Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h +0.023%

Price spread now: Phoenix against Kalshi−0.512%46s7-day average +0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$730.725% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.305%+$31 on $10k

Price spread, last 4 days (all we have)+0.475%+$47 · spread now −0.512%, 7d avg +0.091%

Together, before fees+0.780%+$78 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.603% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.512% now, against its 7-day average of +0.091%). If the spread goes back, that is −$60 on $10k: about 8.8 days of funding at the current rate (+$7 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXVVVPERP	31.437	0	get 0.0000% / 8h	3h 21m	$92K	$5.3M	1.7x
Short	Phoenix VVV	31.276	0.0229	get 0.0029% / 1h	21m 24s	$32K	$201K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.512%Rate

Funding earned: $48.07
Price spread: −0.512% → +0.091%: −$60.33
Slippage, 4 orders: −$55.54
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$84.8
Costs to cover: 0.725%
Break-even: 19.3 days

Slippage from Kalshi: live order book, 2 min ago; Phoenix: live order book, 8 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, 2 min ago	8.59 bp	15.0 bp −$15	23.2 bp −$232	doesn't fit	doesn't fit
Sell Phoenix live order book, 8 min ago	2.88 bp	19.8 bp −$20	57.5 bp −$575	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	31.399	−0.121%	$384K	$689K	5x	as long as short
Gate VVV_USDT	−0.0020%	4h	31.475	+0.121%	$12.0M	$4.8M	25x	as long as short
Kalshi KXVVVPERPlong	0.0000%	8h	31.437	long leg	$92K	$5.3M	1.7x
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.470	+0.106%	$88K	$20K	10x	as long as short
Coinbase International VVV-PERP-INTX	0.0000%	1h	31.334	−0.326%	$191K	$1.3M	25x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.477	+0.126%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+4.399%	$2K	$1K	5.5x	as long as short
BloFin VVV-USDT	+0.0089%	4h	31.432	−0.016%	$1.3M	$1.4M	25x	as long as short
Lighter VVV	+0.0096%	1h	31.455	+0.058%	$1.9M	$4.2M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.446	+0.029%	$463K	$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	31.441	+0.014%	$3K	$29	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	31.498	+0.196%	$188K	$1.0M	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.511	+0.235%	$69.8M	$42.2M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.483	+0.147%	$248K	$494K	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.486	+0.155%	$185K	$118K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.512	+0.237%	$33.6M	$105.6M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.480	+0.137%	$38.3M	$38.5M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.505	+0.216%	$4.9M	$25.5M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.503	+0.210%	$7.0M	$4.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.516	+0.251%	$1.7M	$2.7M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.469	+0.102%	$5.7M	$6.3M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.499	+0.197%	—	$4.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.232	−0.651%	$2.0M	$362K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	31.470	+0.105%	$130K	$1.3M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	31.083	−1.126%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.462	+0.080%	$2.0M	$2.1M	50x	as long as short
Extended VVV-USD	+0.0104%	1h	31.448	+0.034%	$294K	$1.8M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.692	+0.812%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0106%	4h	31.392	−0.143%	$78K	$324K	10x	as long as short
Phoenix VVVshort	+0.0229%	1h	31.276	−0.512%	$32K	$201K	5x
01 Exchange VVVUSD	+0.0256%	1h	31.485	+0.153%	$11K	$2K	3x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0444% / S −0.0219%	1h	31.394	−0.138%	$505K	—	100x	as long as short
Backpack VVV_USDC_PERP	+0.0753%	1h	31.511	+0.235%	$168K	$262K	5x	as long as short