Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.020%

Price spread now: BingX against Phoenix+0.331%7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$670.670% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.283%−$28 on $10k

Price spread, last 4 days (all we have)−0.222%−$22 · spread now +0.331%, 7d avg −0.036%

Together, before fees−0.506%−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.367% dearer against Phoenix than usual: you sell high and buy low (spread +0.331% now, against its 7-day average of −0.036%): +$37 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VVV	30.774	0.0182	pay 0.0023% / 1h	28m 41s	$32K	$253K	5x
Short	BingX VVV-USDT	30.876	0.0100	get 0.0050% / 4h	28m 41s	—	$5.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.331%Rate

Funding earned: −$17.23
Price spread: +0.331% → −0.036%: $36.74
Slippage, 4 orders: −$50.01
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$47.51
Costs to cover: 0.670%
Break-even: never at this rate

Slippage from Phoenix: live order book, 26 min ago; BingX: live order book, 6 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, 26 min ago	2.92 bp	19.9 bp −$20	65.3 bp −$653	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	0.16 bp	13.5 bp −$13	38.5 bp −$385	233.0 bp −$23.3K	630.1 bp −$315.0K

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	−0.0299%	1h	30.819	+0.148%	$378K	$626K	5x	as long as short
Polymarket Perps VVV-USD	−0.0093%	1h	30.845	+0.231%	$129K	$1.2M	3x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	30.891	+0.380%	$86K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0002%	1h	30.890	+0.376%	$23K	—	150x	as long as short
01 Exchange VVVUSD	+0.0032%	1h	30.829	+0.179%	$11K	$3K	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+6.648%	$2K	$1K	5.5x	as long as short
Gate VVV_USDT	+0.0034%	4h	30.864	+0.292%	$10.3M	$6.0M	25x	as long as short
Coinbase International VVV-PERP-INTX	+0.0064%	1h	30.870	+0.312%	$145K	$1.2M	25x	as long as short
Lighter VVV	+0.0096%	1h	30.821	+0.152%	$2.1M	$5.2M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	30.848	+0.240%	$450K	$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	30.826	+0.169%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	30.875	+0.330%	$112K	$858K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	30.869	+0.309%	$70.4M	$49.4M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	30.876	+0.331%	$247K	$1.1M	10x	as long as short
Pacifica VVV	+0.0100%	1h	30.852	+0.252%	$182K	$133K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	30.848	+0.240%	$33.0M	$130.7M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	30.830	+0.182%	$38.4M	$43.6M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	30.823	+0.159%	$4.8M	$33.4M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	30.862	+0.286%	$6.3M	$6.2M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	30.871	+0.315%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.868	+0.305%	$5.7M	$7.5M	20x	as long as short
BingX VVV-USDTshort	+0.0100%	4h	30.876	+0.331%	—	$5.0M	—
Variational Omni VVV	+0.0100%	4h	30.703	−0.232%	$1.9M	$337K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.878	+0.338%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	30.859	+0.276%	$2.0M	$2.1M	50x	as long as short
edgeX VVVUSDC	+0.0103%	4h	30.741	−0.108%	$76K	$335K	10x	as long as short
Extended VVV-USD	+0.0104%	1h	30.820	+0.148%	$290K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.874	+0.326%	$6K	—	3x	as long as short
BloFin VVV-USDT	+0.0114%	4h	30.881	+0.348%	$1.3M	$1.6M	25x	as long as short
Kalshi KXVVVPERP	+0.0152%	8h	30.844	+0.227%	$101K	$5.7M	1.7x	as long as short
Backpack VVV_USDC_PERP	+0.0153%	1h	30.898	+0.402%	$120K	$253K	5x	as long as short
Phoenix VVVlong	+0.0182%	1h	30.774	long leg	$32K	$253K	5x
GMX VVV/USD [ETH-USDC]	L +0.0427% / S −0.0174%	1h	30.878	+0.337%	$540K	—	100x	as long as short