Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.079%

Price spread now: Phemex against Lighter+0.118%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$1031.028% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.377%−$38 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now +0.118%, 7d avg −0.040%

Together, before fees−0.356%+ Points / potential airdropLighter: Season 3 · farm board−$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.158% dearer against Lighter than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VVV	32.306	0.0096	pay 0.0012% / 1h	44m 36s	$2.3M	$5.5M	5x
Short	Phemex VVVUSDT	32.344	0.0100	get 0.0050% / 4h	44m 36s	$2.1M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.118%Rate

Funding earned: $0.84
Price spread: +0.118% → −0.040%: $15.81
Slippage, 4 orders: −$90.84
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$86.19
Costs to cover: 1.028%
Break-even: 725.3 days

Slippage from Lighter: live order book, 3 min ago; Phemex: live order book, 4 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 Lighter live order book, 3 min ago	1.47 bp	4.7 bp −$5	28.5 bp −$285	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.94 bp	43.3 bp −$43	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
Kalshi KXVVVPERP	0.0000%	8h	32.341	+0.109%	$114K	$6.9M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.341	+0.109%	$92K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.352	+0.144%	$19K	—	150x	as long as short
Polymarket Perps VVV-USD	+0.0017%	1h	32.333	+0.084%	$148K	$1.2M	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.592%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	32.272	−0.105%	$396K	$604K	5x	as long as short
01 Exchange VVVUSD	+0.0080%	1h	32.279	−0.083%	$12K	$3K	3x	as long as short
Lighter VVVlong	+0.0096%	1h	32.306	long leg	$2.3M	$5.5M	5x
Lighter RH VVV	+0.0096%	1h	32.272	−0.105%	$480K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.347	+0.129%	$165K	$830K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VVV	+0.0100%	1h	32.315	+0.028%	$74.9M	$55.9M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.290	−0.049%	$265K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.290	−0.048%	$193K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.277	−0.089%	$33.8M	$157.0M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.243	−0.194%	$39.6M	$52.6M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.254	−0.160%	$4.7M	$42.8M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.263	−0.132%	$10.9M	$7.5M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.288	−0.055%	$6.4M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.310	+0.013%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.263	−0.132%	$5.9M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.272	−0.105%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.328	+0.070%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.335	+0.091%	$1K	$1K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	32.344	+0.118%	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	32.280	−0.079%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.273	−0.101%	$325K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.358	+0.162%	$7K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0116%	4h	32.298	−0.024%	$80K	$334K	10x	as long as short
Phoenix VVV	+0.0124%	1h	32.322	+0.050%	$57K	$299K	5x	as long as short
BloFin VVV-USDT	+0.0130%	4h	32.369	+0.196%	$1.3M	$1.8M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0154%	1h	32.333	+0.083%	$122K	$359K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0183% / S +0.0171%	1h	32.338	+0.100%	$622K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	−0.087%	$242K	$1.3M	25x	as long as short