Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0407%/8h= +44.5% APRpaid last 24h +0.103%

Price spread now: Backpack against Phemex−0.055%53s7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as 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−$1381.384% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.707%+$71 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now −0.055%, 7d avg +0.043%

Together, before fees+0.715%+$72 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.098% cheaper against Phemex than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of +0.043%). If the spread goes back, that is −$10 on $10k: about 19 hours of funding at the current rate (+$12 a day). The two prices were read 53 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	Phemex VVVUSDT	32.006	0.0100	pay 0.0050% / 4h	1h 28m	$2.0M	$2.1M	50x
Short	Backpack VVV_USDC_PERP	31.988	0.0507	get 0.0063% / 1h	28m 22s	$176K	$260K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now −0.055%Rate

Funding earned: $85.41
Price spread: −0.055% → +0.043%: −$9.8
Slippage, 4 orders: −$116.41
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$62.8
Costs to cover: 1.384%
Break-even: 12.1 days

Slippage from Phemex: live order book, 3 min ago; Backpack: live order book, 18 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 Phemex live order book, 3 min ago	2.03 bp	38.8 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	1.72 bp	13.4 bp −$13	doesn't fit	doesn't fit	doesn't fit

VVV on 32 exchanges

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
Deribit VVV_USDC-PERPETUAL	−0.0256%	1h	31.974	−0.098%	$85K	$20K	10x	as long as short
RISEx VVV/USDC	−0.0142%	1h	31.991	−0.048%	$363K	$749K	5x	as long as short
Gate VVV_USDT	−0.0006%	4h	31.992	−0.044%	$12.7M	$5.1M	25x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	32.011	+0.016%	$136K	$5.4M	1.6x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.996	−0.031%	$19K	—	150x	as long as short
Coinbase International VVV-PERP-INTX	+0.0024%	1h	32.000	−0.019%	$168K	$1.3M	25x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.543%	$2K	$1K	5.5x	as long as short
Polymarket Perps VVV-USD	+0.0088%	1h	31.997	−0.028%	$112K	$1.3M	3x	as long as short
Lighter VVV	+0.0096%	1h	31.993	−0.039%	$1.9M	$3.8M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.999	−0.022%	$483K	$1.4M	5x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado VVV-PERP	+0.0100%	1h	31.991	−0.045%	$162K	$914K	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.004	−0.006%	$252K	$506K	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.013	+0.021%	$188K	$110K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.997	−0.028%	$33.2M	$100.3M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.985	−0.066%	$37.7M	$39.0M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.965	−0.128%	$4.7M	$24.3M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.004	−0.006%	$7.7M	$4.5M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.997	−0.028%	$1.7M	$2.6M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.987	−0.059%	$5.8M	$5.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.999	−0.022%	—	$4.1M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.972	−0.106%	$2.0M	$345K	—	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	32.006	long leg	$2.0M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	32.003	−0.011%	$3K	$50	5x	as long as short
Extended VVV-USD	+0.0104%	1h	31.981	−0.078%	$300K	$1.8M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.989	−0.053%	$6K	—	3x	as long as short
Hyperliquid VVV	+0.0111%	1h	32.029	+0.072%	$74.5M	$45.2M	3x	as long as short
edgeX VVVUSDC	+0.0119%	4h	31.970	−0.113%	$79K	$322K	10x	as long as short
BloFin VVV-USDT	+0.0121%	4h	31.951	−0.172%	$1.3M	$1.5M	25x	as long as short
01 Exchange VVVUSD	+0.0192%	1h	32.008	+0.006%	$11K	$2K	3x	as long as short
Phoenix VVV	+0.0198%	1h	32.024	+0.056%	$33K	$192K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0449% / S −0.0219%	1h	31.976	−0.092%	$514K	—	100x	as long as short
Backpack VVV_USDC_PERPshort	+0.0507%	1h	31.988	−0.055%	$176K	$260K	5x