Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0027%/8h= −2.9% APRpaid last 24h −0.010%

Price spread now: Phemex against Kalshi+0.106%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1171.172% of the position

Long on Kalshi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now +0.106%, 7d avg +0.085%

Together, before fees+0.025%+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.022% dearer against Kalshi than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of +0.085%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.7 days. At the pace of the last 7 days (−0.014% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXVVVPERP	30.996	0.0127	pay 0.0127% / 8h	1h 52m	$106K	$6.2M	1.7x
Short	Phemex VVVUSDT	31.029	0.0100	get 0.0050% / 4h	1h 52m	$2.0M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$5.6
Price spread: +0.106% → +0.085%: $2.2
Slippage, 4 orders: −$95.15
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$120.56
Costs to cover: 1.172%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 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 Kalshi live order book, 1 min ago	6.43 bp	12.3 bp −$12	19.8 bp −$198	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.80 bp	49.2 bp −$49	doesn't fit	doesn't fit	doesn't fit

VVV on 32 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	−0.0152%	1h	31.052	+0.180%	$381K	$644K	5x	as long as short
Gate VVV_USDT	−0.0054%	4h	31.044	+0.155%	$10.4M	$6.1M	25x	as long as short
Polymarket Perps VVV-USD	−0.0028%	1h	31.048	+0.168%	$133K	$1.2M	3x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.014	+0.057%	$86K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.017	+0.067%	$18K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+5.885%	$2K	$1K	5.5x	as long as short
01 Exchange VVVUSD	+0.0088%	1h	31.058	+0.200%	$11K	$3K	3x	as long as short
Lighter VVV	+0.0096%	1h	31.013	+0.055%	$2.1M	$5.3M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.012	+0.052%	$459K	$1.5M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.093	+0.313%	$3K	$73	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado VVV-PERP	+0.0100%	1h	31.034	+0.123%	$132K	$847K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.044	+0.155%	$71.4M	$53.3M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.084	+0.284%	$251K	$1.8M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.125	+0.416%	$186K	$161K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.013	+0.055%	$33.1M	$146.6M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.019	+0.074%	$38.1M	$49.9M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.043	+0.152%	$4.7M	$38.7M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.038	+0.136%	$6.3M	$6.6M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.088	+0.297%	$1.8M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.968	−0.090%	$5.6M	$8.5M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.023	+0.087%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.270	+0.885%	$2.0M	$185K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.001	+0.017%	$3K	$3K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	31.029	+0.106%	$2.0M	$2.1M	50x
edgeX VVVUSDC	+0.0102%	4h	31.123	+0.411%	$77K	$334K	10x	as long as short
Extended VVV-USD	+0.0104%	1h	31.006	+0.034%	$293K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.996	−0.001%	$6K	—	3x	as long as short
Kalshi KXVVVPERPlong	+0.0127%	8h	30.996	long leg	$106K	$6.2M	1.7x
Phoenix VVV	+0.0153%	1h	31.101	+0.339%	$37K	$264K	5x	as long as short
Coinbase International VVV-PERP-INTX	+0.0168%	1h	31.041	+0.146%	$154K	$1.3M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0175% / S +0.0125%	1h	31.005	+0.030%	$559K	—	100x	as long as short
Backpack VVV_USDC_PERP	+0.0264%	1h	31.128	+0.427%	$120K	$308K	5x	as long as short