A last trade on a price contract can jump while the number the venue uses for margin stays put. People treat that candle as proof their maintenance moved, then they are surprised when the position is still open, or when a later close uses a different figure.
The problem is that last, mark, and index are three fields on the same screen. Funding is a periodic transfer between longs and shorts. A forced close uses the venue's mark, so coins in a cash-market balance sit on a different ledger through all of that.
Perpetual futures are the product class that stays open until you close them, using a funding rate in place of an expiry date to stay near the referenced spot.
UNI is Uniswap's ERC-20 governance token, and BloFin lists two UNI perpetuals: UNIUSDT at up to 75x, and UNIUSD, an inverse contract settled in UNI, at up to 20x. A fill on either market is price exposure on this venue.
What a filled UNIUSDT position actually holds
A filled UNIUSDT perpetual is a margined price position on this venue. You post USDT as margin, you go long or short UNI's price, and you close the position to exit. UNI you can send is a spot token line, and a Uniswap pool is a separate onchain market.
Suppose you already hold UNI/USDT on spot and also open UNIUSDT isolated. After the perpetual fill, the review screen shows a position size, a margin line, and a funding line, while the spot balance is still a UNI token line on the same account. Those two holdings share a ticker and settle as different products.
UNI is an ERC-20 token and the governance token of the Uniswap protocol. UNI grants holders the right to participate in Uniswap governance by voting on proposals and protocol changes, and when it is delegated it sets voting weight (source: Uniswap Docs, Governance glossary).
The ERC-20 standard describes fungible tokens: each unit of a given contract is the same type and value as another unit of that contract (source: ethereum.org, ERC-20 Token Standard). UNI is that kind of token. A UNIUSDT position is a derivative at a venue. What Uniswap is names the protocol as a competing decentralized exchange (DEX), and that protocol is a different market from this perpetual.
A perpetual is built to stay open, so the CFTC one-pager describes that design as a derivative with no fixed expiry. Perpetuals versus futures is the generic class. The UNI version is this venue's UNIUSDT and UNIUSD markets, which stay open until you close them or the venue does.
UniswapX is a signed-intent auction, Unichain is an OP Stack L2, and a Uniswap pool is two token reserves in a contract. Holding UNIUSDT is a venue position, and UNI in a wallet is the ERC-20 vote token, so a perpetual fill is a price position, and a governance claim needs UNI the Governor can see.
Closing is how you exit, so remaining margin comes back as USDT, and a withdrawal form still asks for a token network. If you wanted the ERC-20, you needed the spot fill, or a native pool swap from a wallet you already control, because the perpetual is the price side. How to buy UNI is the holding fork when coins you can withdraw are the purpose. How spot and perpetual futures differ is the generic split.
Keep the split: USDT in, a position out, USDT back when you close. The ERC-20 lives on a chain, and this fill lives on this venue's ledger until it is closed.
Mark, last, and index on this pair
BloFin publishes three different UNIUSDT prices: last is a trade on this book, mark is this venue's mark for the perpetual, and index is a separate index. Those three fields can disagree on a single day, so read mark for margin math.
UNIUSDT publishes a mark price and an index price as two fields, and those two figures can disagree on a given fetch. Last on the ticker is a third figure. A fill still happens against the book you took or posted, so a gap between last and mark names different quantities on the same perpetual.
Mark price versus last price is the generic class: maintenance math follows mark, while last is a trade. The UNI version is which mark you are actually on. UNIUSD publishes its own mark field, and copying UNIUSDT's mark onto UNIUSD mixes two markets.
A Uniswap pool prices a swap from the two reserves already in that contract, and that ratio is the pool's market on that chain. You can watch a UNI/USDC pool move while your UNIUSDT mark does something else, because those are two markets with two price recipes.
Leave today's dollar marks on the live screen, the way you leave a signed funding rate on the live screen. The useful fact is the split: last, mark, and index are three fields on this perpetual, and liquidation math on this pair uses this venue's mark.
