Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.080%

Price spread now: Phemex against Lighter−0.248%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$167as in the Funding arb table

Net, price: spread back to 7d avg − costs−$149as in the Price arb table

costs, in and out, $10k−$1291.287% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.386%−$39 on $10k

Price spread, last 3 days (all we have)+0.347%+$35 · spread now −0.248%, 7d avg −0.040%

Together, before fees−0.039%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.208% cheaper against Lighter than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VVV	31.945	0.0096	pay 0.0012% / 1h	23m 48s	$2.2M	$5.4M	5x
Short	Phemex VVVUSDT	31.866	0.0100	get 0.0050% / 4h	2h 23m	$2.1M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now −0.248%Rate

Funding earned: $0.84
Price spread: −0.248% → −0.040%: −$20.78
Slippage, 4 orders: −$116.7
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$148.65
Costs to cover: 1.287%
Break-even: 1245.7 days

Slippage from Lighter: live order book, 4 min ago; Phemex: live order book, 5 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 Lighter live order book, 4 min ago	3.47 bp	6.0 bp −$6	23.0 bp −$230	231.2 bp −$23.1K	doesn't fit
Sell Phemex live order book, 5 min ago	0.79 bp	40.7 bp −$41	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	31.927	−0.057%	$119K	$6.8M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.971	+0.082%	$92K	$22K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.939	−0.019%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.739%	$2K	$1K	5.5x	as long as short
01 Exchange VVVUSD	+0.0040%	1h	31.911	−0.107%	$11K	$3K	3x	as long as short
Phoenix VVV	+0.0077%	1h	31.571	−1.171%	$55K	$292K	5x	as long as short
Polymarket Perps VVV-USD	+0.0077%	1h	31.864	−0.254%	$142K	$1.2M	3x	as long as short
RISEx VVV/USDC	+0.0078%	1h	31.890	−0.174%	$392K	$576K	5x	as long as short
Lighter VVVlong	+0.0096%	1h	31.945	long leg	$2.2M	$5.4M	5x
Lighter RH VVV	+0.0096%	1h	31.928	−0.054%	$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	31.879	−0.205%	$147K	$781K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	32.016	+0.222%	$73.0M	$54.2M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.940	−0.016%	$279K	$1.8M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.901	−0.138%	$189K	$176K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.956	+0.033%	$33.8M	$154.6M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.939	−0.020%	$39.4M	$51.8M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.953	+0.025%	$4.8M	$41.8M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	31.919	−0.082%	$10.8M	$7.7M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.932	−0.041%	$17.2M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.933	−0.038%	$2.1M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.939	−0.019%	$5.8M	$8.6M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.942	−0.010%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.838	−0.336%	$2.1M	$180K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.953	+0.025%	$1K	$1K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	31.866	−0.248%	$2.1M	$2.0M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	31.897	−0.151%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	31.927	−0.058%	$320K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.950	+0.015%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0120%	4h	31.836	−0.342%	$79K	$330K	10x	as long as short
BloFin VVV-USDT	+0.0138%	4h	31.835	−0.345%	$1.3M	$1.7M	25x	as long as short
Coinbase International VVV-PERP-INTX	+0.0232%	1h	31.847	−0.308%	$205K	$1.3M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0261%	1h	31.948	+0.009%	$121K	$380K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0445% / S −0.0195%	1h	31.906	−0.123%	$545K	—	100x	as long as short