Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.041%

Price spread now: Phoenix against Kalshi+0.125%7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$700.704% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.349%+$35 on $10k

Price spread, last 3 days (all we have)−0.158%−$16 · spread now +0.125%, 7d avg +0.077%

Together, before fees+0.191%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.048% dearer against Kalshi than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.077%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXVVVPERP	31.947	0	get 0.0000% / 8h	3h 56m	$108K	$6.8M	1.7x
Short	Phoenix VVV	31.987	0.0124	get 0.0016% / 1h	56m 30s	$56K	$295K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.125%Rate

Funding earned: $26.14
Price spread: +0.125% → +0.077%: $4.77
Slippage, 4 orders: −$53.39
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.48
Costs to cover: 0.704%
Break-even: 17.6 days

Slippage from Kalshi: live order book, 2 min ago; Phoenix: live order book, 14 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, 2 min ago	5.63 bp	16.1 bp −$16	22.4 bp −$224	doesn't fit	doesn't fit
Sell Phoenix live order book, 14 min ago	3.13 bp	19.8 bp −$20	57.3 bp −$573	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	−0.0195%	1h	31.933	−0.044%	$146K	$1.2M	3x	as long as short
RISEx VVV/USDC	−0.0015%	1h	31.960	+0.042%	$393K	$599K	5x	as long as short
01 Exchange VVVUSD	0.0000%	1h	31.980	+0.103%	$11K	$3K	3x	as long as short
Kalshi KXVVVPERPlong	0.0000%	8h	31.947	long leg	$108K	$6.8M	1.7x
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.908	−0.122%	$90K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.892	−0.173%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.733%	$2K	$1K	5.5x	as long as short
BloFin VVV-USDT	+0.0087%	4h	31.937	−0.031%	$1.3M	$1.8M	25x	as long as short
Lighter VVV	+0.0096%	1h	31.919	−0.088%	$2.2M	$5.9M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.928	−0.059%	$475K	$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
Nado VVV-PERP	+0.0100%	1h	31.885	−0.193%	$126K	$850K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.971	+0.075%	$74.1M	$55.4M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.935	−0.039%	$261K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.952	+0.015%	$191K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.879	−0.214%	$33.4M	$155.6M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.910	−0.115%	$39.2M	$51.7M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.906	−0.128%	$4.7M	$41.8M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	31.947	0.000%	$10.7M	$7.3M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.897	−0.157%	$6.4M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.921	−0.081%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.885	−0.194%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.896	−0.160%	—	$5.5M	—	as long as short
Backpack VVV_USDC_PERP	+0.0100%	1h	31.962	+0.047%	$124K	$339K	5x	as long as short
Variational Omni VVV	+0.0100%	4h	31.952	+0.016%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.915	−0.101%	$2K	$2K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.902	−0.141%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.948	+0.003%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	31.956	+0.030%	$303K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.952	+0.015%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0109%	4h	31.960	+0.041%	$79K	$333K	10x	as long as short
Phoenix VVVshort	+0.0124%	1h	31.987	+0.125%	$56K	$295K	5x
GMX VVV/USD [ETH-USDC]	L +0.0179% / S +0.0120%	1h	31.937	−0.030%	$578K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0320%	1h	32.278	+1.035%	$242K	$1.3M	25x	as long as short