Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0181%/8h= −19.9% APRpaid last 24h −0.002%

Price spread now: Phemex against Backpack−0.073%53s7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$530.528% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.188%+$19 · spread now −0.073%, 7d avg −0.014%

Together, before fees+0.154%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.059% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.014%). Swap the legs. The two prices were read 53 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	Backpack UNI_USDC_PERP	8.9205	0.0249	pay 0.0031% / 1h	52m 20s	$1.1M	$2.5M	10x
Short	Phemex UNIUSDT	8.9140	0.0067	get 0.0067% / 8h	7h 52m	$26.9M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$38.09
Price spread: −0.073% → −0.014%: −$5.92
Slippage, 4 orders: −$30.77
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$96.78
Costs to cover: 0.528%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Phemex: live order book, 2 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, 2 min ago	0.28 bp	6.6 bp −$7	85.8 bp −$858	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	7.85 bp	19.1 bp −$19	27.2 bp −$272	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
Kraken Futures PF_UNIUSD	−0.0062%	1h	8.9205	+0.001%	$4.7M	$8.6M	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0005%	1h	8.9166	−0.044%	$77K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−1.015%	$660	$153K	12x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0038%	1h	8.9215	+0.012%	$591K	$273K	50x	as long as short
Phemex UNIUSDTshort	+0.0067%	8h	8.9140	−0.073%	$26.9M	$4.4M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	8.9124	−0.090%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.9265	+0.067%	$728K	$4.7M	10x	as long as short
Hyperliquid UNI	+0.0100%	1h	8.9360	+0.174%	$95.3M	$67.6M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.9201	−0.004%	$724K	$3.2M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.9204	−0.001%	$288K	$567K	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	8.9170	−0.039%	$217.0M	$652.8M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	8.9160	−0.050%	$98.9M	$110.7M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	8.9180	−0.028%	$54.5M	$262.7M	50x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.9310	+0.118%	$323K	$701K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.9250	+0.050%	$26.6M	$62.5M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.9230	+0.028%	$48.0M	$25.3M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.9300	+0.106%	$13.0M	$13.3M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.9210	+0.006%	$33.0M	$46.1M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.9200	−0.006%	—	$6.5M	—	as long as short
Variational Omni UNI	+0.0100%	8h	8.9200	−0.005%	$4.1M	$4.0M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.9100	−0.118%	$168K	$346K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.9321	+0.130%	$631K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9170	−0.039%	$90K	$710K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.9180	−0.028%	$14K	$3.5M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.9290	+0.095%	$104K	$616K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.9210	+0.006%	$17K	$2.3M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.9382	+0.198%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.9120	−0.095%	$32K	$894K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9255	+0.056%	$707K	$4.7M	75x	as long as short
Extended UNI-USD	+0.0104%	1h	8.9110	−0.106%	$301K	$1.8M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.9193	−0.014%	$32K	—	3x	as long as short
01 Exchange UNIUSD	+0.0120%	1h	8.9357	+0.170%	$446	$5	10x	as long as short
dYdX UNI-USD	+0.0133%	1h	8.9191	−0.016%	$235K	$30K	10x	as long as short
Lighter UNI	+0.0136%	1h	8.9254	+0.055%	$4.5M	$5.4M	15x	as long as short
Coinbase International UNI-PERP-INTX	+0.0208%	1h	8.9300	+0.106%	$929K	$5.5M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9180	−0.028%	$10.2M	$3.6M	75x	as long as short
Backpack UNI_USDC_PERPlong	+0.0249%	1h	8.9205	long leg	$1.1M	$2.5M	10x
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0243%	1h	8.9119	−0.096%	$634K	—	120x	as long as short
Reya UNIRUSDPERP	+0.0382%	1h	8.9238	+0.037%	$16K	—	20x	as long as short
Aftermath Perps UNIUSD	+0.0397%	1h	8.9264	+0.066%	$1K	$52K	10x	as long as short