UNI

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0468%/8h= −51.2% APRnext payment −$0.58 per $10,000 · paid last 24h −0.160%

Price spread now: Backpack against Lighter−0.002%7-day average +0.430% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.274%−$27 on $10k

Price spread, last 7 days+0.405%+$40 · spread now −0.002%, 7d avg +0.430%

Together, before fees+0.131%+ Points / potential airdropLighter: Season 3 · farm board+$13 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 Backpack is 0.432% cheaper against Lighter than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of +0.430%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.274% in total (about -14.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.58 per $10,000. 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	Lighter UNI	8.9084	0.0568	pay 0.0071% / 1h	16m 15s	$4.5M	$5.4M	15x
Short	Backpack UNI_USDC_PERP	8.9082	0.0100	get 0.0013% / 1h	16m 15s	$988K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$98.28
Price spread: −0.002% → +0.430%: −$43.21
Slippage, 4 orders: −$15.85
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$167.34
Costs to cover: 0.259%
Break-even: never at this rate

Slippage from Lighter: 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 Lighter live order book, 7 min ago	1.57 bp	7.1 bp −$7	17.4 bp −$174	104.3 bp −$10.4K	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	−0.072%	$4.0M	$4.6M	—	as long as short
Bybit UNIUSDT	−0.0098%	8h	8.8840	−0.274%	$101.2M	$106.1M	75x	as long as short
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.8928	−0.175%	$562K	$138K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	8.8901	−0.205%	$80K	—	150x	as long as short
OKX UNI-USDT-SWAP	+0.0024%	8h	8.8840	−0.274%	$54.7M	$247.8M	50x	as long as short
01 Exchange UNIUSD	+0.0024%	1h	8.8938	−0.164%	$444	—	10x	as long as short
dYdX UNI-USD	+0.0092%	1h	8.8975	−0.123%	$246K	$5K	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8861	−0.250%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8920	−0.184%	$850K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8935	−0.167%	$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	−0.173%	$301K	$563K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8860	−0.251%	$217.2M	$595.7M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8960	−0.139%	$274K	$612K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8880	−0.229%	$23.1M	$59.4M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8890	−0.218%	$43.2M	$24.7M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8890	−0.218%	$13.4M	$13.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8900	−0.207%	$32.2M	$41.5M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.8850	−0.263%	—	$50.0M	—	as long as short
Backpack UNI_USDC_PERPshort	+0.0100%	1h	8.9082	−0.002%	$988K	$2.3M	10x
edgeX UNIUSDC	+0.0100%	4h	8.9121	+0.041%	$168K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9060	−0.027%	$618K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9090	+0.007%	$84K	$713K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9110	+0.029%	$106K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8881	−0.228%	$94K	$334K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8850	−0.263%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8938	−0.164%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8890	−0.218%	$25K	$666K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9034	−0.056%	$723K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8880	−0.229%	$26.8M	$4.3M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8874	−0.236%	$308K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8886	−0.222%	$32K	$1K	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0200%	1h	8.9090	+0.007%	$1.0M	$5.4M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9070	−0.016%	$9.8M	$3.4M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0267%	1h	8.8960	−0.139%	$5.0M	$7.1M	50x	as long as short
Hyperliquid UNI	+0.0297%	1h	8.8999	−0.095%	$96.9M	$59.8M	10x	as long as short
Reya UNIRUSDPERP	+0.0360%	1h	8.8853	−0.260%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0320%	1h	8.8883	−0.225%	$558K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0540%	1h	8.9080	−0.004%	$1K	$50K	10x	as long as short
Lighter UNIlong	+0.0568%	1h	8.9084	long leg	$4.5M	$5.4M	15x
Injective UNI/USDC PERP	+0.2702%	1h	8.7900	−1.329%	$657	$97K	12x	as long as short