VVV

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0024%/8h= −2.7% APRnext payment −$0.03 per $10,000 · paid last 24h +0.058%

Price spread now: Hyperliquid against Phoenix+0.352%61s7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as 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−$650.645% of the position

Long on Phoenix Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.143%−$14 on $10k

Price spread, last 3 days (all we have)−0.310%−$31 · spread now +0.352%, 7d avg +0.042%

Together, before fees−0.453%+ Points / potential airdropHyperliquid: Season 2 · farm board−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.310% dearer against Phoenix than usual: you sell high and buy low (spread +0.352% now, against its 7-day average of +0.042%): +$31 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 42 days. At the pace of the last 7 days (−0.143% in total) that is about 15 days. The two prices were read 61 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	31.787	0.0124	pay 0.0016% / 1h	12m 09s	$56K	$299K	5x
Short	Hyperliquid VVV	31.899	0.0100	get 0.0013% / 1h	12m 09s	$74.0M	$55.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.352%Rate

Funding earned: −$5.14
Price spread: +0.352% → +0.042%: $31.02
Slippage, 4 orders: −$48.52
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$38.64
Costs to cover: 0.645%
Break-even: never at this rate

Slippage from Phoenix: live order book, 63 min ago; Hyperliquid: live order book, 11 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, 63 min ago	3.10 bp	19.7 bp −$20	65.2 bp −$652	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.71 bp	13.6 bp −$14	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
Polymarket Perps VVV-USD	−0.0013%	1h	31.857	+0.220%	$145K	$1.2M	3x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.802	+0.047%	$102K	$6.8M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.873	+0.271%	$90K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.887	+0.315%	$19K	—	150x	as long as short
01 Exchange VVVUSD	+0.0016%	1h	31.817	+0.094%	$11K	$3K	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+3.250%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	31.815	+0.090%	$391K	$600K	5x	as long as short
BloFin VVV-USDT	+0.0095%	4h	31.789	+0.006%	$1.3M	$1.8M	25x	as long as short
Lighter VVV	+0.0096%	1h	31.874	+0.274%	$2.2M	$6.0M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.854	+0.211%	$474K	$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	31.849	+0.196%	$125K	$850K	3x	as long as short
Hyperliquid VVVshort	+0.0100%	1h	31.899	+0.352%	$74.0M	$55.6M	3x
Aster VVVUSDT	+0.0100%	4h	31.842	+0.171%	$260K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.826	+0.124%	$190K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.874	+0.274%	$33.4M	$156.3M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.863	+0.241%	$39.1M	$51.9M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.870	+0.261%	$4.6M	$42.0M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	31.871	+0.264%	$10.7M	$7.6M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.871	+0.264%	$6.4M	$7.1M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.818	+0.098%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.852	+0.204%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.899	+0.352%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.874	+0.275%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.894	+0.338%	$2K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.853	+0.208%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.811	+0.076%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	31.856	+0.217%	$299K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.839	+0.163%	$6K	$13K	3x	as long as short
Backpack VVV_USDC_PERP	+0.0118%	1h	31.819	+0.099%	$122K	$359K	5x	as long as short
edgeX VVVUSDC	+0.0120%	4h	31.775	−0.038%	$79K	$335K	10x	as long as short
Phoenix VVVlong	+0.0124%	1h	31.787	long leg	$56K	$299K	5x
GMX VVV/USD [ETH-USDC]	L +0.0179% / S +0.0119%	1h	31.897	+0.347%	$577K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	+1.544%	$242K	$1.3M	25x	as long as short