Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0267%/8h= −29.2% APRpaid last 24h −0.095%

Price spread now: Phemex against Backpack−0.090%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$198as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1291.290% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.688%−$69 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now −0.090%, 7d avg −0.042%

Together, before fees−0.671%−$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phemex is 0.048% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	31.562	0.0367	pay 0.0046% / 1h	22m 21s	$160K	$276K	5x
Short	Phemex VVVUSDT	31.534	0.0100	get 0.0050% / 4h	22m 21s	$2.0M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$55.99
Price spread: −0.090% → −0.042%: −$4.81
Slippage, 4 orders: −$107.04
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$189.84
Costs to cover: 1.290%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Phemex: 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 Backpack live order book, 16 min ago	1.96 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.27 bp	51.0 bp −$51	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
RISEx VVV/USDC	−0.0337%	1h	31.475	−0.276%	$386K	$664K	5x	as long as short
Coinbase International VVV-PERP-INTX	−0.0040%	1h	31.573	+0.035%	$188K	$1.3M	25x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.525	−0.118%	$96K	$5.4M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.468	−0.300%	$88K	$22K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.488	−0.237%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+3.985%	$2K	$1K	5.5x	as long as short
Gate VVV_USDT	+0.0052%	4h	31.449	−0.359%	$11.7M	$5.2M	25x	as long as short
Lighter VVV	+0.0096%	1h	31.504	−0.184%	$1.9M	$4.2M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.517	−0.144%	$464K	$1.6M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.501	−0.195%	$3K	$73	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	31.504	−0.185%	$160K	$950K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.534	−0.090%	$70.5M	$44.4M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.499	−0.201%	$249K	$633K	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.540	−0.071%	$185K	$124K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.495	−0.214%	$33.6M	$113.4M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.446	−0.368%	$38.2M	$39.9M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.466	−0.305%	$4.8M	$28.2M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.503	−0.188%	$6.9M	$5.4M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.504	−0.185%	$1.7M	$2.7M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.483	−0.251%	$5.7M	$6.6M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.491	−0.226%	—	$4.7M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.470	−0.293%	$2.0M	$356K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	31.487	−0.239%	$122K	$1.4M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	31.475	−0.276%	$3K	$3K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	31.534	−0.090%	$2.0M	$2.1M	50x
Extended VVV-USD	+0.0104%	1h	31.472	−0.286%	$299K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.485	−0.246%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0108%	4h	31.509	−0.169%	$78K	$330K	10x	as long as short
BloFin VVV-USDT	+0.0118%	4h	31.544	−0.058%	$1.4M	$1.4M	25x	as long as short
01 Exchange VVVUSD	+0.0128%	1h	31.503	−0.188%	$11K	$2K	3x	as long as short
Phoenix VVV	+0.0203%	1h	31.613	+0.161%	$33K	$215K	5x	as long as short
Backpack VVV_USDC_PERPlong	+0.0367%	1h	31.562	long leg	$160K	$276K	5x
GMX VVV/USD [ETH-USDC]	L +0.0440% / S −0.0212%	1h	31.481	−0.258%	$506K	—	100x	as long as short