Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h +0.046%

Price spread now: Phoenix against Bybit−1.235%7-day average +0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$210as in the Price arb table

costs, in and out, $10k−$770.773% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.406%+$41 on $10k

Price spread, last 4 days (all we have)+1.335%+$134 · spread now −1.235%, 7d avg +0.094%

Together, before fees+1.742%+$174 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 1.329% cheaper against Bybit than usual: you would sell low and buy high (spread −1.235% now, against its 7-day average of +0.094%). If the spread goes back, that is −$133 on $10k: about 54 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.406% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VVVUSDT	31.028	0.0100	pay 0.0050% / 4h	2m 55s	$38.6M	$42.9M	20x
Short	Phoenix VVV	30.645	0.0182	get 0.0023% / 1h	2m 55s	$32K	$253K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −1.235%Rate

Funding earned: $17.23
Price spread: −1.235% → +0.094%: −$132.94
Slippage, 4 orders: −$59.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$193
Costs to cover: 0.773%
Break-even: 85.4 days

Slippage from Bybit: live order book, 1 min ago; Phoenix: live order book, 52 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 Bybit live order book, 1 min ago	0.32 bp	18.5 bp −$19	37.4 bp −$374	doesn't fit	doesn't fit
Sell Phoenix live order book, 52 min ago	2.92 bp	19.9 bp −$20	57.6 bp −$576	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
RISEx VVV/USDC	−0.0299%	1h	30.978	−0.161%	$380K	$630K	5x	as long as short
Polymarket Perps VVV-USD	−0.0083%	1h	30.975	−0.171%	$129K	$1.2M	3x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0002%	1h	30.985	−0.141%	$23K	—	150x	as long as short
Gate VVV_USDT	+0.0030%	4h	31.037	+0.028%	$10.4M	$6.0M	25x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+5.775%	$2K	$1K	5.5x	as long as short
01 Exchange VVVUSD	+0.0056%	1h	31.038	+0.032%	$11K	$3K	3x	as long as short
BloFin VVV-USDT	+0.0059%	4h	31.006	−0.072%	$1.3M	$1.6M	25x	as long as short
Coinbase International VVV-PERP-INTX	+0.0064%	1h	30.881	−0.473%	$145K	$1.2M	25x	as long as short
Lighter VVV	+0.0096%	1h	31.000	−0.091%	$2.1M	$5.3M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.009	−0.062%	$453K	$1.6M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex VVV-USD-PERP	+0.0100%	8h	31.021	−0.022%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.008	−0.067%	$142K	$872K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.027	−0.004%	$70.8M	$48.7M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.047	+0.061%	$248K	$1.1M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.038	+0.032%	$183K	$133K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.028	−0.001%	$33.2M	$128.2M	25x	as long as short
Bybit VVVUSDTlong	+0.0100%	4h	31.028	long leg	$38.6M	$42.9M	20x
OKX VVV-USDT-SWAP	+0.0100%	4h	31.003	−0.081%	$4.8M	$32.6M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.040	+0.038%	$6.3M	$6.2M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.008	−0.065%	$1.9M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.005	−0.075%	$5.7M	$7.4M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.037	+0.028%	—	$4.9M	—	as long as short
Variational Omni VVV	+0.0100%	4h	30.780	−0.800%	$1.9M	$283K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.975	−0.171%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	30.977	−0.165%	$2.0M	$2.1M	50x	as long as short
edgeX VVVUSDC	+0.0104%	4h	30.794	−0.754%	$77K	$333K	10x	as long as short
Extended VVV-USD	+0.0104%	1h	31.040	+0.039%	$296K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.988	−0.131%	$6K	—	3x	as long as short
Kalshi KXVVVPERP	+0.0140%	8h	31.022	−0.020%	$106K	$5.6M	1.7x	as long as short
Backpack VVV_USDC_PERP	+0.0152%	1h	31.028	−0.002%	$121K	$248K	5x	as long as short
Phoenix VVVshort	+0.0182%	1h	30.645	−1.235%	$32K	$253K	5x
Deribit VVV_USDC-PERPETUAL	+0.0321%	1h	30.993	−0.113%	$86K	$24K	10x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0428% / S −0.0174%	1h	30.977	−0.165%	$543K	—	100x	as long as short