VVV

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0065%/8h= −7.1% APRnext payment −$0.08 per $10,000 · paid last 24h −0.007%

Price spread now: Hyperliquid against Backpack−0.069%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$490.486% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.466%−$47 on $10k

Price spread, last 4 days (all we have)+0.241%+$24 · spread now −0.069%, 7d avg −0.001%

Together, before fees−0.225%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hyperliquid is 0.068% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	32.206	0.0165	pay 0.0021% / 1h	56m 30s	$122K	$361K	5x
Short	Hyperliquid VVV	32.184	0.0100	get 0.0013% / 1h	56m 30s	$74.5M	$56.0M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$13.7
Price spread: −0.069% → −0.001%: −$6.76
Slippage, 4 orders: −$29.65
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$69.11
Costs to cover: 0.486%
Break-even: never at this rate

Slippage from Backpack: live order book, 22 min ago; Hyperliquid: live order book, 7 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, 22 min ago	2.36 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	2.02 bp	7.1 bp −$7	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	32.165	−0.128%	$113K	$6.9M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.205	−0.005%	$91K	$23K	10x	as long as short
Polymarket Perps VVV-USD	+0.0003%	1h	32.155	−0.159%	$146K	$1.2M	3x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.193	−0.042%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.906%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	32.198	−0.025%	$395K	$605K	5x	as long as short
01 Exchange VVVUSD	+0.0088%	1h	32.191	−0.047%	$12K	$3K	3x	as long as short
Lighter VVV	+0.0096%	1h	32.212	+0.020%	$2.3M	$5.5M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.151	−0.171%	$478K	$1.6M	5x	as long as short
BloFin VVV-USDT	+0.0098%	4h	32.195	−0.034%	$1.3M	$1.8M	25x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix VVV	+0.0098%	1h	32.054	−0.472%	$56K	$299K	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.204	−0.005%	$125K	$796K	3x	as long as short
Hyperliquid VVVshort	+0.0100%	1h	32.184	−0.069%	$74.5M	$56.0M	3x
Aster VVVUSDT	+0.0100%	4h	32.176	−0.094%	$264K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.189	−0.054%	$192K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.188	−0.055%	$33.7M	$157.1M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.183	−0.072%	$39.5M	$52.7M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.184	−0.069%	$4.7M	$42.8M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.181	−0.078%	$10.8M	$7.5M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.187	−0.059%	$6.3M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.182	−0.075%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.173	−0.103%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.200	−0.019%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.134	−0.223%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.189	−0.054%	$1K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.196	−0.031%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.175	−0.095%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.198	−0.024%	$323K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.168	−0.117%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0114%	4h	32.042	−0.509%	$80K	$332K	10x	as long as short
Backpack VVV_USDC_PERPlong	+0.0165%	1h	32.206	long leg	$122K	$361K	5x
GMX VVV/USD [ETH-USDC]	L +0.0184% / S +0.0169%	1h	32.177	−0.092%	$619K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.233	+0.082%	$242K	$1.4M	25x	as long as short