Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.154%

Price spread now: Injective against Orderly+0.045%58s7-day average +0.021% · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.467%−$47 on $10k

Price spread, last 4 days (all we have)−0.216%−$22 · spread now +0.045%, 7d avg +0.021%

Together, before fees−0.683%−$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.025% dearer against Orderly than usual: you sell high and buy low (spread +0.045% now, against its 7-day average of +0.021%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 7 days (−0.467% in total) that is about 9 hours. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_UNI_USDC	8.8260	0.0100	pay 0.0100% / 8h	5h 55m	$16K	$2.5M	10x
Short	Injective UNI/USDC PERP	8.8300	0.0033	get 0.0004% / 1h	55m 34s	$660	$147K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee InjectivebpOrdersPrice spread, now +0.045%Rate

Funding earned: −$14
Price spread: +0.045% → +0.021%: $2.47
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$17.55
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

UNI on 40 exchanges

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
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.8338	+0.089%	$584K	$217K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0005%	1h	8.8410	+0.170%	$76K	—	150x	as long as short
Injective UNI/USDC PERPshort	+0.0033%	1h	8.8300	+0.045%	$660	$147K	12x
Nado UNI-PERP	+0.0050%	1h	8.8312	+0.059%	$704K	$3.9M	10x	as long as short
Lighter UNI	+0.0096%	1h	8.8437	+0.201%	$4.4M	$4.8M	15x	as long as short
01 Exchange UNIUSD	+0.0096%	1h	8.8352	+0.104%	$441	$56	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8311	+0.058%	$25K	—	20x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8362	+0.115%	$742K	$2.4M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8360	+0.113%	$287K	$467K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8335	+0.085%	$214.3M	$568.7M	75x	as long as short

Show all 40 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit UNIUSDT	+0.0100%	8h	8.8310	+0.057%	$97.7M	$97.5M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.8320	+0.068%	$54.6M	$228.3M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8420	+0.181%	$324K	$525K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8350	+0.102%	$27.8M	$54.7M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8340	+0.091%	$46.2M	$20.4M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8350	+0.102%	$12.9M	$11.2M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8310	+0.057%	$32.9M	$42.4M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8320	+0.068%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8402	+0.161%	$1.1M	$2.3M	10x	as long as short
Variational Omni UNI	+0.0100%	8h	8.8262	+0.003%	$4.1M	$2.7M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8372	+0.127%	$167K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8423	+0.184%	$617K	$2.3M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8490	+0.261%	$89K	$712K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8450	+0.215%	$93K	$3.5M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8278	+0.020%	$105K	$574K	10x	as long as short
Orderly PERP_UNI_USDClong	+0.0100%	8h	8.8260	long leg	$16K	$2.5M	10x
SunX UNI-USDT	+0.0100%	8h	8.8330	+0.079%	$36K	$1.2M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8325	+0.074%	$32K	$725K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8420	+0.181%	$699K	$4.0M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8350	+0.102%	$26.6M	$4.5M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8296	+0.041%	$299K	$1.7M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8319	+0.067%	$31K	—	3x	as long as short
Kraken Futures PF_UNIUSD	+0.0131%	1h	8.8369	+0.124%	$4.7M	$7.7M	50x	as long as short
Hyperliquid UNI	+0.0215%	1h	8.8453	+0.219%	$95.2M	$61.6M	10x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8400	+0.159%	$10.0M	$3.3M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0240%	1h	8.8470	+0.238%	$924K	$4.4M	50x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	8.8352	+0.105%	$628K	—	120x	as long as short
Reya UNIRUSDPERP	+0.0386%	1h	8.8305	+0.051%	$16K	—	20x	as long as short
Aftermath Perps UNIUSD	+0.0575%	1h	8.8441	+0.205%	$1K	$49K	10x	as long as short
dYdX UNI-USD	+0.0644%	1h	8.8393	+0.151%	$232K	$32K	10x	as long as short