Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h −0.089%

Price spread now: BingX against Backpack+0.110%7-day average −0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$580.583% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.623%−$62 on $10k

Price spread, last 4 days (all we have)−0.180%−$18 · spread now +0.110%, 7d avg −0.065%

Together, before fees−0.802%−$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.176% dearer against Backpack than usual: you sell high and buy low (spread +0.110% now, against its 7-day average of −0.065%): +$18 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 24 days. At the pace of the last 7 days (−0.623% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	32.331	0.0124	pay 0.0016% / 1h	50m 16s	$122K	$359K	5x
Short	BingX VVV-USDT	32.367	0.0100	get 0.0050% / 4h	50m 16s	—	$5.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now +0.110%Rate

Funding earned: −$5.13
Price spread: +0.110% → −0.065%: $17.57
Slippage, 4 orders: −$38.32
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$45.88
Costs to cover: 0.583%
Break-even: never at this rate

Slippage from Backpack: live order book, 28 min ago; BingX: live order book, 10 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 Backpack live order book, 28 min ago	2.36 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	0.62 bp	12.4 bp −$12	26.1 bp −$261	223.0 bp −$22.3K	586.4 bp −$293.2K

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	32.390	+0.182%	$112K	$6.9M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.325	−0.021%	$92K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.371	+0.123%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.512%	$2K	$1K	5.5x	as long as short
Polymarket Perps VVV-USD	+0.0035%	1h	32.382	+0.157%	$148K	$1.2M	3x	as long as short
RISEx VVV/USDC	+0.0040%	1h	32.367	+0.110%	$397K	$604K	5x	as long as short
BloFin VVV-USDT	+0.0068%	4h	32.319	−0.038%	$1.3M	$1.8M	25x	as long as short
01 Exchange VVVUSD	+0.0072%	1h	32.407	+0.234%	$12K	$3K	3x	as long as short
Lighter VVV	+0.0096%	1h	32.381	+0.154%	$2.3M	$5.5M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.319	−0.038%	$480K	$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	32.382	+0.158%	$136K	$815K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	32.421	+0.277%	$75.1M	$55.9M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.378	+0.145%	$266K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.352	+0.064%	$193K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.386	+0.169%	$33.9M	$157.2M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.374	+0.132%	$39.7M	$52.6M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.333	+0.005%	$4.7M	$42.9M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.378	+0.144%	$10.9M	$7.5M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.401	+0.216%	$6.4M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.385	+0.166%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.376	+0.138%	$5.9M	$8.9M	20x	as long as short
BingX VVV-USDTshort	+0.0100%	4h	32.367	+0.110%	—	$5.5M	—
Variational Omni VVV	+0.0100%	4h	32.313	−0.055%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.333	+0.004%	$1K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.296	−0.109%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.338	+0.019%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.317	−0.045%	$325K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.346	+0.044%	$7K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0106%	4h	32.268	−0.196%	$80K	$332K	10x	as long as short
Backpack VVV_USDC_PERPlong	+0.0124%	1h	32.331	long leg	$122K	$359K	5x
Phoenix VVV	+0.0124%	1h	32.295	−0.112%	$56K	$299K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0183% / S +0.0170%	1h	32.347	+0.049%	$622K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	−0.166%	$242K	$1.3M	25x	as long as short