VVV

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.057%

Price spread now: Phoenix against Hyperliquid−0.116%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$630.632% of the position

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.144%+$14 on $10k

Price spread, last 3 days (all we have)+0.160%+$16 · spread now −0.116%, 7d avg −0.043%

Together, before fees+0.303%+ Points / potential airdropHyperliquid: Season 2 · farm board+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.073% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.043%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.144%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VVV	31.904	0.0100	pay 0.0013% / 1h	9m 30s	$74.1M	$54.9M	3x
Short	Phoenix VVV	31.867	0	get 0.0000% / 1h	9m 30s	$56K	$298K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$21
Price spread: −0.116% → −0.043%: −$7.3
Slippage, 4 orders: −$47.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$91.53
Costs to cover: 0.632%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Phoenix: live order book, 61 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, 4 min ago	0.16 bp	12.7 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 61 min ago	3.13 bp	19.8 bp −$20	57.3 bp −$573	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
Polymarket Perps VVV-USD	−0.0234%	1h	31.870	−0.107%	$160K	$1.2M	3x	as long as short
Bybit VVVUSDT	−0.0141%	4h	31.889	−0.047%	$39.0M	$51.6M	20x	as long as short
Gate VVV_USDT	−0.0120%	4h	31.884	−0.063%	$10.7M	$7.4M	25x	as long as short
RISEx VVV/USDC	−0.0015%	1h	31.888	−0.050%	$392K	$600K	5x	as long as short
01 Exchange VVVUSD	0.0000%	1h	31.881	−0.072%	$11K	$3K	3x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.964	+0.188%	$114K	$6.5M	1.7x	as long as short
Phoenix VVVshort	0.0000%	1h	31.867	−0.116%	$56K	$298K	5x
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.920	+0.051%	$89K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.896	−0.025%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.871%	$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	+0.0096%	1h	31.911	+0.021%	$2.2M	$5.9M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.905	+0.003%	$472K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.906	+0.006%	$125K	$850K	3x	as long as short
Hyperliquid VVVlong	+0.0100%	1h	31.904	long leg	$74.1M	$54.9M	3x
Aster VVVUSDT	+0.0100%	4h	31.945	+0.130%	$260K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.964	+0.187%	$191K	$183K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.904	0.000%	$33.5M	$154.2M	25x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.900	−0.013%	$4.7M	$41.4M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.907	+0.009%	$6.5M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.913	+0.028%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.889	−0.047%	$5.7M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.915	+0.034%	—	$5.4M	—	as long as short
Backpack VVV_USDC_PERP	+0.0100%	1h	31.938	+0.107%	$123K	$334K	5x	as long as short
Variational Omni VVV	+0.0100%	4h	31.923	+0.060%	$2.1M	$190K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.916	+0.037%	$3K	$2K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.941	+0.116%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.901	−0.010%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	31.902	−0.007%	$304K	$2.0M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.936	+0.099%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0117%	4h	31.953	+0.155%	$79K	$333K	10x	as long as short
BloFin VVV-USDT	+0.0148%	4h	31.951	+0.147%	$1.3M	$1.8M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0178% / S +0.0121%	1h	31.937	+0.104%	$578K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0320%	1h	31.903	−0.004%	$245K	$1.2M	25x	as long as short