Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0271%/8h= +29.6% APRpaid last 24h +0.026%

Price spread now: Deribit against Variational Omni+0.174%7-day average +0.080% · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.088%+$9 on $10k

Price spread, last 3 days (all we have)+0.287%+$29 · spread now +0.174%, 7d avg +0.080%

Together, before fees+0.375%+ Points / potential airdropVariational Omni: Active · farm board+$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Deribit is 0.094% dearer against Variational Omni than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.080%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.088% in total (about 9.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni UNI	8.8274	−0.0066	get 0.0066% / 8h	1h 28m	$3.9M	$4.5M	—
Short	Deribit UNI_USDC-PERPETUAL	8.8428	0.0205	get 0.0026% / 1h	28m 31s	$562K	$157K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.174%Rate

Funding earned: $56.85
Price spread: +0.174% → +0.080%: $9.42
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $59.27
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Deribit: live order book, 55 min ago. 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 Variational Omni RFQ quote, 1 min ago	3.27 bp	doesn't fit	12.1 bp −$121	doesn't fit	doesn't fit
Sell Deribit live order book, 55 min ago	8.70 bp	12.5 bp −$13	21.0 bp −$210	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 UNIlong	−0.0066%	8h	8.8274	long leg	$3.9M	$4.5M	—
Bybit UNIUSDT	−0.0008%	8h	8.8330	+0.063%	$100.7M	$104.3M	75x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	8.8394	+0.136%	$61K	—	150x	as long as short
Injective UNI/USDC PERP	+0.0033%	1h	8.8300	+0.029%	$660	$155K	12x	as long as short
OKX UNI-USDT-SWAP	+0.0043%	8h	8.8340	+0.075%	$54.7M	$243.6M	50x	as long as short
01 Exchange UNIUSD	+0.0048%	1h	8.8385	+0.126%	$441	—	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8347	+0.083%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8340	+0.075%	$941K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8446	+0.195%	$1.0M	$3.4M	50x	as long as short
Pacifica UNI	+0.0100%	1h	8.8402	+0.145%	$296K	$570K	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	8.8330	+0.063%	$216.8M	$588.0M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8420	+0.165%	$282K	$615K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8370	+0.109%	$23.0M	$58.6M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8350	+0.086%	$42.8M	$24.5M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8360	+0.097%	$13.5M	$13.8M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8350	+0.086%	$32.1M	$41.3M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8350	+0.086%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8444	+0.193%	$982K	$2.3M	10x	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8322	+0.054%	$166K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8297	+0.026%	$612K	$2.5M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.8330	+0.063%	$87K	$713K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8340	+0.075%	$105K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8351	+0.087%	$86K	$352K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8340	+0.075%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8409	+0.153%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8360	+0.097%	$25K	$666K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.8573	+0.339%	$725K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8370	+0.109%	$26.6M	$4.5M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8331	+0.065%	$300K	$1.4M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8399	+0.142%	$31K	$1K	3x	as long as short
dYdX UNI-USD	+0.0152%	1h	8.8442	+0.190%	$245K	$6K	10x	as long as short
Deribit UNI_USDC-PERPETUALshort	+0.0205%	1h	8.8428	+0.174%	$562K	$157K	50x
BloFin UNI-USDT	+0.0220%	8h	8.8320	+0.052%	$9.8M	$3.3M	75x	as long as short
Coinbase International UNI-PERP-INTX	+0.0224%	1h	8.8400	+0.143%	$1.0M	$5.3M	50x	as long as short
Hyperliquid UNI	+0.0302%	1h	8.8557	+0.321%	$96.9M	$59.2M	10x	as long as short
Kraken Futures PF_UNIUSD	+0.0342%	1h	8.8429	+0.176%	$4.9M	$7.0M	50x	as long as short
Reya UNIRUSDPERP	+0.0362%	1h	8.8306	+0.036%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0319%	1h	8.8376	+0.115%	$553K	—	120x	as long as short
Lighter UNI	+0.0600%	1h	8.8536	+0.297%	$4.5M	$5.2M	15x	as long as short
Aftermath Perps UNIUSD	+0.0629%	1h	8.8364	+0.102%	$1K	$49K	10x	as long as short