VVV

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0215%/8h= +23.6% APRnext payment +$0.27 per $10,000 · paid last 24h +0.058%

Price spread now: Backpack against Phoenix+0.029%80s7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$730.730% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.343%+$34 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now +0.029%, 7d avg +0.024%

Together, before fees+0.499%+$50 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.024%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VVV	30.683	0.0209	pay 0.0026% / 1h	43m 57s	$32K	$243K	5x
Short	Backpack VVV_USDC_PERP	30.692	0.0424	get 0.0053% / 1h	43m 57s	$119K	$239K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now +0.029%Rate

Funding earned: $45.23
Price spread: +0.029% → +0.024%: $0.55
Slippage, 4 orders: −$56.01
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$27.22
Costs to cover: 0.730%
Break-even: 11.2 days

Slippage from Phoenix: live order book, 1 min ago; Backpack: 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 Phoenix live order book, 1 min ago	2.94 bp	19.7 bp −$20	65.3 bp −$653	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	3.01 bp	18.4 bp −$18	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
RISEx VVV/USDC	−0.0329%	1h	30.633	−0.162%	$380K	$647K	5x	as long as short
Coinbase International VVV-PERP-INTX	−0.0040%	1h	30.630	−0.173%	$142K	$1.2M	25x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	30.679	−0.014%	$85K	$22K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0006%	1h	30.669	−0.044%	$21K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+6.965%	$2K	$1K	5.5x	as long as short
BloFin VVV-USDT	+0.0063%	4h	30.615	−0.222%	$1.3M	$1.5M	25x	as long as short
Polymarket Perps VVV-USD	+0.0068%	1h	30.643	−0.130%	$117K	$1.4M	3x	as long as short
01 Exchange VVVUSD	+0.0088%	1h	30.656	−0.088%	$11K	$3K	3x	as long as short
Lighter VVV	+0.0096%	1h	30.663	−0.064%	$2.0M	$4.6M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	30.643	−0.130%	$447K	$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
Paradex VVV-USD-PERP	+0.0100%	8h	30.641	−0.136%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	30.653	−0.096%	$133K	$870K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	30.679	−0.013%	$69.2M	$48.6M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	30.654	−0.093%	$244K	$1.0M	10x	as long as short
Pacifica VVV	+0.0100%	1h	30.669	−0.047%	$181K	$130K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	30.655	−0.091%	$33.0M	$122.6M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	30.644	−0.126%	$37.9M	$41.9M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	30.641	−0.137%	$4.8M	$30.7M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	30.661	−0.072%	$10.7M	$5.6M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	30.653	−0.098%	$6.4M	$5.7M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	30.644	−0.127%	$1.9M	$2.7M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.645	−0.124%	$5.7M	$7.2M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	30.673	−0.033%	—	$4.9M	—	as long as short
Variational Omni VVV	+0.0100%	4h	30.636	−0.154%	$1.9M	$350K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.667	−0.051%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	30.653	−0.098%	$2.0M	$2.1M	50x	as long as short
edgeX VVVUSDC	+0.0103%	4h	30.677	−0.021%	$76K	$334K	10x	as long as short
Extended VVV-USD	+0.0104%	1h	30.646	−0.121%	$299K	$2.2M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.659	−0.079%	$6K	—	3x	as long as short
Phoenix VVVlong	+0.0209%	1h	30.683	long leg	$32K	$243K	5x
Kalshi KXVVVPERP	+0.0229%	8h	30.657	−0.085%	$94K	$5.5M	1.7x	as long as short
Backpack VVV_USDC_PERPshort	+0.0424%	1h	30.692	+0.029%	$119K	$239K	5x
GMX VVV/USD [ETH-USDC]	L +0.0427% / S −0.0176%	1h	30.667	−0.054%	$535K	—	100x	as long as short