Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.105%

Price spread now: Phemex against Hyperliquid−0.340%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$154as in the Funding arb table

Net, price: spread back to 7d avg − costs−$163as in the Price arb table

costs, in and out, $10k−$1321.320% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 3 days (all we have)+0.410%+$41 · spread now −0.340%, 7d avg −0.034%

Together, before fees+0.187%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.306% cheaper against Hyperliquid than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VVV	32.367	0.0145	pay 0.0018% / 1h	12m 01s	$75.0M	$55.1M	3x
Short	Phemex VVVUSDT	32.257	0.0100	get 0.0050% / 4h	2h 12m	$2.1M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hyperliquid. 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 HyperliquidbpFee PhemexbpOrdersPrice spread, now −0.340%Rate

Funding earned: −$9.48
Price spread: −0.340% → −0.034%: −$30.57
Slippage, 4 orders: −$110.98
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$172.03
Costs to cover: 1.320%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 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 Hyperliquid live order book, 12 min ago	0.16 bp	15.3 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	2.02 bp	45.6 bp −$46	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	32.256	−0.343%	$114K	$6.8M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.314	−0.163%	$93K	$22K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.280	−0.268%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.400%	$2K	$1K	5.5x	as long as short
BloFin VVV-USDT	+0.0072%	4h	32.272	−0.294%	$1.3M	$1.7M	25x	as long as short
Phoenix VVV	+0.0077%	1h	32.267	−0.309%	$56K	$292K	5x	as long as short
RISEx VVV/USDC	+0.0078%	1h	32.262	−0.326%	$410K	$580K	5x	as long as short
Lighter VVV	+0.0096%	1h	32.317	−0.155%	$2.2M	$5.4M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.301	−0.204%	$482K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.264	−0.317%	$149K	$781K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VVVUSDT	+0.0100%	4h	32.329	−0.117%	$279K	$1.8M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.251	−0.359%	$192K	$176K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.325	−0.129%	$34.1M	$155.1M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.307	−0.186%	$39.9M	$52.1M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.377	+0.031%	$4.8M	$42.5M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.302	−0.201%	$10.9M	$7.8M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.319	−0.148%	$17.4M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.299	−0.210%	$2.1M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.334	−0.102%	$5.9M	$8.8M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.330	−0.114%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.022	−1.067%	$2.1M	$180K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	32.269	−0.303%	$157K	$1.2M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	32.296	−0.219%	$1K	$1K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	32.257	−0.340%	$2.1M	$2.0M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	32.262	−0.325%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.337	−0.093%	$319K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.315	−0.160%	$7K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0115%	4h	32.149	−0.674%	$80K	$332K	10x	as long as short
01 Exchange VVVUSD	+0.0120%	1h	32.287	−0.247%	$12K	$3K	3x	as long as short
Hyperliquid VVVlong	+0.0145%	1h	32.367	long leg	$75.0M	$55.1M	3x
GMX VVV/USD [ETH-USDC]	L +0.0191% / S +0.0094%	1h	32.281	−0.267%	$564K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0232%	1h	32.332	−0.108%	$215K	$1.3M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0311%	1h	32.346	−0.065%	$123K	$380K	5x	as long as short