Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.006%

Price spread now: Hyperliquid against Backpack−0.031%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$510.510% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.467%−$47 on $10k

Price spread, last 4 days (all we have)+0.119%+$12 · spread now −0.031%, 7d avg +0.005%

Together, before fees−0.349%+ Points / potential airdropHyperliquid: Season 2 · farm board−$35 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: Hyperliquid is 0.035% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	31.696	0.0100	pay 0.0013% / 1h	51m 54s	$123K	$329K	5x
Short	Hyperliquid VVV	31.686	0.0100	get 0.0013% / 1h	51m 54s	$73.1M	$55.2M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.031%Rate

Funding earned: $0
Price spread: −0.031% → +0.005%: −$3.55
Slippage, 4 orders: −$31.95
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$54.5
Costs to cover: 0.510%
Break-even: never at this rate

Slippage from Backpack: live order book, 17 min ago; Hyperliquid: live order book, 12 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, 17 min ago	2.44 bp	14.7 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.57 bp	9.7 bp −$10	doesn't fit	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
Bybit VVVUSDT	−0.0245%	4h	31.659	−0.117%	$38.6M	$51.7M	20x	as long as short
Polymarket Perps VVV-USD	−0.0166%	1h	31.628	−0.214%	$150K	$1.2M	3x	as long as short
Gate VVV_USDT	−0.0158%	4h	31.661	−0.109%	$10.6M	$7.0M	25x	as long as short
RISEx VVV/USDC	−0.0111%	1h	31.622	−0.232%	$388K	$615K	5x	as long as short
01 Exchange VVVUSD	−0.0008%	1h	31.630	−0.207%	$11K	$3K	3x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.654	−0.132%	$116K	$6.5M	1.7x	as long as short
Phoenix VVV	0.0000%	1h	31.514	−0.573%	$54K	$289K	5x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.625	−0.222%	$88K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.621	−0.236%	$19K	—	150x	as long as short
Lighter VVV	+0.0016%	1h	31.641	−0.171%	$2.1M	$5.6M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+3.547%	$2K	$1K	5.5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.635	−0.192%	$467K	$1.5M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.612	−0.264%	$3K	$106	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.616	−0.250%	$124K	$850K	3x	as long as short
Hyperliquid VVVshort	+0.0100%	1h	31.686	−0.031%	$73.1M	$55.2M	3x
Aster VVVUSDT	+0.0100%	4h	31.648	−0.149%	$257K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.623	−0.229%	$189K	$183K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.672	−0.074%	$33.4M	$153.6M	25x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.664	−0.100%	$4.7M	$40.8M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.659	−0.116%	$6.4M	$6.8M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.643	−0.166%	$1.8M	$2.9M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.634	−0.195%	$5.7M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.676	−0.062%	—	$5.4M	—	as long as short
Backpack VVV_USDC_PERPlong	+0.0100%	1h	31.696	long leg	$123K	$329K	5x
Variational Omni VVV	+0.0100%	4h	31.521	−0.551%	$2.1M	$190K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.618	−0.244%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.647	−0.154%	$2.0M	$2.1M	50x	as long as short
Extended VVV-USD	+0.0104%	1h	31.656	−0.124%	$299K	$2.0M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.622	−0.234%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0120%	4h	31.513	−0.576%	$78K	$334K	10x	as long as short
BloFin VVV-USDT	+0.0131%	4h	31.668	−0.087%	$1.3M	$1.8M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0177% / S +0.0122%	1h	31.614	−0.257%	$572K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0208%	1h	31.695	−0.001%	$243K	$1.2M	25x	as long as short