Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.115%

Price spread now: OKX against Backpack−0.150%46s7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as 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−$640.644% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.672%−$67 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now −0.150%, 7d avg −0.084%

Together, before fees−0.545%−$54 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 OKX is 0.066% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.084%). Swap the legs. The two prices were read 46 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	Backpack VVV_USDC_PERP	31.627	0.0175	pay 0.0022% / 1h	46m 22s	$123K	$329K	5x
Short	OKX VVV-USDT-SWAP	31.580	0.0100	get 0.0050% / 4h	2h 46m	$4.7M	$40.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$15.77
Price spread: −0.150% → −0.084%: −$6.61
Slippage, 4 orders: −$44.43
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$86.81
Costs to cover: 0.644%
Break-even: never at this rate

Slippage from Backpack: live order book, 22 min ago; OKX: live order book, 2 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	2.44 bp	14.7 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	2.37 bp	20.5 bp −$21	69.4 bp −$694	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
Bybit VVVUSDT	−0.0196%	4h	31.589	−0.121%	$38.6M	$51.8M	20x	as long as short
Polymarket Perps VVV-USD	−0.0135%	1h	31.667	+0.125%	$146K	$1.2M	3x	as long as short
RISEx VVV/USDC	−0.0111%	1h	31.644	+0.053%	$388K	$617K	5x	as long as short
Gate VVV_USDT	−0.0098%	4h	31.661	+0.106%	$10.6M	$7.0M	25x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.655	+0.087%	$117K	$6.5M	1.7x	as long as short
Phoenix VVV	0.0000%	1h	31.638	+0.034%	$52K	$289K	5x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.581	−0.148%	$88K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0005%	1h	31.671	+0.138%	$20K	—	150x	as long as short
01 Exchange VVVUSD	+0.0032%	1h	31.662	+0.109%	$11K	$3K	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+3.771%	$2K	$1K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter VVV	+0.0048%	1h	31.654	+0.083%	$2.1M	$5.6M	5x	as long as short
BloFin VVV-USDT	+0.0053%	4h	31.666	+0.122%	$1.3M	$1.8M	25x	as long as short
Lighter RH VVV	+0.0096%	1h	31.663	+0.113%	$468K	$1.5M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.675	+0.149%	$3K	$106	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.682	+0.174%	$125K	$851K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.674	+0.147%	$73.1M	$55.3M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.675	+0.151%	$257K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.680	+0.166%	$189K	$179K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.672	+0.142%	$33.5M	$153.6M	25x	as long as short
OKX VVV-USDT-SWAPshort	+0.0100%	4h	31.580	−0.150%	$4.7M	$40.7M	20x
MEXC VVV_USDT	+0.0100%	4h	31.682	+0.173%	$6.4M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.654	+0.084%	$1.8M	$2.9M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.570	−0.181%	$5.7M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.660	+0.103%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.641	+0.042%	$2.1M	$190K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.617	−0.032%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.603	−0.077%	$2.0M	$2.1M	50x	as long as short
Extended VVV-USD	+0.0104%	1h	31.592	−0.112%	$299K	$2.0M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.619	−0.025%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0110%	4h	31.669	+0.131%	$79K	$335K	10x	as long as short
Backpack VVV_USDC_PERPlong	+0.0175%	1h	31.627	long leg	$123K	$329K	5x
GMX VVV/USD [ETH-USDC]	L +0.0177% / S +0.0122%	1h	31.653	+0.081%	$572K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0208%	1h	31.547	−0.255%	$241K	$1.2M	25x	as long as short