Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0341%/8h= −37.3% APRpaid last 24h −0.118%

Price spread now: Bybit against Backpack−0.170%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$780.776% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.753%−$75 on $10k

Price spread, last 4 days (all we have)+0.257%+$26 · spread now −0.170%, 7d avg −0.120%

Together, before fees−0.496%−$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bybit is 0.049% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.120%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	32.560	0.0441	pay 0.0055% / 1h	56m 58s	$125K	$377K	5x
Short	Bybit VVVUSDT	32.505	0.0100	get 0.0050% / 4h	1h 56m	$40.1M	$52.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.170%Rate

Funding earned: −$71.62
Price spread: −0.170% → −0.120%: −$4.92
Slippage, 4 orders: −$56.59
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$154.13
Costs to cover: 0.776%
Break-even: never at this rate

Slippage from Backpack: live order book, 27 min ago; Bybit: 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, 27 min ago	3.23 bp	12.9 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.77 bp	19.4 bp −$19	63.5 bp −$635	doesn't fit	doesn't fit

VVV on 33 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
Kalshi KXVVVPERP	0.0000%	8h	32.549	−0.034%	$107K	$6.8M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.522	−0.118%	$92K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.523	−0.115%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+0.798%	$2K	$1K	5.5x	as long as short
Phoenix VVV	+0.0077%	1h	32.498	−0.191%	$57K	$291K	5x	as long as short
Lighter VVV	+0.0096%	1h	32.547	−0.041%	$2.2M	$5.4M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.525	−0.108%	$486K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.545	−0.045%	$150K	$781K	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.543	−0.052%	$276K	$1.8M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.572	+0.036%	$193K	$176K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VVVUSDT	+0.0100%	4h	32.536	−0.074%	$34.3M	$155.6M	25x	as long as short
Bybit VVVUSDTshort	+0.0100%	4h	32.505	−0.170%	$40.1M	$52.3M	20x
OKX VVV-USDT-SWAP	+0.0100%	4h	32.513	−0.145%	$4.8M	$42.8M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.533	−0.084%	$11.0M	$7.7M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.538	−0.068%	$17.6M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.529	−0.096%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.529	−0.096%	$5.9M	$8.8M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.545	−0.047%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.611	+0.156%	$2.1M	$180K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	32.523	−0.114%	$152K	$1.2M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	32.525	−0.108%	$1K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.517	−0.133%	$2.1M	$2.0M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.568	+0.025%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.522	−0.118%	$321K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.523	−0.114%	$7K	$13K	3x	as long as short
BloFin VVV-USDT	+0.0112%	4h	32.521	−0.120%	$1.4M	$1.8M	25x	as long as short
edgeX VVVUSDC	+0.0112%	4h	32.506	−0.168%	$81K	$330K	10x	as long as short
Coinbase International VVV-PERP-INTX	+0.0144%	1h	32.490	−0.216%	$200K	$1.1M	25x	as long as short
RISEx VVV/USDC	+0.0175%	1h	32.535	−0.078%	$404K	$582K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0191% / S +0.0097%	1h	32.520	−0.125%	$567K	—	100x	as long as short
Backpack VVV_USDC_PERPlong	+0.0441%	1h	32.560	long leg	$125K	$377K	5x
01 Exchange VVVUSD	+0.0624%	1h	32.574	+0.042%	$12K	$3K	3x	as long as short
Hyperliquid VVV	+0.0779%	1h	32.575	+0.045%	$75.4M	$55.2M	3x	as long as short