Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h −0.050%

Price spread now: Phemex against Phoenix−0.322%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$164as in the Funding arb table

Net, price: spread back to 7d avg − costs−$160as in the Price arb table

costs, in and out, $10k−$1271.267% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.368%−$37 on $10k

Price spread, last 3 days (all we have)+0.696%+$70 · spread now −0.322%, 7d avg +0.015%

Together, before fees+0.328%+$33 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: Phemex is 0.337% cheaper against Phoenix than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VVV	32.317	0.0098	pay 0.0012% / 1h	10m 41s	$57K	$294K	5x
Short	Phemex VVVUSDT	32.213	0.0100	get 0.0050% / 4h	1h 10m	$2.1M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.322%Rate

Funding earned: $0.32
Price spread: −0.322% → +0.015%: −$33.66
Slippage, 4 orders: −$107.68
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$160.01
Costs to cover: 1.267%
Break-even: 3487.7 days

Slippage from Phoenix: live order book, 5 min ago; Phemex: live order book, 3 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, 5 min ago	3.10 bp	19.7 bp −$20	65.2 bp −$652	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	5.12 bp	45.5 bp −$45	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
Kalshi KXVVVPERP	0.0000%	8h	32.245	−0.223%	$108K	$6.9M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.204	−0.351%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.213	−0.321%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.556%	$2K	$1K	5.5x	as long as short
Lighter VVV	+0.0096%	1h	32.234	−0.256%	$2.3M	$5.5M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.203	−0.353%	$479K	$1.6M	5x	as long as short
Phoenix VVVlong	+0.0098%	1h	32.317	long leg	$57K	$294K	5x
Nado VVV-PERP	+0.0100%	1h	32.214	−0.317%	$149K	$783K	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.200	−0.362%	$265K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.239	−0.243%	$185K	$183K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VVVUSDT	+0.0100%	4h	32.209	−0.334%	$33.7M	$157.4M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.210	−0.332%	$39.6M	$52.8M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.214	−0.319%	$4.7M	$42.8M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.208	−0.337%	$10.9M	$7.8M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.215	−0.316%	$6.3M	$7.1M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.194	−0.381%	$2.0M	$2.9M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.195	−0.378%	$5.9M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.212	−0.325%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.172	−0.447%	$2.1M	$183K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	32.197	−0.371%	$142K	$1.2M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	32.211	−0.328%	$1K	$1K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	32.213	−0.322%	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	32.216	−0.314%	$3K	$106	5x	as long as short
BloFin VVV-USDT	+0.0102%	4h	32.211	−0.328%	$1.3M	$1.8M	25x	as long as short
Extended VVV-USD	+0.0104%	1h	32.196	−0.373%	$325K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.209	−0.334%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0111%	4h	32.237	−0.246%	$80K	$331K	10x	as long as short
Coinbase International VVV-PERP-INTX	+0.0144%	1h	32.228	−0.274%	$238K	$1.3M	25x	as long as short
RISEx VVV/USDC	+0.0175%	1h	32.186	−0.406%	$395K	$607K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0186% / S +0.0168%	1h	32.211	−0.329%	$619K	—	100x	as long as short
Backpack VVV_USDC_PERP	+0.0221%	1h	32.226	−0.281%	$122K	$370K	5x	as long as short
Hyperliquid VVV	+0.0265%	1h	32.203	−0.353%	$74.7M	$56.1M	3x	as long as short
01 Exchange VVVUSD	+0.0312%	1h	32.187	−0.402%	$12K	$3K	3x	as long as short