Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h +0.052%

Price spread now: Phoenix against Phemex−0.010%7-day average −0.016% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1271.271% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.373%+$37 on $10k

Price spread, last 3 days (all we have)−0.558%−$56 · spread now −0.010%, 7d avg −0.016%

Together, before fees−0.185%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.373%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex VVVUSDT	31.512	0.0100	pay 0.0050% / 4h	2h 30m	$2.1M	$2.0M	50x
Short	Phoenix VVV	31.509	0.0077	get 0.0010% / 1h	30m 28s	$55K	$292K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$4.82
Price spread: −0.010% → −0.016%: $0.65
Slippage, 4 orders: −$108.11
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$131.29
Costs to cover: 1.271%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Phoenix: live order book, 54 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, 3 min ago	1.91 bp	48.2 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 54 min ago	2.87 bp	19.9 bp −$20	57.6 bp −$576	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	0.0000%	1h	31.553	+0.129%	$90K	$22K	10x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.591	+0.251%	$118K	$6.8M	1.7x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.593	+0.257%	$19K	—	150x	as long as short
01 Exchange VVVUSD	+0.0008%	1h	31.558	+0.146%	$11K	$3K	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+4.151%	$2K	$1K	5.5x	as long as short
Polymarket Perps VVV-USD	+0.0045%	1h	31.528	+0.051%	$136K	$1.2M	3x	as long as short
Phoenix VVVshort	+0.0077%	1h	31.509	−0.010%	$55K	$292K	5x
RISEx VVV/USDC	+0.0078%	1h	31.543	+0.099%	$387K	$572K	5x	as long as short
Lighter VVV	+0.0096%	1h	31.551	+0.125%	$2.2M	$5.4M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.530	+0.057%	$467K	$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	31.571	+0.187%	$145K	$781K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.571	+0.187%	$72.0M	$54.1M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.551	+0.123%	$277K	$1.8M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.558	+0.146%	$187K	$176K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.576	+0.204%	$33.4M	$154.3M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.536	+0.075%	$38.9M	$51.7M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.551	+0.124%	$4.7M	$41.2M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	31.533	+0.067%	$10.7M	$7.7M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.566	+0.171%	$17.0M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.533	+0.067%	$2.3M	$2.6M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.544	+0.102%	$5.7M	$8.6M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.593	+0.257%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.438	−0.234%	$2.1M	$184K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.544	+0.103%	$1K	$1K	5x	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	31.512	long leg	$2.1M	$2.0M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	31.544	+0.103%	$3K	$106	5x	as long as short
BloFin VVV-USDT	+0.0103%	4h	31.540	+0.089%	$1.3M	$1.7M	25x	as long as short
Extended VVV-USD	+0.0104%	1h	31.540	+0.090%	$314K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.553	+0.129%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0108%	4h	31.507	−0.015%	$78K	$331K	10x	as long as short
Backpack VVV_USDC_PERP	+0.0217%	1h	31.581	+0.221%	$119K	$379K	5x	as long as short
Coinbase International VVV-PERP-INTX	+0.0232%	1h	31.577	+0.207%	$193K	$1.2M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0444% / S −0.0195%	1h	31.548	+0.114%	$539K	—	100x	as long as short