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: Lighter against Phemex+0.323%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

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

Long on Phemex Short on Lighter

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)−0.422%−$42 · spread now +0.323%, 7d avg +0.040%

Together, before fees−0.036%+ 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: Lighter is 0.284% dearer against Phemex than usual: you sell high and buy low, +$28 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	31.920	0.0100	pay 0.0050% / 4h	2h 23m	$2.1M	$2.0M	50x
Short	Lighter VVV	32.023	0.0096	get 0.0012% / 1h	23m 03s	$2.2M	$5.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.323%Rate

Funding earned: −$0.84
Price spread: +0.323% → +0.040%: $28.35
Slippage, 4 orders: −$116.7
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$101.19
Costs to cover: 1.287%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Lighter: 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 Phemex live order book, 5 min ago	0.79 bp	71.7 bp −$72	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	3.47 bp	10.4 bp −$10	50.2 bp −$502	304.9 bp −$30.5K	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	32.012	+0.288%	$119K	$6.8M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.000	+0.251%	$92K	$22K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.996	+0.238%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.820%	$2K	$1K	5.5x	as long as short
01 Exchange VVVUSD	+0.0048%	1h	32.008	+0.276%	$11K	$3K	3x	as long as short
BloFin VVV-USDT	+0.0048%	4h	32.017	+0.304%	$1.3M	$1.7M	25x	as long as short
Phoenix VVV	+0.0077%	1h	31.951	+0.097%	$56K	$292K	5x	as long as short
RISEx VVV/USDC	+0.0078%	1h	31.982	+0.194%	$393K	$576K	5x	as long as short
Polymarket Perps VVV-USD	+0.0085%	1h	31.975	+0.172%	$143K	$1.2M	3x	as long as short
Lighter VVVshort	+0.0096%	1h	32.023	+0.323%	$2.2M	$5.4M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH VVV	+0.0096%	1h	31.994	+0.232%	$476K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.972	+0.163%	$148K	$781K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	32.067	+0.461%	$73.2M	$54.2M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.017	+0.304%	$280K	$1.8M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.984	+0.199%	$190K	$176K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.040	+0.375%	$33.8M	$154.6M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.031	+0.348%	$39.5M	$51.8M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.045	+0.392%	$4.8M	$41.9M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.018	+0.307%	$10.8M	$7.7M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.034	+0.357%	$17.2M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.003	+0.260%	$2.1M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.016	+0.301%	$5.8M	$8.6M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.020	+0.313%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.838	−0.257%	$2.1M	$180K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.994	+0.231%	$1K	$1K	5x	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	31.920	long leg	$2.1M	$2.0M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	31.990	+0.219%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	31.992	+0.227%	$320K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.026	+0.331%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0120%	4h	31.836	−0.263%	$79K	$330K	10x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0191% / S +0.0094%	1h	31.996	+0.237%	$559K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0232%	1h	31.847	−0.230%	$205K	$1.3M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0267%	1h	32.063	+0.447%	$122K	$381K	5x	as long as short