Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Backpack against Phemex+0.023%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$470.473% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 3 days (all we have)−0.384%−$38 · spread now +0.023%, 7d avg +0.012%

Together, before fees−0.350%−$35 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	8.8170	0.0100	pay 0.0100% / 8h	2h 10m	$26.5M	$4.4M	50x
Short	Backpack UNI_USDC_PERP	8.8190	0.0100	get 0.0013% / 1h	10m 28s	$978K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.023%Rate

Funding earned: $0
Price spread: +0.023% → +0.012%: $1.08
Slippage, 4 orders: −$25.28
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$46.2
Costs to cover: 0.473%
Break-even: never at this rate

Slippage from Phemex: 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 Phemex live order book, 4 min ago	6.23 bp	16.5 bp −$16	26.2 bp −$262	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.06 bp	8.4 bp −$8	179.3 bp −$1,793	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	−0.0125%	8h	8.8143	−0.031%	$3.9M	$4.7M	—	as long as short
Bybit UNIUSDT	−0.0080%	8h	8.8090	−0.091%	$100.5M	$106.3M	75x	as long as short
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.8192	+0.025%	$565K	$154K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	8.8129	−0.046%	$79K	—	150x	as long as short
OKX UNI-USDT-SWAP	+0.0026%	8h	8.8080	−0.102%	$54.3M	$245.9M	50x	as long as short
01 Exchange UNIUSD	+0.0032%	1h	8.8173	+0.003%	$440	—	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8076	−0.107%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8090	−0.091%	$852K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8144	−0.030%	$1.0M	$3.4M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8134	−0.040%	$298K	$563K	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	8.8120	−0.057%	$215.2M	$597.2M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8230	+0.068%	$272K	$612K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8090	−0.091%	$22.9M	$59.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8130	−0.045%	$42.5M	$24.8M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8120	−0.057%	$13.3M	$13.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8120	−0.057%	$31.9M	$41.7M	75x	as long as short
BingX UNI-USDT	+0.0100%	8h	8.8120	−0.057%	—	$51.7M	—	as long as short
Backpack UNI_USDC_PERPshort	+0.0100%	1h	8.8190	+0.023%	$978K	$2.3M	10x
edgeX UNIUSDC	+0.0100%	4h	8.8900	+0.828%	$167K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8175	+0.006%	$612K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8920	+0.851%	$84K	$714K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8200	+0.034%	$105K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8121	−0.056%	$86K	$346K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8110	−0.068%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8197	+0.031%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8125	−0.051%	$25K	$668K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8277	+0.121%	$719K	$4.4M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	8.8170	long leg	$26.5M	$4.4M	50x
Extended UNI-USD	+0.0104%	1h	8.8084	−0.097%	$305K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8137	−0.038%	$31K	$1K	3x	as long as short
dYdX UNI-USD	+0.0120%	1h	8.8157	−0.014%	$244K	$6K	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0200%	1h	8.8220	+0.057%	$1.0M	$5.3M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.8160	−0.011%	$9.8M	$3.4M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0270%	1h	8.8230	+0.069%	$4.9M	$7.2M	50x	as long as short
Hyperliquid UNI	+0.0314%	1h	8.8239	+0.078%	$96.2M	$59.9M	10x	as long as short
Reya UNIRUSDPERP	+0.0360%	1h	8.8093	−0.087%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0320%	1h	8.8121	−0.055%	$553K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0577%	1h	8.8587	+0.473%	$1K	$50K	10x	as long as short
Lighter UNI	+0.0600%	1h	8.8292	+0.138%	$4.5M	$5.4M	15x	as long as short
Injective UNI/USDC PERP	+0.2702%	1h	8.7900	−0.306%	$657	$97K	12x	as long as short