Mark on this pair is the number this venue will use for margin math on this perpetual, separate from last, from a Uniswap pool ratio, and from a liquidity claim.
Funding as a cash flow on UNIUSDT and UNIUSD
Funding on BloFin's UNIUSDT perpetual is a periodic transfer between longs and shorts on this venue's 8-hour interval, with a published cap of 0.05 and floor of -0.05. Opening a position posts margin, and the next settlement sits on that 8-hour interval, which the order screen shows as a product field.
UNIUSDT publishes an 8-hour funding interval, a 0.05 cap, and a -0.05 floor. Leave today's signed rate on the live screen, because that figure moves. The interval and the band are the product fields.
UNIUSD is a second perpetual with its own funding line. UNIUSD lists an 8-hour interval, a 0.02 cap, and a -0.02 floor. Pasting UNIUSDT's 0.05 band onto UNIUSD misreads the second market, so treat the two transfers as two payments.
The CFTC one-pager names the cash flow that keeps a perpetual near spot as a funding rate, a periodic payment between the long and short sides of the contract (source: CFTC, Crypto Asset Perpetual Contracts one-pager). How crypto funding rates work is the generic sign: when the perpetual trades rich to the index, longs pay shorts, and when it trades cheap, shorts pay longs. The UNI version is which interval and which band you are actually on. Basis on this pair is that same gap, between this perpetual and this venue's index, which is a carrying-cost fact, separate from a depth figure.
If you hold UNIUSDT across a settlement, the transfer hits that BloFin position. UNIUSD you left closed, UNI/USDT spot, and a Uniswap pool sit outside that payment. Funding is a carrying cost or a credit on this 8-hour BloFin interval, bounded by this market's published band, and the listing date is a different field.
Treat both bands as current settings, which can change. Re-read the funding-rate line on the day you size.
When this venue closes the position
When margin on this BloFin UNIUSDT perpetual falls through maintenance, this venue can close the position, and that close is BloFin's engine. Isolated contains the loss to that market if you set isolated, so the forced close is scoped to this perpetual.
How liquidation works is the generic class: a stop is an order you placed, and a liquidation is an exchange-forced close when margin falls through maintenance. The UNI version is which venue is doing the close, and which market it is allowed to touch.
Suppose you start with 400 USDT already on BloFin plus a UNI/USDT spot balance you plan to withdraw next week. You want UNI price exposure you can exit the same session, so you confirm UNIUSDT, isolated, and a 10x multiple with the 75x cap unused, then size a small contract count. If mark then runs against you far enough that isolated maintenance breaks, this venue can close that perpetual. The UNI/USDT spot line is a different market, so the isolated perpetual posted its own collateral, the forced close is how the perpetual exits, and the spot UNI can still sit.
You could have chosen 75x on the same market, and that cap is allowed on this BloFin perpetual, but a higher multiple still leaves you on this venue. Cross would have shared collateral with other cross positions on BloFin, which is a wider blast radius, still on this ledger. A 1x multiple is still a perpetual: funding and fees can still drain isolated margin. The 75x field is a cap on this market. Positions can sit below that cap, and a fast move can still break maintenance.
UNIUSD has its own maintenance math and its own 20x cap. Closing UNIUSDT leaves UNIUSD untouched if that second market is still open. A Uniswap pool runs its own inventory, so this venue's engine is what can close this perpetual.
Maintenance on this perpetual is this venue's maintenance. The spot balance you still wanted is a different holding.
UNIUSDT, UNIUSD, and UNI/USDT as three markets
Search boxes concatenate a ticker, and the review screen is the record that tells the three markets apart. UNIUSDT is the USDT-margined perpetual. UNIUSD is the coin-margined perpetual: inverse, UNI-settled, USD-quoted. UNI/USDT is spot UNI you can withdraw on this venue.
