Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.5% APRpaid last 24h +0.116%

Price spread now: Backpack against Phemex+0.040%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$1211.214% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.677%+$68 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now +0.040%, 7d avg +0.043%

Together, before fees+0.739%+$74 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex VVVUSDT	32.066	0.0100	pay 0.0050% / 4h	3h 41m	$2.1M	$2.1M	50x
Short	Backpack VVV_USDC_PERP	32.079	0.0104	get 0.0013% / 1h	41m 34s	$124K	$333K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.040%Rate

Funding earned: $0.92
Price spread: +0.040% → +0.043%: −$0.3
Slippage, 4 orders: −$99.42
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$120.8
Costs to cover: 1.214%
Break-even: 931.0 days

Slippage from Phemex: live order book, 2 min ago; Backpack: live order book, 32 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 Phemex live order book, 2 min ago	5.92 bp	42.5 bp −$43	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 32 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	−0.0289%	1h	32.046	−0.062%	$146K	$1.2M	3x	as long as short
01 Exchange VVVUSD	−0.0096%	1h	32.053	−0.041%	$11K	$3K	3x	as long as short
RISEx VVV/USDC	−0.0015%	1h	32.053	−0.040%	$394K	$602K	5x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	32.100	+0.106%	$109K	$6.7M	1.7x	as long as short
Phoenix VVV	0.0000%	1h	32.014	−0.162%	$56K	$298K	5x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.082	+0.049%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.351%	$2K	$1K	5.5x	as long as short
Gate VVV_USDT	+0.0080%	4h	32.054	−0.037%	$10.8M	$7.3M	25x	as long as short
BloFin VVV-USDT	+0.0095%	4h	32.091	+0.078%	$1.3M	$1.8M	25x	as long as short
Lighter VVV	+0.0096%	1h	32.052	−0.045%	$2.2M	$5.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH VVV	+0.0096%	1h	32.057	−0.028%	$477K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.079	+0.042%	$126K	$850K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	32.100	+0.106%	$74.4M	$55.2M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.087	+0.065%	$262K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.102	+0.113%	$192K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.073	+0.021%	$33.7M	$154.9M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.055	−0.033%	$39.3M	$51.6M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.058	−0.025%	$4.7M	$41.8M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.080	+0.044%	$6.5M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.090	+0.075%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.052	−0.044%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.076	+0.031%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.110	+0.136%	$2.1M	$187K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.066	0.000%	$2K	$2K	5x	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	32.066	long leg	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	32.047	−0.060%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.062	−0.013%	$303K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.065	−0.004%	$6K	—	3x	as long as short
Backpack VVV_USDC_PERPshort	+0.0104%	1h	32.079	+0.040%	$124K	$333K	5x
edgeX VVVUSDC	+0.0108%	4h	32.062	−0.013%	$80K	$333K	10x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0179% / S +0.0120%	1h	32.065	−0.002%	$580K	—	100x	as long as short
Deribit VVV_USDC-PERPETUAL	+0.0208%	1h	32.077	+0.036%	$91K	$23K	10x	as long as short
Coinbase International VVV-PERP-INTX	+0.0320%	1h	32.051	−0.046%	$241K	$1.3M	25x	as long as short