Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h +0.046%

Price spread now: Phoenix against Bybit+0.327%45s7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as 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−$750.746% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.406%+$41 on $10k

Price spread, last 4 days (all we have)−0.227%−$23 · spread now +0.327%, 7d avg +0.094%

Together, before fees+0.179%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.233% dearer against Bybit than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.094%. The two prices were read 45 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	Bybit VVVUSDT	30.840	0.0100	pay 0.0050% / 4h	18m 45s	$38.4M	$43.2M	20x
Short	Phoenix VVV	30.941	0.0182	get 0.0023% / 1h	18m 45s	$32K	$253K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.327%Rate

Funding earned: $17.23
Price spread: +0.327% → +0.094%: $23.31
Slippage, 4 orders: −$56.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$34.02
Costs to cover: 0.746%
Break-even: 20.8 days

Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 36 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 Bybit live order book, 5 min ago	0.16 bp	17.4 bp −$17	37.9 bp −$379	doesn't fit	doesn't fit
Sell Phoenix live order book, 36 min ago	2.92 bp	19.9 bp −$20	57.6 bp −$576	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	−0.0299%	1h	30.880	+0.130%	$379K	$629K	5x	as long as short
Polymarket Perps VVV-USD	−0.0081%	1h	30.871	+0.101%	$129K	$1.2M	3x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	30.868	+0.091%	$86K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0002%	1h	30.887	+0.152%	$23K	—	150x	as long as short
01 Exchange VVVUSD	+0.0032%	1h	30.914	+0.240%	$11K	$3K	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+6.420%	$2K	$1K	5.5x	as long as short
Gate VVV_USDT	+0.0044%	4h	30.859	+0.062%	$10.3M	$6.0M	25x	as long as short
Coinbase International VVV-PERP-INTX	+0.0064%	1h	30.870	+0.097%	$145K	$1.2M	25x	as long as short
Lighter VVV	+0.0096%	1h	30.856	+0.052%	$2.1M	$5.3M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	30.860	+0.065%	$450K	$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
Paradex VVV-USD-PERP	+0.0100%	8h	30.892	+0.168%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	30.922	+0.266%	$142K	$873K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	30.863	+0.075%	$70.4M	$49.1M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	30.891	+0.164%	$247K	$1.1M	10x	as long as short
Pacifica VVV	+0.0100%	1h	30.934	+0.306%	$183K	$133K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	30.870	+0.097%	$33.0M	$129.5M	25x	as long as short
Bybit VVVUSDTlong	+0.0100%	4h	30.840	long leg	$38.4M	$43.2M	20x
OKX VVV-USDT-SWAP	+0.0100%	4h	30.859	+0.062%	$4.8M	$33.0M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	30.863	+0.075%	$6.3M	$6.2M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	30.901	+0.198%	$1.9M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.837	−0.010%	$5.7M	$7.5M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	30.862	+0.071%	—	$5.0M	—	as long as short
Variational Omni VVV	+0.0100%	4h	30.866	+0.084%	$1.9M	$288K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.870	+0.098%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	30.875	+0.113%	$2.0M	$2.1M	50x	as long as short
Extended VVV-USD	+0.0104%	1h	30.847	+0.024%	$295K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.899	+0.190%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0117%	4h	30.937	+0.315%	$77K	$333K	10x	as long as short
BloFin VVV-USDT	+0.0118%	4h	30.888	+0.156%	$1.3M	$1.6M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0138%	1h	30.894	+0.174%	$120K	$250K	5x	as long as short
Kalshi KXVVVPERP	+0.0147%	8h	30.923	+0.269%	$103K	$5.7M	1.7x	as long as short
Phoenix VVVshort	+0.0182%	1h	30.941	+0.327%	$32K	$253K	5x
GMX VVV/USD [ETH-USDC]	L +0.0428% / S −0.0174%	1h	30.876	+0.117%	$541K	—	100x	as long as short