Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.107%

Price spread now: Kalshi against Backpack−0.008%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$690.686% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.663%−$66 on $10k

Price spread, last 4 days (all we have)+0.826%+$83 · spread now −0.008%, 7d avg −0.061%

Together, before fees+0.162%+$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.053% dearer against Backpack than usual: you sell high and buy low (spread −0.008% now, against its 7-day average of −0.061%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 42 hours. At the pace of the last 7 days (−0.663% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	31.942	0.0100	pay 0.0013% / 1h	14m 07s	$123K	$333K	5x
Short	Kalshi KXVVVPERP	31.939	0	get 0.0000% / 8h	3h 14m	$111K	$6.5M	1.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.008%Rate

Funding earned: −$21
Price spread: −0.008% → −0.061%: $5.28
Slippage, 4 orders: −$48.6
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$84.32
Costs to cover: 0.686%
Break-even: never at this rate

Slippage from Backpack: live order book, 59 min ago; Kalshi: live order book, 5 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, 59 min ago	3.50 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	9.71 bp	16.1 bp −$16	21.3 bp −$213	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
Polymarket Perps VVV-USD	−0.0248%	1h	31.875	−0.209%	$145K	$1.2M	3x	as long as short
Gate VVV_USDT	−0.0114%	4h	31.889	−0.165%	$10.7M	$7.4M	25x	as long as short
Bybit VVVUSDT	−0.0095%	4h	31.885	−0.177%	$39.0M	$51.6M	20x	as long as short
01 Exchange VVVUSD	−0.0016%	1h	31.910	−0.099%	$11K	$3K	3x	as long as short
RISEx VVV/USDC	−0.0015%	1h	31.888	−0.168%	$392K	$602K	5x	as long as short
Kalshi KXVVVPERPshort	0.0000%	8h	31.939	−0.008%	$111K	$6.5M	1.7x
Phoenix VVV	0.0000%	1h	31.896	−0.143%	$56K	$298K	5x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.924	−0.054%	$19K	—	150x	as long as short
Deribit VVV_USDC-PERPETUAL	+0.0007%	1h	31.909	−0.101%	$89K	$24K	10x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.750%	$2K	$1K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter VVV	+0.0096%	1h	31.892	−0.154%	$2.2M	$5.9M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.887	−0.171%	$472K	$1.6M	5x	as long as short
BloFin VVV-USDT	+0.0097%	4h	31.951	+0.029%	$1.3M	$1.8M	25x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.924	−0.057%	$125K	$850K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.935	−0.021%	$74.2M	$55.1M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.941	−0.001%	$260K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.955	+0.043%	$191K	$183K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.915	−0.083%	$33.5M	$154.3M	25x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.871	−0.221%	$4.7M	$41.4M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.907	−0.108%	$6.4M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.942	+0.001%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.929	−0.039%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.899	−0.133%	—	$5.4M	—	as long as short
Backpack VVV_USDC_PERPlong	+0.0100%	1h	31.942	long leg	$123K	$333K	5x
Variational Omni VVV	+0.0100%	4h	31.900	−0.132%	$2.1M	$190K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.899	−0.133%	$3K	$2K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.931	−0.033%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.891	−0.160%	$3K	$106	5x	as long as short
edgeX VVVUSDC	+0.0101%	4h	31.928	−0.042%	$79K	$335K	10x	as long as short
Extended VVV-USD	+0.0104%	1h	31.888	−0.167%	$304K	$2.0M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.902	−0.125%	$6K	—	3x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0178% / S +0.0121%	1h	31.907	−0.107%	$577K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0320%	1h	31.886	−0.176%	$245K	$1.2M	25x	as long as short