Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.050%

Price spread now: Bybit against Phoenix−0.269%85s7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as 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−$800.798% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.415%−$41 on $10k

Price spread, last 4 days (all we have)−0.452%−$45 · spread now −0.269%, 7d avg −0.085%

Together, before fees−0.867%−$87 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.184% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.269% now, against its 7-day average of −0.085%). If the spread goes back, that is −$18 on $10k: about 6.1 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.415%, so the current rate has only just turned in your favour. The two prices were read 85 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	31.344	0	get 0.0000% / 1h	8m 04s	$42K	$289K	5x
Short	Bybit VVVUSDT	31.260	0.0100	get 0.0050% / 4h	2h 08m	$38.3M	$50.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.269%Rate

Funding earned: $21
Price spread: −0.269% → −0.085%: −$18.4
Slippage, 4 orders: −$61.82
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$77.22
Costs to cover: 0.798%
Break-even: 32.7 days

Slippage from Phoenix: live order book, 57 min ago; Bybit: live order book, 1 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, 57 min ago	3.13 bp	19.8 bp −$20	65.3 bp −$653	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.28 bp	23.5 bp −$23	60.5 bp −$605	doesn't fit	doesn't fit

VVV on 32 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	−0.0111%	1h	31.233	−0.353%	$383K	$639K	5x	as long as short
Gate VVV_USDT	−0.0044%	4h	31.238	−0.338%	$10.5M	$7.1M	25x	as long as short
Polymarket Perps VVV-USD	−0.0029%	1h	31.250	−0.300%	$133K	$1.2M	3x	as long as short
Phoenix VVVlong	0.0000%	1h	31.344	long leg	$42K	$289K	5x
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0005%	1h	31.261	−0.264%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+4.709%	$2K	$1K	5.5x	as long as short
Lighter VVV	+0.0096%	1h	31.247	−0.311%	$2.1M	$5.6M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.242	−0.325%	$461K	$1.5M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.207	−0.436%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.260	−0.268%	$129K	$849K	3x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VVV	+0.0100%	1h	31.287	−0.182%	$72.2M	$53.2M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.248	−0.305%	$253K	$1.8M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.229	−0.366%	$187K	$162K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.258	−0.274%	$33.2M	$148.3M	25x	as long as short
Bybit VVVUSDTshort	+0.0100%	4h	31.260	−0.269%	$38.3M	$50.2M	20x
OKX VVV-USDT-SWAP	+0.0100%	4h	31.265	−0.252%	$4.7M	$39.2M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.267	−0.246%	$6.3M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.226	−0.376%	$1.8M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.240	−0.332%	$5.6M	$8.5M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.277	−0.214%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.321	−0.075%	$2.0M	$185K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.254	−0.288%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.289	−0.175%	$2.0M	$2.1M	50x	as long as short
Extended VVV-USD	+0.0104%	1h	31.261	−0.264%	$296K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.233	−0.355%	$6K	—	3x	as long as short
Kalshi KXVVVPERP	+0.0110%	8h	31.254	−0.287%	$111K	$6.4M	1.7x	as long as short
edgeX VVVUSDC	+0.0113%	4h	31.350	+0.019%	$78K	$334K	10x	as long as short
01 Exchange VVVUSD	+0.0120%	1h	31.249	−0.303%	$11K	$3K	3x	as long as short
Deribit VVV_USDC-PERPETUAL	+0.0159%	1h	31.271	−0.233%	$87K	$24K	10x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0176% / S +0.0124%	1h	31.255	−0.283%	$563K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0208%	1h	31.333	−0.034%	$155K	$1.3M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0265%	1h	31.294	−0.160%	$121K	$316K	5x	as long as short