Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.109%

Price spread now: Hyperliquid against Phemex−0.246%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1361.363% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.220%+$22 on $10k

Price spread, last 3 days (all we have)+0.122%+$12 · spread now −0.246%, 7d avg +0.040%

Together, before fees+0.342%+ Points / potential airdropHyperliquid: Season 2 · farm board+$34 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: Hyperliquid is 0.285% cheaper against Phemex than usual: you would sell low and buy high, −$29 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	Phemex VVVUSDT	32.211	0.0100	pay 0.0050% / 4h	31m 38s	$2.1M	$2.1M	50x
Short	Hyperliquid VVV	32.132	0.0100	get 0.0013% / 1h	31m 38s	$74.4M	$55.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.246%Rate

Funding earned: $0
Price spread: −0.246% → +0.040%: −$28.54
Slippage, 4 orders: −$115.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$164.83
Costs to cover: 1.363%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Hyperliquid: live order book, 12 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	0.93 bp	40.1 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.08 bp	13.4 bp −$13	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
Deribit VVV_USDC-PERPETUAL	−0.0011%	1h	32.196	−0.047%	$91K	$23K	10x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	32.220	+0.028%	$112K	$6.9M	1.7x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.205	−0.019%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.891%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	32.096	−0.356%	$395K	$604K	5x	as long as short
Polymarket Perps VVV-USD	+0.0055%	1h	32.186	−0.078%	$147K	$1.2M	3x	as long as short
01 Exchange VVVUSD	+0.0064%	1h	32.208	−0.009%	$12K	$3K	3x	as long as short
BloFin VVV-USDT	+0.0088%	4h	32.172	−0.121%	$1.3M	$1.8M	25x	as long as short
Lighter VVV	+0.0096%	1h	32.114	−0.302%	$2.3M	$5.5M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.092	−0.369%	$477K	$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	32.198	−0.039%	$127K	$850K	3x	as long as short
Hyperliquid VVVshort	+0.0100%	1h	32.132	−0.246%	$74.4M	$55.7M	3x
Aster VVVUSDT	+0.0100%	4h	32.128	−0.258%	$264K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.119	−0.286%	$192K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.105	−0.329%	$33.6M	$156.9M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.087	−0.385%	$39.4M	$52.4M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.103	−0.335%	$4.7M	$42.5M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.096	−0.357%	$10.8M	$7.5M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.111	−0.310%	$6.5M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.112	−0.307%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.095	−0.360%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.098	−0.351%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.201	−0.032%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.203	−0.026%	$1K	$1K	5x	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	32.211	long leg	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	32.108	−0.319%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.096	−0.357%	$323K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.195	−0.050%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0115%	4h	32.226	+0.046%	$80K	$333K	10x	as long as short
Phoenix VVV	+0.0124%	1h	32.236	+0.078%	$56K	$299K	5x	as long as short
Backpack VVV_USDC_PERP	+0.0129%	1h	32.246	+0.109%	$122K	$359K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0181% / S +0.0172%	1h	32.197	−0.045%	$619K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	+0.207%	$242K	$1.3M	25x	as long as short