UNI arbitrage explained
Right now Uniswap (UNI) trades on 11 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $7.80 and the highest bid on HTX perp at $7.83.
The widest UNI perpetual spread is between Variational and HTX: long UNI on Variational at $7.80 and short on HTX at $7.83 for +0.31% gross, or +0.15% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.045% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best UNI route is to buy spot on Binance and short the perpetual on HTX: +0.14% gross, -0.06% net, with +0.066% a day of funding on the short leg.
Spot–spot UNI arbitrage (buy on Binance, withdraw, deposit and sell on Gate) shows +0.05% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small UNI gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: UNI funding rates · UNI spread charts · Uniswap price · arbitrage scanner for all coins.