Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0396%/8h= −43.4% APRpaid last 24h −0.071%

Price spread now: Bybit against Hyperliquid−0.250%7-day average −0.138% · you buy dearer than you sell

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

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 7 days+0.150%+$15 · spread now −0.250%, 7d avg −0.138%

Together, before fees−0.094%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bybit is 0.112% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.138%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.243% in total (about -12.7% 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	Hyperliquid UNI	8.9213	0.0294	pay 0.0037% / 1h	18m 20s	$97.1M	$59.8M	10x
Short	Bybit UNIUSDT	8.8990	−0.0102	pay 0.0102% / 8h	2h 18m	$101.5M	$105.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. 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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.250%Rate

Funding earned: −$83.21
Price spread: −0.250% → −0.138%: −$11.17
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$114.39
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 min ago; Bybit: live order book, 6 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 Hyperliquid live order book, 6 min ago	0.56 bp	7.3 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	0.56 bp	7.2 bp −$7	18.4 bp −$184	44.9 bp −$4,489	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	−0.216%	$4.0M	$4.6M	—	as long as short
Bybit UNIUSDTshort	−0.0102%	8h	8.8990	−0.250%	$101.5M	$105.9M	75x
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.9081	−0.147%	$563K	$138K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	8.9041	−0.193%	$80K	—	150x	as long as short
01 Exchange UNIUSD	+0.0024%	1h	8.9093	−0.135%	$445	—	10x	as long as short
OKX UNI-USDT-SWAP	+0.0024%	8h	8.8990	−0.250%	$54.8M	$248.3M	50x	as long as short
dYdX UNI-USD	+0.0097%	1h	8.9058	−0.173%	$247K	$5K	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8965	−0.278%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.9060	−0.171%	$851K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.9089	−0.139%	$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	8.9020	−0.216%	$301K	$563K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.9045	−0.189%	$217.6M	$595.5M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9080	−0.149%	$275K	$612K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9060	−0.171%	$23.1M	$59.4M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9090	−0.138%	$43.2M	$24.7M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9060	−0.171%	$13.5M	$13.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9040	−0.194%	$32.3M	$41.5M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.9030	−0.205%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.9098	−0.129%	$988K	$2.3M	10x	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.9040	−0.194%	$167K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9080	−0.149%	$619K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9090	−0.138%	$84K	$713K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9170	−0.048%	$106K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9096	−0.131%	$94K	$333K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9010	−0.228%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9038	−0.196%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9045	−0.188%	$25K	$666K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9177	−0.040%	$723K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.9030	−0.205%	$26.8M	$4.3M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.9018	−0.219%	$308K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9047	−0.186%	$32K	$1K	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0200%	1h	8.9140	−0.082%	$1.0M	$5.4M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9150	−0.071%	$9.8M	$3.4M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0267%	1h	8.9110	−0.115%	$5.0M	$7.1M	50x	as long as short
Hyperliquid UNIlong	+0.0294%	1h	8.9213	long leg	$97.1M	$59.8M	10x
Reya UNIRUSDPERP	+0.0360%	1h	8.9074	−0.156%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0320%	1h	8.9067	−0.163%	$559K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0531%	1h	8.9191	−0.025%	$1K	$49K	10x	as long as short
Lighter UNI	+0.0576%	1h	8.9184	−0.033%	$4.6M	$5.4M	15x	as long as short
Injective UNI/USDC PERP	+0.2702%	1h	8.7900	−1.472%	$657	$97K	12x	as long as short