Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.042%

Price spread now: Kalshi against Phoenix+0.175%74s7-day average −0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as 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−$670.666% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.345%−$35 on $10k

Price spread, last 3 days (all we have)−0.220%−$22 · spread now +0.175%, 7d avg −0.075%

Together, before fees−0.566%−$57 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Kalshi is 0.250% dearer against Phoenix than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of −0.075%. The two prices were read 74 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	32.084	0	get 0.0000% / 1h	38m 01s	$56K	$298K	5x
Short	Kalshi KXVVVPERP	32.140	0	get 0.0000% / 8h	3h 38m	$109K	$6.6M	1.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now +0.175%Rate

Funding earned: $0
Price spread: +0.175% → −0.075%: $25
Slippage, 4 orders: −$49.6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$41.59
Costs to cover: 0.666%
Break-even: never at this rate

Slippage from Phoenix: live order book, 33 min ago; Kalshi: 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, 33 min ago	3.13 bp	19.8 bp −$20	64.9 bp −$649	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	6.54 bp	12.8 bp −$13	21.0 bp −$210	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	−0.0307%	1h	32.107	+0.072%	$147K	$1.2M	3x	as long as short
01 Exchange VVVUSD	−0.0104%	1h	32.090	+0.019%	$11K	$3K	3x	as long as short
Bybit VVVUSDT	−0.0029%	4h	32.127	+0.134%	$39.5M	$51.5M	20x	as long as short
RISEx VVV/USDC	−0.0015%	1h	32.111	+0.083%	$395K	$601K	5x	as long as short
Kalshi KXVVVPERPshort	0.0000%	8h	32.140	+0.175%	$109K	$6.6M	1.7x
Phoenix VVVlong	0.0000%	1h	32.084	long leg	$56K	$298K	5x
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.129	+0.142%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.141	+0.179%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.294%	$2K	$1K	5.5x	as long as short
Gate VVV_USDT	+0.0066%	4h	32.125	+0.128%	$10.8M	$7.3M	25x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter VVV	+0.0096%	1h	32.127	+0.132%	$2.2M	$5.9M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.119	+0.109%	$478K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.120	+0.112%	$126K	$850K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	32.167	+0.259%	$74.5M	$54.9M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.114	+0.092%	$262K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.146	+0.193%	$192K	$189K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.146	+0.193%	$33.8M	$154.6M	25x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.137	+0.165%	$4.7M	$41.8M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.147	+0.196%	$6.6M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.139	+0.171%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.119	+0.109%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.137	+0.165%	—	$5.4M	—	as long as short
Backpack VVV_USDC_PERP	+0.0100%	1h	32.165	+0.253%	$125K	$333K	5x	as long as short
Variational Omni VVV	+0.0100%	4h	32.057	−0.084%	$2.1M	$187K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.137	+0.164%	$2K	$2K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.133	+0.153%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.109	+0.077%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.130	+0.143%	$302K	$2.0M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.114	+0.094%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0104%	4h	32.068	−0.049%	$80K	$333K	10x	as long as short
BloFin VVV-USDT	+0.0154%	4h	32.108	+0.075%	$1.3M	$1.8M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0178% / S +0.0120%	1h	32.142	+0.181%	$581K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0320%	1h	32.034	−0.155%	$246K	$1.2M	25x	as long as short