Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Backpack against MEXC−0.002%7-day average +0.473% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 7 days−0.031%−$3 · spread now −0.002%, 7d avg +0.473%

Together, before fees+0.023%+$2 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: Backpack is 0.476% cheaper against MEXC than usual: you would sell low and buy high, −$48 on $10k if it goes back to its 7-day average of +0.473%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC UNI_USDT	8.8840	0.0100	pay 0.0100% / 8h	1h 19m	$42.9M	$24.5M	200x
Short	Backpack UNI_USDC_PERP	8.8838	0.0100	get 0.0013% / 1h	19m 50s	$986K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.002%Rate

Funding earned: $0
Price spread: −0.002% → +0.473%: −$47.56
Slippage, 4 orders: −$4.73
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$66.3
Costs to cover: 0.187%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.56 bp	3.5 bp −$4	6.6 bp −$66	24.4 bp −$2,436	162.9 bp −$81.5K
Sell Backpack live order book, 4 min ago	0.06 bp	6.9 bp −$7	139.5 bp −$1,395	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	−0.0051%	8h	8.8824	−0.018%	$3.9M	$4.5M	—	as long as short
Bybit UNIUSDT	−0.0002%	8h	8.8790	−0.056%	$101.2M	$104.6M	75x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	8.8877	+0.042%	$62K	—	150x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0019%	1h	8.8832	−0.010%	$565K	$157K	50x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−0.608%	$660	$155K	12x	as long as short
OKX UNI-USDT-SWAP	+0.0046%	8h	8.8810	−0.034%	$54.9M	$245.0M	50x	as long as short
01 Exchange UNIUSD	+0.0056%	1h	8.8927	+0.098%	$444	—	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8818	−0.025%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8830	−0.011%	$941K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8849	+0.010%	$1.0M	$3.3M	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	8.8882	+0.048%	$298K	$570K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8830	−0.011%	$217.9M	$588.6M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8940	+0.113%	$283K	$615K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8840	0.000%	$23.1M	$58.7M	75x	as long as short
MEXC UNI_USDTlong	+0.0100%	8h	8.8840	long leg	$42.9M	$24.5M	200x
KuCoin UNIUSDTM	+0.0100%	8h	8.8800	−0.045%	$13.6M	$13.7M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8800	−0.045%	$32.2M	$41.4M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8820	−0.023%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERPshort	+0.0100%	1h	8.8838	−0.002%	$986K	$2.3M	10x
edgeX UNIUSDC	+0.0100%	4h	8.8599	−0.271%	$167K	$343K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8775	−0.073%	$626K	$2.5M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8740	−0.113%	$88K	$712K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8880	+0.045%	$106K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8868	+0.032%	$86K	$354K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8780	−0.068%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8921	+0.091%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8783	−0.064%	$25K	$666K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8993	+0.172%	$730K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8830	−0.011%	$26.7M	$4.4M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8780	−0.067%	$301K	$1.4M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8785	−0.062%	$32K	$1K	3x	as long as short
dYdX UNI-USD	+0.0135%	1h	8.8884	+0.050%	$246K	$6K	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8900	+0.068%	$9.9M	$3.4M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0224%	1h	8.8970	+0.146%	$1.1M	$5.3M	50x	as long as short
Kraken Futures PF_UNIUSD	+0.0341%	1h	8.8858	+0.020%	$4.9M	$7.0M	50x	as long as short
Hyperliquid UNI	+0.0349%	1h	8.8952	+0.126%	$97.6M	$59.1M	10x	as long as short
Reya UNIRUSDPERP	+0.0362%	1h	8.8825	−0.017%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0319%	1h	8.8860	+0.023%	$557K	—	120x	as long as short
Lighter UNI	+0.0600%	1h	8.8990	+0.169%	$4.5M	$5.2M	15x	as long as short
Aftermath Perps UNIUSD	+0.0630%	1h	8.8738	−0.115%	$1K	$50K	10x	as long as short