Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h −0.072%

Price spread now: Gate against Phoenix−0.133%107s7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as 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−$880.884% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.464%−$46 on $10k

Price spread, last 3 days (all we have)+0.194%+$19 · spread now −0.133%, 7d avg −0.096%

Together, before fees−0.270%−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.038% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.096%). Swap the legs. The two prices were read 107 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	32.236	0.0124	pay 0.0016% / 1h	33m 44s	$56K	$299K	5x
Short	Gate VVV_USDT	32.193	0.0100	get 0.0050% / 4h	33m 44s	$10.8M	$7.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.133%Rate

Funding earned: −$5.14
Price spread: −0.133% → −0.096%: −$3.77
Slippage, 4 orders: −$66.35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$97.26
Costs to cover: 0.884%
Break-even: never at this rate

Slippage from Phoenix: live order book, 42 min ago; Gate: 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 Phoenix live order book, 42 min ago	3.10 bp	19.7 bp −$20	65.2 bp −$652	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	6.36 bp	27.5 bp −$27	136.1 bp −$1,361	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
Kalshi KXVVVPERP	0.0000%	8h	32.231	−0.016%	$113K	$6.9M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.219	−0.052%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.217	−0.060%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.812%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	32.216	−0.062%	$396K	$604K	5x	as long as short
Polymarket Perps VVV-USD	+0.0046%	1h	32.205	−0.096%	$147K	$1.2M	3x	as long as short
01 Exchange VVVUSD	+0.0064%	1h	32.204	−0.099%	$12K	$3K	3x	as long as short
Lighter VVV	+0.0096%	1h	32.237	+0.004%	$2.3M	$5.5M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.205	−0.096%	$479K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.237	+0.005%	$157K	$835K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VVV	+0.0100%	1h	32.252	+0.050%	$74.7M	$55.7M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.204	−0.100%	$264K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.229	−0.021%	$193K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.221	−0.047%	$33.7M	$156.9M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.208	−0.087%	$39.5M	$52.5M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.219	−0.053%	$4.7M	$42.6M	20x	as long as short
Gate VVV_USDTshort	+0.0100%	4h	32.193	−0.133%	$10.8M	$7.5M	25x
MEXC VVV_USDT	+0.0100%	4h	32.216	−0.062%	$6.5M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.202	−0.105%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.195	−0.127%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.221	−0.047%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.201	−0.109%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.215	−0.065%	$1K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.208	−0.087%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.228	−0.026%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.221	−0.047%	$323K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.199	−0.116%	$6K	$13K	3x	as long as short
Backpack VVV_USDC_PERP	+0.0105%	1h	32.244	+0.025%	$122K	$358K	5x	as long as short
edgeX VVVUSDC	+0.0115%	4h	32.226	−0.031%	$80K	$333K	10x	as long as short
Phoenix VVVlong	+0.0124%	1h	32.236	long leg	$56K	$299K	5x
BloFin VVV-USDT	+0.0149%	4h	32.165	−0.220%	$1.3M	$1.8M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0181% / S +0.0172%	1h	32.215	−0.066%	$619K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	+0.129%	$242K	$1.3M	25x	as long as short