Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.116%

Price spread now: Phemex against Backpack−0.129%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$178as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1101.095% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.683%−$68 on $10k

Price spread, last 3 days (all we have)+0.023%+$2 · spread now −0.129%, 7d avg −0.045%

Together, before fees−0.660%−$66 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.085% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	31.917	0.0129	pay 0.0016% / 1h	8m 55s	$124K	$354K	5x
Short	Phemex VVVUSDT	31.876	0.0100	get 0.0050% / 4h	8m 55s	$2.1M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.129%Rate

Funding earned: −$6.04
Price spread: −0.129% → −0.045%: −$8.45
Slippage, 4 orders: −$87.55
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$124.04
Costs to cover: 1.095%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Phemex: live order book, 4 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, 5 min ago	3.50 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.04 bp	37.2 bp −$37	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
Polymarket Perps VVV-USD	−0.0023%	1h	31.866	−0.160%	$146K	$1.2M	3x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.917	−0.001%	$103K	$6.8M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.890	−0.087%	$90K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.893	−0.074%	$19K	—	150x	as long as short
01 Exchange VVVUSD	+0.0008%	1h	31.877	−0.126%	$11K	$3K	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.829%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	31.887	−0.095%	$392K	$601K	5x	as long as short
Lighter VVV	+0.0096%	1h	31.878	−0.121%	$2.2M	$6.0M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.862	−0.173%	$474K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.897	−0.063%	$126K	$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	31.907	−0.032%	$74.0M	$55.3M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.902	−0.047%	$260K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.912	−0.016%	$191K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.893	−0.075%	$33.4M	$156.0M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.888	−0.093%	$39.1M	$51.8M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.877	−0.126%	$4.6M	$42.0M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	31.898	−0.060%	$10.7M	$7.6M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.899	−0.057%	$6.4M	$7.1M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.898	−0.060%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.874	−0.135%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.889	−0.088%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.830	−0.272%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.897	−0.064%	$2K	$1K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	31.876	−0.129%	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	31.898	−0.061%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	31.885	−0.100%	$298K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.876	−0.130%	$6K	$13K	3x	as long as short
BloFin VVV-USDT	+0.0105%	4h	31.900	−0.054%	$1.3M	$1.8M	25x	as long as short
edgeX VVVUSDC	+0.0112%	4h	31.777	−0.439%	$79K	$333K	10x	as long as short
Phoenix VVV	+0.0124%	1h	31.787	−0.408%	$56K	$299K	5x	as long as short
Backpack VVV_USDC_PERPlong	+0.0129%	1h	31.917	long leg	$124K	$354K	5x
GMX VVV/USD [ETH-USDC]	L +0.0179% / S +0.0120%	1h	31.890	−0.085%	$577K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	+1.129%	$242K	$1.3M	25x	as long as short