VVV

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0009%/8h= −1.0% APRnext payment −$0.01 per $10,000 · paid last 24h −0.037%

Price spread now: Lighter against Backpack−0.021%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$490.487% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.306%−$31 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now −0.021%, 7d avg +0.002%

Together, before fees−0.215%+ Points / potential airdropLighter: Season 3 · farm board−$21 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: Lighter is 0.023% cheaper against Backpack than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	32.244	0.0105	pay 0.0013% / 1h	33m 30s	$122K	$358K	5x
Short	Lighter VVV	32.237	0.0096	get 0.0012% / 1h	33m 30s	$2.3M	$5.5M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$1.9
Price spread: −0.021% → +0.002%: −$2.32
Slippage, 4 orders: −$38.73
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$52.95
Costs to cover: 0.487%
Break-even: never at this rate

Slippage from Backpack: live order book, 45 min ago; Lighter: 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, 45 min ago	2.36 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	2.28 bp	10.6 bp −$11	36.6 bp −$366	712.4 bp −$71.2K	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	32.231	−0.041%	$113K	$6.9M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.219	−0.078%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.216	−0.088%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.786%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	32.216	−0.087%	$396K	$604K	5x	as long as short
Polymarket Perps VVV-USD	+0.0054%	1h	32.190	−0.168%	$147K	$1.2M	3x	as long as short
01 Exchange VVVUSD	+0.0064%	1h	32.204	−0.124%	$12K	$3K	3x	as long as short
Lighter VVVshort	+0.0096%	1h	32.237	−0.021%	$2.3M	$5.5M	5x
Lighter RH VVV	+0.0096%	1h	32.205	−0.121%	$479K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.226	−0.055%	$127K	$850K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VVV	+0.0100%	1h	32.250	+0.018%	$74.7M	$55.7M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.200	−0.135%	$264K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.229	−0.046%	$193K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.212	−0.100%	$33.7M	$156.8M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.200	−0.136%	$39.5M	$52.5M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.213	−0.096%	$4.7M	$42.6M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.193	−0.158%	$10.8M	$7.5M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.214	−0.093%	$6.5M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.203	−0.127%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.195	−0.152%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.221	−0.072%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.201	−0.134%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.215	−0.090%	$1K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.208	−0.112%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.228	−0.051%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.221	−0.072%	$323K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.199	−0.141%	$6K	$13K	3x	as long as short
Backpack VVV_USDC_PERPlong	+0.0105%	1h	32.244	long leg	$122K	$358K	5x
edgeX VVVUSDC	+0.0115%	4h	32.226	−0.057%	$80K	$333K	10x	as long as short
Phoenix VVV	+0.0124%	1h	32.236	−0.025%	$56K	$299K	5x	as long as short
BloFin VVV-USDT	+0.0149%	4h	32.165	−0.245%	$1.3M	$1.8M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0181% / S +0.0172%	1h	32.215	−0.091%	$619K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	+0.104%	$242K	$1.3M	25x	as long as short