Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Backpack against Phemex+0.055%7-day average +0.013% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$600.597% 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 4 days (all we have)−0.417%−$42 · spread now +0.055%, 7d avg +0.013%

Together, before fees−0.382%−$38 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 0.043% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex UNIUSDT	9.0690	0.0100	pay 0.0100% / 8h	3h 54m	$27.4M	$4.4M	50x
Short	Backpack UNI_USDC_PERP	9.0740	0.0100	get 0.0013% / 1h	54m 32s	$1.0M	$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 +0.055%Rate

Funding earned: $0
Price spread: +0.055% → +0.013%: $4.26
Slippage, 4 orders: −$37.73
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$55.47
Costs to cover: 0.597%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, 5 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, 5 min ago	7.71 bp	29.1 bp −$29	78.5 bp −$785	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.05 bp	9.7 bp −$10	686.0 bp −$6,860	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
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	9.0597	−0.102%	$37K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	−2.635%	$660	$154K	12x	as long as short
01 Exchange UNIUSD	+0.0072%	1h	9.0521	−0.186%	$452	$5	10x	as long as short
Nado UNI-PERP	+0.0100%	1h	9.0425	−0.292%	$968K	$4.4M	10x	as long as short
Hyperliquid UNI	+0.0100%	1h	9.0533	−0.174%	$97.9M	$62.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0681	−0.010%	$816K	$3.5M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0622	−0.075%	$293K	$602K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	9.0506	−0.203%	$222.4M	$640.7M	75x	as long as short
Bybit UNIUSDT	+0.0100%	8h	9.0430	−0.287%	$101.7M	$111.5M	75x	as long as short
OKX UNI-USDT-SWAP	+0.0100%	8h	9.0410	−0.309%	$55.1M	$261.6M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus UNI-USD	+0.0100%	1h	9.0650	−0.044%	$316K	$653K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0570	−0.132%	$23.7M	$63.2M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0480	−0.232%	$47.7M	$25.4M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0490	−0.221%	$13.5M	$13.2M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0420	−0.298%	$33.3M	$45.1M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	9.0560	−0.143%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERPshort	+0.0100%	1h	9.0740	+0.055%	$1.0M	$2.3M	10x
Variational Omni UNI	+0.0100%	8h	9.0369	−0.354%	$4.2M	$4.1M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.0508	−0.201%	$171K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.0442	−0.274%	$640K	$2.8M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.0510	−0.198%	$95K	$702K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.0490	−0.221%	$15K	$3.4M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0483	−0.228%	$86K	$430K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0600	−0.099%	$16K	$1.5M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0645	−0.050%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0655	−0.039%	$22K	$793K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0760	+0.077%	$725K	$4.7M	75x	as long as short
Phemex UNIUSDTlong	+0.0100%	8h	9.0690	long leg	$27.4M	$4.4M	50x
Paradex UNI-USD-PERP	+0.0100%	8h	9.0544	−0.161%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0509	−0.199%	$292K	$1.6M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0611	−0.087%	$32K	—	3x	as long as short
Lighter UNI	+0.0112%	1h	9.0704	+0.015%	$4.6M	$5.8M	15x	as long as short
Coinbase International UNI-PERP-INTX	+0.0216%	1h	9.0610	−0.088%	$949K	$5.9M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0700	+0.011%	$10.3M	$3.6M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0268%	1h	9.0726	+0.040%	$5.0M	$8.0M	50x	as long as short
Deribit UNI_USDC-PERPETUAL	+0.0309%	1h	9.0668	−0.024%	$581K	$208K	50x	as long as short
dYdX UNI-USD	+0.0346%	1h	9.0600	−0.099%	$239K	$30K	10x	as long as short
Reya UNIRUSDPERP	+0.0373%	1h	9.0407	−0.312%	$17K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0381% / S −0.0244%	1h	9.0577	−0.125%	$644K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0886%	1h	9.0627	−0.069%	$990	$46K	10x	as long as short