Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0079%/8h= −8.7% APRpaid last 24h −0.087%

Price spread now: Phemex against GMX−0.059%7-day average +0.068% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.375%−$37 on $10k

Price spread, last 3 days (all we have)+0.158%+$16 · spread now −0.059%, 7d avg +0.068%

Together, before fees−0.217%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.127% cheaper against GMX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.068%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX VVV/USD [ETH-USDC]	31.995	L +0.0179% / S +0.0120%	pay 0.0022% / 1h	59m 31s	$579K	—	100x
Short	Phemex VVVUSDT	31.976	0.0100	get 0.0050% / 4h	3h 59m	$2.1M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GMX. 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 GMXbpFee PhemexbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$16.61
Price spread: −0.059% → +0.068%: −$12.72
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$53.34
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 4 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	1.72 bp	41.8 bp −$42	doesn't fit	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0015%	1h	31.982	−0.042%	$393K	$600K	5x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.996	+0.004%	$108K	$6.8M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.989	−0.018%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.992	−0.009%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.579%	$2K	$1K	5.5x	as long as short
Lighter VVV	+0.0096%	1h	31.978	−0.051%	$2.2M	$5.9M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.977	−0.056%	$476K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.022	+0.083%	$126K	$850K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	32.063	+0.213%	$74.4M	$55.3M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.978	−0.051%	$261K	$1.9M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VVV	+0.0100%	1h	31.998	+0.010%	$191K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.021	+0.083%	$33.6M	$155.7M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.018	+0.074%	$39.3M	$51.7M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.017	+0.069%	$4.7M	$42.1M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	31.975	−0.062%	$10.8M	$7.3M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.996	+0.004%	$6.5M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.989	−0.018%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.038	+0.135%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.991	−0.012%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.952	−0.133%	$2.1M	$183K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	32.026	+0.097%	$146K	$1.2M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	31.992	−0.009%	$2K	$2K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	31.976	−0.059%	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	31.990	−0.017%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	31.982	−0.041%	$303K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.987	−0.024%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0113%	4h	31.979	−0.049%	$79K	$335K	10x	as long as short
01 Exchange VVVUSD	+0.0120%	1h	32.018	+0.072%	$11K	$3K	3x	as long as short
Phoenix VVV	+0.0124%	1h	31.987	−0.025%	$56K	$295K	5x	as long as short
BloFin VVV-USDT	+0.0126%	4h	31.982	−0.040%	$1.3M	$1.8M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0138%	1h	32.020	+0.080%	$124K	$345K	5x	as long as short
GMX VVV/USD [ETH-USDC]long	L +0.0179% / S +0.0120%	1h	31.995	long leg	$579K	—	100x
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	+0.884%	$242K	$1.3M	25x	as long as short