Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Polymarket Perps against Backpack−0.058%7-day average +0.004% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$270.274% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)+0.652%+$65 · spread now −0.058%, 7d avg +0.004%

Together, before fees+0.585%+$58 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.061% cheaper against Backpack than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack UNI_USDC_PERP	8.8671	0.0100	pay 0.0013% / 1h	0m 05s	$1.0M	$2.4M	10x
Short	Polymarket Perps UNI-USD	8.8620	0.0100	get 0.0013% / 1h	0m 05s	$92K	$479K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Backpack. 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 BackpackbpFee Polymarket PerpsbpOrdersPrice spread, now −0.058%Rate

Funding earned: $0
Price spread: −0.058% → +0.004%: −$6.11
Slippage, 4 orders: −$9.42
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$33.53
Costs to cover: 0.274%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Polymarket Perps: live order book, 52 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 Backpack live order book, 4 min ago	0.22 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 52 min ago	3.16 bp	7.4 bp −$7	8.1 bp −$81	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
01 Exchange UNIUSD	−0.0024%	1h	8.8623	−0.054%	$442	$5	10x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0007%	1h	8.8628	−0.049%	$48K	—	150x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0032%	1h	8.8672	+0.001%	$568K	$208K	50x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.418%	$660	$154K	12x	as long as short
Lighter UNI	+0.0096%	1h	8.8722	+0.058%	$4.5M	$5.9M	15x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8586	−0.096%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8595	−0.086%	$876K	$4.6M	10x	as long as short
Hyperliquid UNI	+0.0100%	1h	8.8715	+0.050%	$93.8M	$65.3M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8637	−0.039%	$765K	$3.6M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8590	−0.091%	$285K	$611K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance UNIUSDT	+0.0100%	8h	8.8600	−0.080%	$216.2M	$655.0M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.8600	−0.080%	$99.1M	$112.3M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8600	−0.080%	$53.7M	$261.4M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8700	+0.033%	$330K	$684K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8600	−0.080%	$23.4M	$65.6M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8600	−0.080%	$46.8M	$26.4M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8600	−0.080%	$13.1M	$13.4M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8590	−0.091%	$32.6M	$46.2M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8590	−0.091%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERPlong	+0.0100%	1h	8.8671	long leg	$1.0M	$2.4M	10x
Variational Omni UNI	+0.0100%	8h	8.8460	−0.239%	$4.1M	$4.2M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8574	−0.110%	$167K	$346K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8614	−0.064%	$615K	$2.8M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8590	−0.091%	$91K	$702K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8630	−0.046%	$15K	$3.4M	20x	as long as short
Polymarket Perps UNI-USDshort	+0.0100%	1h	8.8620	−0.058%	$92K	$479K	10x
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8590	−0.091%	$16K	$1.5M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8653	−0.020%	$35K	$1.4M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8599	−0.081%	$35K	$821K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8706	+0.039%	$712K	$5.0M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8590	−0.091%	$26.8M	$4.3M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8561	−0.124%	$282K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8605	−0.074%	$31K	—	3x	as long as short
dYdX UNI-USD	+0.0200%	1h	8.8568	−0.116%	$233K	$31K	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0216%	1h	8.8660	−0.012%	$918K	$5.8M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8550	−0.136%	$10.0M	$3.6M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0274%	1h	8.8649	−0.025%	$4.8M	$8.3M	50x	as long as short
Reya UNIRUSDPERP	+0.0375%	1h	8.8572	−0.111%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.8628	−0.048%	$631K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0661%	1h	8.8680	+0.010%	$967	$45K	10x	as long as short