Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0745%/8h= +81.5% APRpaid last 24h +0.087%

Price spread now: Backpack against Kalshi+0.113%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs+$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$580.575% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.665%+$67 on $10k

Price spread, last 4 days (all we have)−0.250%−$25 · spread now +0.113%, 7d avg +0.061%

Together, before fees+0.416%+$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Backpack is 0.052% dearer against Kalshi than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXVVVPERP	31.218	0	get 0.0000% / 8h	3h 27m	$92K	$5.3M	1.7x
Short	Backpack VVV_USDC_PERP	31.253	0.0745	get 0.0093% / 1h	27m 54s	$167K	$261K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.113%Rate

Funding earned: $156.4
Price spread: +0.113% → +0.061%: $5.24
Slippage, 4 orders: −$37.51
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $104.12
Costs to cover: 0.575%
Break-even: 2.3 days

Slippage from Kalshi: live order book, 1 min ago; Backpack: live order book, 5 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 Kalshi live order book, 1 min ago	7.36 bp	14.3 bp −$14	23.6 bp −$236	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	3.19 bp	12.2 bp −$12	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	−0.0349%	1h	31.141	−0.247%	$381K	$689K	5x	as long as short
Gate VVV_USDT	−0.0190%	4h	31.189	−0.093%	$11.8M	$4.8M	25x	as long as short
Kalshi KXVVVPERPlong	0.0000%	8h	31.218	long leg	$92K	$5.3M	1.7x
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.209	−0.027%	$87K	$20K	10x	as long as short
Coinbase International VVV-PERP-INTX	0.0000%	1h	31.334	+0.373%	$191K	$1.3M	25x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.215	−0.010%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+5.132%	$2K	$1K	5.5x	as long as short
BloFin VVV-USDT	+0.0084%	4h	31.245	+0.086%	$1.3M	$1.4M	25x	as long as short
Lighter VVV	+0.0096%	1h	31.198	−0.065%	$1.9M	$4.1M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.214	−0.013%	$460K	$1.5M	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	31.199	−0.061%	$3K	$29	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.169	−0.159%	$157K	$991K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.237	+0.061%	$69.3M	$43.2M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.221	+0.010%	$246K	$497K	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.224	+0.018%	$184K	$118K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.227	+0.028%	$33.2M	$106.3M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.193	−0.079%	$38.0M	$38.7M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.205	−0.042%	$4.8M	$25.6M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.225	+0.022%	$6.9M	$4.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.194	−0.077%	$1.6M	$2.7M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.202	−0.051%	$5.7M	$6.3M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.227	+0.029%	—	$4.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.210	−0.025%	$2.0M	$362K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	31.195	−0.074%	$129K	$1.3M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	31.083	−0.432%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.211	−0.022%	$2.0M	$2.1M	50x	as long as short
Extended VVV-USD	+0.0104%	1h	31.218	−0.001%	$291K	$1.8M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.212	−0.018%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0106%	4h	31.211	−0.024%	$78K	$331K	10x	as long as short
Phoenix VVV	+0.0229%	1h	31.113	−0.336%	$32K	$201K	5x	as long as short
01 Exchange VVVUSD	+0.0288%	1h	31.151	−0.215%	$11K	$2K	3x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0444% / S −0.0219%	1h	31.199	−0.062%	$502K	—	100x	as long as short
Backpack VVV_USDC_PERPshort	+0.0745%	1h	31.253	+0.113%	$167K	$261K	5x