Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.011%

Price spread now: Phemex against Coinbase International−0.004%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1381.378% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 3 days (all we have)+0.631%+$63 · spread now −0.004%, 7d avg +0.028%

Together, before fees+0.534%+$53 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 0.032% cheaper against Coinbase International than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VVV-PERP-INTX	32.193	0.0144	pay 0.0018% / 1h	10m 05s	$238K	$1.3M	25x
Short	Phemex VVVUSDT	32.192	0.0100	get 0.0050% / 4h	1h 10m	$2.1M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$9.24
Price spread: −0.004% → +0.028%: −$3.19
Slippage, 4 orders: −$115.81
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$150.24
Costs to cover: 1.378%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Phemex: live order book, 3 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 Coinbase International live order book, 3 min ago	15.23 bp	30.3 bp −$30	44.9 bp −$449	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	5.12 bp	45.5 bp −$45	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
Kalshi KXVVVPERP	0.0000%	8h	32.188	−0.016%	$107K	$6.9M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.199	+0.016%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.197	+0.012%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.947%	$2K	$1K	5.5x	as long as short
Lighter VVV	+0.0096%	1h	32.226	+0.101%	$2.3M	$5.5M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.194	+0.002%	$478K	$1.6M	5x	as long as short
Phoenix VVV	+0.0098%	1h	32.317	+0.384%	$57K	$294K	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.208	+0.047%	$149K	$783K	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.200	+0.021%	$265K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.239	+0.141%	$185K	$183K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VVVUSDT	+0.0100%	4h	32.206	+0.040%	$33.7M	$157.4M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.191	−0.007%	$39.6M	$52.8M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.213	+0.061%	$4.7M	$42.8M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.197	+0.011%	$10.8M	$7.8M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.214	+0.064%	$6.3M	$7.1M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.200	+0.021%	$2.0M	$2.9M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.191	−0.007%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.207	+0.043%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.187	−0.021%	$2.1M	$183K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	32.177	−0.051%	$141K	$1.2M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	32.195	+0.006%	$1K	$1K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	32.192	−0.004%	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	32.216	+0.069%	$3K	$106	5x	as long as short
BloFin VVV-USDT	+0.0102%	4h	32.211	+0.055%	$1.3M	$1.8M	25x	as long as short
Extended VVV-USD	+0.0104%	1h	32.192	−0.004%	$325K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.192	−0.004%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0111%	4h	32.237	+0.137%	$80K	$331K	10x	as long as short
Coinbase International VVV-PERP-INTXlong	+0.0144%	1h	32.193	long leg	$238K	$1.3M	25x
RISEx VVV/USDC	+0.0175%	1h	32.186	−0.024%	$395K	$607K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0186% / S +0.0168%	1h	32.191	−0.006%	$619K	—	100x	as long as short
Backpack VVV_USDC_PERP	+0.0218%	1h	32.227	+0.105%	$122K	$368K	5x	as long as short
Hyperliquid VVV	+0.0257%	1h	32.228	+0.108%	$74.8M	$56.1M	3x	as long as short
01 Exchange VVVUSD	+0.0312%	1h	32.187	−0.020%	$12K	$3K	3x	as long as short