BloFin's coin-margined FAQ puts margin and settlement in the underlying cryptocurrency, with USD as the pricing unit (coin-margined versus USDT-margined).
| Market | What it is | Published cap | Funding band |
|---|---|---|---|
| UNIUSDT | USDT-margined perpetual | up to 75x | 8-hour, ±0.05 |
| UNIUSD | Coin-margined perpetual | up to 20x | 8-hour, ±0.02 |
| UNI/USDT | Spot UNI | Cash size | None |
On UNIUSDT the public contract value is 1, which on that linear USDT-margined market is 1 UNI per contract, with minSize 0.1. UNIUSD also publishes contract value 1, and on that inverse market that field is a different size box rather than 1 UNI of notional. UNIUSD minSize is 1. Copying the 0.1 floor onto UNIUSD mixes two size fields. Spot minSize is 0.01 UNI on the spot listing, which is a token amount rather than a perpetual contract count.
What futures trading is on BloFin is the product primer for isolated versus cross as fields on a position. Isolated contains a loss to this market, and cross shares collateral with other cross positions on the same venue. Either mode still leaves a 1x perpetual as a margined position.
Autocomplete can park UNIUSD next to UNIUSDT, so confirm the instrument identifier before you size. Confirm the market type is a perpetual if you wanted the derivative, and spot if you wanted UNI/USDT. A header that still says UNI can sit on any of the three markets, so read the market type on the review screen.
Three markets can all say UNI nearby and still sit on three ledgers: BloFin USDT-margined perpetual, BloFin UNI-settled perpetual, and BloFin spot. UNI is the governance token of the Uniswap Protocol. Spot UNI/USDT is that token on this venue's spot book, and a Uniswap pool is a fourth market, onchain (source: Uniswap Docs, UNI token).
Listing dates on BloFin, and when a perpetual matches the purpose
BloFin lists two UNI perpetuals and one UNI spot pair, each with its own listing date. Those three dates are when the market went live on this venue, and they are listing dates you can re-check on the live page before sizing.
BloFin lists UNIUSDT at up to 75x, listed January 12, 2023, linear and USDT-settled. BloFin lists UNIUSD at up to 20x, listed June 27, 2025, inverse, UNI-settled, and USD-quoted. BloFin has listed UNI/USDT on spot since January 15, 2024.
Those three dates are the moment each market went live, while dated futures name a delivery month. A CFTC one-pager describes a perpetual as a derivative that stays open, and BloFin still carries a far-future expire field on the UNIUSDT listing in the 2100s, which is bookkeeping on a perpetual rather than a delivery month you must roll.
This perpetual is the hosted path for UNI price exposure on BloFin, useful when you wanted a centralized fill and the Uniswap pool is a separate onchain market. Coins, a vote, and the native AMM are other purposes. For the custody split between a Uniswap pool and an exchange balance, see Uniswap versus centralized exchanges.
If you wanted UNI you can withdraw, go back to the buy path and confirm the screen says spot. UNI, the Uniswap Protocol token, is live as the ERC-20 vote asset, which is the holding that can reach a Governor, rather than the perpetual (source: Uniswap Blog, Introducing UNI). If you wanted a vote, you need UNI in a signing wallet the Governor can see, and a perpetual position stays on this venue's ledger. If you wanted a pool fill, you are on Uniswap, a competing DEX, and this venue's UNIUSDT mark is a different market.
The field list is optional. The instrument identifier, the interval you are actually on, and the venue that will close you if margin breaks are the three checks that matter.
Common questions about UNI perpetuals
If isolated UNIUSD is closed, does this venue take UNI from my UNI/USDT spot balance to settle it?
Isolated UNIUSD posts UNI as margin on that coin-margined perpetual. When isolated maintenance on UNIUSD breaks, this venue can close that perpetual and settle in UNI on that market. UNI/USDT spot is still a different holding, so the isolated UNI allocated to UNIUSD is what that close can touch, rather than the spot balance by default. Isolated UNIUSDT, by contrast, posted USDT as margin. If you needed the coins next week, confirm after a UNIUSD close that spot UNI/USDT is still there, and treat the perpetual P&L as UNI on the inverse side.
