Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.049%

Price spread now: Phemex against Injective−2.651%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phemex is 2.651% cheaper against Injective than usual: you would sell low and buy high (spread −2.651% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$265 on $10k: about 4 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective VVV/USDC PERP	32.820	0.0033	pay 0.0004% / 1h	3m 16s	$2K	$1K	5.5x
Short	Phemex VVVUSDT	31.950	0.0100	get 0.0050% / 4h	3h 03m	$2.1M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −2.651%Rate

Funding earned: $14
Price spread: −2.651% → 0.000%: −$265.08
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$263.1
Costs to cover: 0.120%
Break-even: 138.6 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 5 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	2.04 bp	41.5 bp −$42	doesn't fit	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0267%	4h	31.937	−2.691%	$39.0M	$51.5M	20x	as long as short
Polymarket Perps VVV-USD	−0.0227%	1h	31.921	−2.739%	$159K	$1.2M	3x	as long as short
Gate VVV_USDT	−0.0140%	4h	31.930	−2.712%	$10.7M	$7.4M	25x	as long as short
RISEx VVV/USDC	−0.0015%	1h	31.952	−2.646%	$392K	$597K	5x	as long as short
01 Exchange VVVUSD	0.0000%	1h	31.975	−2.575%	$11K	$3K	3x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.959	−2.623%	$114K	$6.5M	1.7x	as long as short
Phoenix VVV	0.0000%	1h	31.910	−2.773%	$56K	$298K	5x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.949	−2.654%	$89K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.945	−2.667%	$797	—	150x	as long as short
Injective VVV/USDC PERPlong	+0.0033%	1h	32.820	long leg	$2K	$1K	5.5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter VVV	+0.0096%	1h	31.919	−2.746%	$2.2M	$5.9M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.912	−2.767%	$472K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.949	−2.654%	$125K	$850K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.958	−2.626%	$74.2M	$54.9M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.951	−2.649%	$260K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.956	−2.631%	$191K	$183K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.951	−2.649%	$33.6M	$153.9M	25x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.933	−2.703%	$4.7M	$41.2M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.945	−2.666%	$6.5M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.935	−2.697%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.929	−2.715%	$5.8M	$8.8M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.937	−2.690%	—	$5.4M	—	as long as short
Backpack VVV_USDC_PERP	+0.0100%	1h	31.964	−2.609%	$123K	$331K	5x	as long as short
Variational Omni VVV	+0.0100%	4h	31.882	−2.859%	$2.1M	$190K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.942	−2.677%	$3K	$3K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	31.950	−2.651%	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	31.940	−2.682%	$3K	$106	5x	as long as short
edgeX VVVUSDC	+0.0100%	4h	31.926	−2.723%	$79K	$334K	10x	as long as short
Extended VVV-USD	+0.0104%	1h	31.936	−2.693%	$304K	$2.0M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.940	−2.683%	$6K	—	3x	as long as short
BloFin VVV-USDT	+0.0145%	4h	31.945	−2.666%	$1.3M	$1.8M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0177% / S +0.0122%	1h	31.934	−2.701%	$578K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0320%	1h	31.927	−2.721%	$245K	$1.2M	25x	as long as short