Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.009%

Price spread now: Kalshi against Phemex0.000%7-day average −0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1361.361% of the position

Long on Phemex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)−0.226%−$23 · spread now 0.000%, 7d avg −0.075%

Together, before fees−0.198%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.075% dearer against Phemex than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.075%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex VVVUSDT	32.006	0.0100	pay 0.0050% / 4h	1h 27m	$2.0M	$2.1M	50x
Short	Kalshi KXVVVPERP	32.006	0	get 0.0000% / 8h	1h 27m	$136K	$5.4M	1.6x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now 0.000%Rate

Funding earned: −$21
Price spread: 0.000% → −0.075%: $7.53
Slippage, 4 orders: −$114.12
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$149.59
Costs to cover: 1.361%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Kalshi: live order book, 4 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, 4 min ago	2.03 bp	38.8 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	9.21 bp	15.1 bp −$15	24.4 bp −$244	doesn't fit	doesn't fit

VVV on 32 exchanges

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	−0.0256%	1h	31.974	−0.098%	$85K	$20K	10x	as long as short
RISEx VVV/USDC	−0.0142%	1h	31.941	−0.202%	$362K	$749K	5x	as long as short
Gate VVV_USDT	−0.0004%	4h	31.961	−0.141%	$12.7M	$5.1M	25x	as long as short
Kalshi KXVVVPERPshort	0.0000%	8h	32.006	0.000%	$136K	$5.4M	1.6x
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.996	−0.031%	$19K	—	150x	as long as short
Coinbase International VVV-PERP-INTX	+0.0024%	1h	32.000	−0.019%	$168K	$1.3M	25x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.543%	$2K	$1K	5.5x	as long as short
Polymarket Perps VVV-USD	+0.0083%	1h	31.948	−0.181%	$111K	$1.3M	3x	as long as short
Lighter VVV	+0.0096%	1h	31.952	−0.168%	$1.9M	$3.8M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.961	−0.141%	$482K	$1.4M	5x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado VVV-PERP	+0.0100%	1h	31.962	−0.136%	$162K	$914K	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.982	−0.074%	$251K	$506K	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.980	−0.082%	$188K	$110K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.983	−0.072%	$33.2M	$100.2M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.971	−0.109%	$37.7M	$39.0M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.956	−0.156%	$4.7M	$24.3M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.974	−0.100%	$7.7M	$4.5M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.970	−0.112%	$1.7M	$2.6M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.968	−0.119%	$5.8M	$5.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.982	−0.075%	—	$4.1M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.972	−0.106%	$2.0M	$345K	—	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	32.006	long leg	$2.0M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	31.940	−0.207%	$3K	$50	5x	as long as short
Hyperliquid VVV	+0.0101%	1h	31.980	−0.081%	$74.4M	$45.2M	3x	as long as short
Extended VVV-USD	+0.0104%	1h	31.944	−0.194%	$300K	$1.8M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.978	−0.089%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0116%	4h	31.960	−0.143%	$79K	$319K	10x	as long as short
BloFin VVV-USDT	+0.0121%	4h	31.951	−0.172%	$1.3M	$1.5M	25x	as long as short
01 Exchange VVVUSD	+0.0192%	1h	31.942	−0.200%	$11K	$2K	3x	as long as short
Phoenix VVV	+0.0198%	1h	32.024	+0.056%	$33K	$192K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0449% / S −0.0219%	1h	31.976	−0.092%	$514K	—	100x	as long as short
Backpack VVV_USDC_PERP	+0.0502%	1h	32.009	+0.010%	$176K	$260K	5x	as long as short