Does a UNIUSD funding payment settle a UNIUSDT position I still have open?
Funding is charged per market: UNIUSDT publishes an 8-hour band of plus or minus 0.05, and UNIUSD posts 0.02 and minus 0.02 on that same interval. A settlement on the UNIUSD funding line hits UNIUSD. A still-open UNIUSDT position keeps its own funding line, and UNI/USDT spot has none. If both perpetual markets are open, you can receive or pay on each at the same 8-hour interval. Read the funding line on the position you actually hold, and keep the two bands in two columns if you track both.
If I add extra USDT to isolated after the fill, does the public 75x cap increase?
The published max multiple of 75 sits on the UNIUSDT listing, and a later isolated top-up leaves that field unchanged. Extra USDT only adds cushion on this position. Switching isolated to cross also leaves 75 unchanged: it only changes how far a loss can travel on BloFin. UNIUSD's published cap stays 20 on its own listing, so topping up UNIUSDT leaves UNIUSD's cap where it was. The cap can sit unused, so a top-up is extra margin on this position, and the listing stays the listing.
Can a UNIUSDT position vote on Uniswap governance the way UNI in a wallet can?
UNI tokens have voting power in Uniswap Governance, and they must be delegated before you can use them to vote. Delegation binds that voting power to an Ethereum address, from an Ethereum-compatible wallet (source: Uniswap Docs, Guide to Voting). A UNIUSDT fill is a venue position. The Governor sees UNI that a wallet has delegated, and support cannot cast that vote for you. If you wanted a vote, withdraw UNI to a wallet, delegate, then sign.
If last on UNIUSDT jumps and mark stays put, did that jump lift my maintenance?
Last is a trade that hit this UNIUSDT book. Maintenance follows mark, so a last spike that leaves mark still can leave the liquidation estimate where it was. If those two figures disagree, read mark on the position and treat the last candle as a fill. UNIUSD publishes its own mark field. A Uniswap pool ratio is a fourth market.
Does an expire field in the 2100s mean UNIUSDT is a dated future I must roll?
The CFTC one-pager describes a perpetual as a derivative with no fixed expiration date. BloFin's UNIUSDT listing still carries an expire field, and on UNIUSDT that timestamp sits in the 2100s. Size that field as bookkeeping on a perpetual, and plan the position as a contract that stays open until you close it or the venue does. UNIUSD has its own far-future expire field. If you needed a contract that names a delivery month, you are on a different product class.
Does a UNIUSDT fill appear as a Uniswap pair swap on an explorer?
UNIUSDT is a BloFin perpetual fill. The pair contract on Ethereum never sees that match, so a block explorer will not list it as a Uniswap swap. Close credits or debits USDT on this venue. A later UNI withdrawal is a transfer to a wallet, still a pool trade only after you actually swapped. If you needed an onchain swap, sign that call yourself. Read BloFin's order history for the perpetual, and the pair transaction only after you actually swapped.
Researched and written by the BloFin Academy editorial team with AI-assisted drafting. Updated September 2026. Primary sources include BloFin's public SWAP, spot, funding-rate, and mark-price instrument endpoints, the CFTC perpetual-contracts one-pager, and Uniswap Developers governance glossary and guide-to-voting. All facts independently verified against cited documentation current as of September 2026.
This article is educational and general in nature, not financial or investment advice. Cryptocurrencies like UNI carry real risks, including price volatility, venue failure, liquidation on a perpetual, ticker mix-ups, and the chance of losing funds. Nothing here is a recommendation to buy, sell, hold, or participate in any project. Do your own research, and consider speaking with a licensed professional before making financial decisions. BloFin does not provide investment advice.