Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h +0.027%

Price spread now: Backpack against OKX+0.052%7-day average +0.574% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 7 days+0.812%+$81 · spread now +0.052%, 7d avg +0.574%

Together, before fees+0.898%+$90 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.521% cheaper against OKX than usual: you would sell low and buy high (spread +0.052% now, against its 7-day average of +0.574%). If the spread goes back, that is −$52 on $10k: about 19 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.086% in total) that is about 43 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX UNI-USDT-SWAP	8.7810	0.0010	pay 0.0010% / 8h	3h 09m	$54.3M	$245.6M	50x
Short	Backpack UNI_USDC_PERP	8.7856	0.0100	get 0.0013% / 1h	9m 02s	$972K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.052%Rate

Funding earned: $18.91
Price spread: +0.052% → +0.574%: −$52.13
Slippage, 4 orders: −$9.05
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$62.27
Costs to cover: 0.290%
Break-even: 30.0 days

Slippage from OKX: live order book, 5 min ago; Backpack: live order book, 5 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 OKX live order book, 5 min ago	0.57 bp	6.1 bp −$6	13.6 bp −$136	58.0 bp −$5,796	doesn't fit
Sell Backpack live order book, 5 min ago	0.06 bp	8.0 bp −$8	143.8 bp −$1,438	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	−0.0198%	8h	8.7958	+0.169%	$3.9M	$4.9M	—	as long as short
Bybit UNIUSDT	−0.0190%	8h	8.7830	+0.023%	$102.4M	$105.5M	75x	as long as short
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.7877	+0.077%	$549K	$129K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	8.7844	+0.039%	$79K	—	150x	as long as short
OKX UNI-USDT-SWAPlong	+0.0010%	8h	8.7810	long leg	$54.3M	$245.6M	50x
01 Exchange UNIUSD	+0.0072%	1h	8.7895	+0.097%	$439	—	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.7835	+0.028%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.7810	0.000%	$838K	$4.0M	10x	as long as short
Hyperliquid UNI	+0.0100%	1h	8.7941	+0.149%	$95.4M	$60.2M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.7851	+0.047%	$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	8.7840	+0.034%	$296K	$561K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.7890	+0.091%	$215.4M	$599.4M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.7930	+0.137%	$271K	$605K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.7870	+0.068%	$22.5M	$59.7M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.7800	−0.011%	$42.6M	$24.7M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.7820	+0.011%	$13.7M	$13.8M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.7850	+0.046%	$31.8M	$41.3M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.7840	+0.034%	—	$50.6M	—	as long as short
Backpack UNI_USDC_PERPshort	+0.0100%	1h	8.7856	+0.052%	$972K	$2.4M	10x
edgeX UNIUSDC	+0.0100%	4h	8.8013	+0.231%	$165K	$342K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.7938	+0.146%	$620K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8040	+0.262%	$83K	$727K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8030	+0.251%	$104K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.7864	+0.061%	$88K	$336K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.7780	−0.034%	$15K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.7845	+0.040%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.7808	−0.002%	$28K	$672K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8036	+0.257%	$698K	$4.2M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.7860	+0.057%	$26.5M	$4.3M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.7738	−0.082%	$309K	$1.4M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.7820	+0.011%	$31K	$1K	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0192%	1h	8.8370	+0.638%	$1.0M	$5.3M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.7850	+0.046%	$9.8M	$3.3M	75x	as long as short
dYdX UNI-USD	+0.0266%	1h	8.7842	+0.036%	$243K	$5K	10x	as long as short
Kraken Futures PF_UNIUSD	+0.0319%	1h	8.7861	+0.058%	$4.9M	$7.3M	50x	as long as short
Reya UNIRUSDPERP	+0.0358%	1h	8.7815	+0.006%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0320%	1h	8.7808	−0.002%	$551K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0551%	1h	8.8121	+0.354%	$1K	$51K	10x	as long as short
Lighter UNI	+0.0664%	1h	8.7985	+0.199%	$4.5M	$5.4M	15x	as long as short
Injective UNI/USDC PERP	+0.4514%	1h	8.7900	+0.102%	$657	$97K	12x	as long as short