Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.107%

Price spread now: Backpack against Kalshi+0.002%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$640.640% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.663%+$66 on $10k

Price spread, last 4 days (all we have)−0.819%−$82 · spread now +0.002%, 7d avg +0.061%

Together, before fees−0.156%−$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.059% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.002% now, against its 7-day average of +0.061%). If the spread goes back, that is −$6 on $10k: about 47 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.663% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXVVVPERP	32.113	0	get 0.0000% / 8h	3h 40m	$109K	$6.6M	1.7x
Short	Backpack VVV_USDC_PERP	32.114	0.0100	get 0.0013% / 1h	40m 10s	$124K	$334K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.002%Rate

Funding earned: $21
Price spread: +0.002% → +0.061%: −$5.91
Slippage, 4 orders: −$44
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$48.9
Costs to cover: 0.640%
Break-even: 23.3 days

Slippage from Kalshi: live order book, 4 min ago; Backpack: live order book, 33 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 Kalshi live order book, 4 min ago	7.48 bp	13.3 bp −$13	23.6 bp −$236	doesn't fit	doesn't fit
Sell Backpack live order book, 33 min ago	3.50 bp	16.9 bp −$17	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	−0.0292%	1h	32.078	−0.109%	$147K	$1.2M	3x	as long as short
01 Exchange VVVUSD	−0.0096%	1h	32.088	−0.078%	$11K	$3K	3x	as long as short
RISEx VVV/USDC	−0.0015%	1h	32.095	−0.055%	$395K	$602K	5x	as long as short
Kalshi KXVVVPERPlong	0.0000%	8h	32.113	long leg	$109K	$6.6M	1.7x
Phoenix VVV	0.0000%	1h	32.084	−0.090%	$56K	$298K	5x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.110	−0.008%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.120	+0.021%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.202%	$2K	$1K	5.5x	as long as short
Gate VVV_USDT	+0.0066%	4h	32.100	−0.040%	$10.8M	$7.3M	25x	as long as short
Bybit VVVUSDT	+0.0066%	4h	32.078	−0.110%	$39.4M	$51.6M	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter VVV	+0.0096%	1h	32.074	−0.121%	$2.2M	$5.9M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.069	−0.137%	$477K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.095	−0.056%	$126K	$850K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	32.119	+0.019%	$74.4M	$55.3M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.111	−0.007%	$262K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.120	+0.023%	$192K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.094	−0.060%	$33.7M	$154.9M	25x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.088	−0.078%	$4.7M	$41.8M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.107	−0.019%	$6.5M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.090	−0.072%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.080	−0.103%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.092	−0.065%	—	$5.4M	—	as long as short
Backpack VVV_USDC_PERPshort	+0.0100%	1h	32.114	+0.002%	$124K	$334K	5x
Variational Omni VVV	+0.0100%	4h	32.057	−0.174%	$2.1M	$187K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.100	−0.039%	$2K	$2K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.087	−0.081%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.098	−0.047%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.084	−0.089%	$301K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.084	−0.092%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0108%	4h	32.062	−0.159%	$80K	$333K	10x	as long as short
BloFin VVV-USDT	+0.0133%	4h	32.063	−0.156%	$1.3M	$1.8M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0178% / S +0.0120%	1h	32.111	−0.006%	$581K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0320%	1h	32.103	−0.030%	$247K	$1.3M	25x	as long as short