616K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9010	−0.102%	$17K	$2.4M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9101	+0.001%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8995	−0.118%	$32K	$902K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9140	+0.044%	$706K	$4.7M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.9020	−0.090%	$26.9M	$4.4M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.9047	−0.060%	$300K	$1.8M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9016	−0.095%	$32K	—	3x	as long as short
01 Exchange UNIUSD	+0.0120%	1h	8.9079	−0.024%	$445	$5	10x	as long as short
Hyperliquid UNI	+0.0150%	1h	8.9233	+0.149%	$95.3M	$67.8M	10x	as long as short
Lighter UNI	+0.0168%	1h	8.9249	+0.167%	$4.5M	$5.4M	15x	as long as short
Coinbase International UNI-PERP-INTX	+0.0208%	1h	8.9070	−0.034%	$927K	$5.5M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8970	−0.146%	$10.1M	$3.6M	75x	as long as short
Backpack UNI_USDC_PERPshort	+0.0251%	1h	8.9127	+0.030%	$1.1M	$2.5M	10x
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0243%	1h	8.9177	+0.086%	$634K	—	120x	as long as short
Reya UNIRUSDPERP	+0.0382%	1h	8.9000	−0.112%	$16K	—	20x	as long as short
Aftermath Perps UNIUSD	+0.0400%	1h	8.9275	+0.196%	$1K	$52K	10x	as long as short
dYdX UNI-USD	+0.0514%	1h	8.9075	−0.029%	$234K	$31K	10x	as long as short