Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h +0.009%

Price spread now: Kalshi against Phemex−0.058%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1141.140% of the position

Long on Phemex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)−0.128%−$13 · spread now −0.058%, 7d avg −0.082%

Together, before fees−0.100%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.024% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex VVVUSDT	30.827	0.0100	pay 0.0050% / 4h	2h 23m	$2.0M	$2.1M	50x
Short	Kalshi KXVVVPERP	30.809	0.0190	get 0.0190% / 8h	6h 23m	$94K	$5.4M	1.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.058%Rate

Funding earned: $18.93
Price spread: −0.058% → −0.082%: $2.35
Slippage, 4 orders: −$91.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$92.71
Costs to cover: 1.140%
Break-even: 41.3 days

Slippage from Phemex: live order book, 4 min ago; Kalshi: 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 Phemex live order book, 4 min ago	4.24 bp	47.3 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	8.31 bp	13.3 bp −$13	20.7 bp −$207	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	−0.0329%	1h	30.831	+0.013%	$383K	$646K	5x	as long as short
Coinbase International VVV-PERP-INTX	−0.0040%	1h	30.630	−0.640%	$142K	$1.2M	25x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0002%	1h	30.811	−0.053%	$22K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+6.465%	$2K	$1K	5.5x	as long as short
01 Exchange VVVUSD	+0.0080%	1h	30.863	+0.117%	$11K	$3K	3x	as long as short
Polymarket Perps VVV-USD	+0.0095%	1h	30.820	−0.023%	$119K	$1.4M	3x	as long as short
Lighter VVV	+0.0096%	1h	30.805	−0.070%	$2.0M	$4.7M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	30.817	−0.032%	$449K	$1.6M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	30.811	−0.051%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	30.858	+0.102%	$134K	$870K	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	30.885	+0.188%	$69.5M	$47.8M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	30.878	+0.165%	$246K	$1.0M	10x	as long as short
Pacifica VVV	+0.0100%	1h	30.816	−0.037%	$182K	$128K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	30.910	+0.269%	$33.3M	$121.1M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	30.870	+0.139%	$38.2M	$41.6M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	30.864	+0.120%	$4.8M	$30.6M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	30.869	+0.136%	$10.8M	$5.6M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	30.894	+0.217%	$6.5M	$5.7M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	30.870	+0.139%	$1.9M	$2.7M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.873	+0.149%	$5.7M	$7.1M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	30.895	+0.221%	—	$4.9M	—	as long as short
Variational Omni VVV	+0.0100%	4h	30.729	−0.318%	$1.9M	$350K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.809	−0.057%	$3K	$3K	5x	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	30.827	long leg	$2.0M	$2.1M	50x
edgeX VVVUSDC	+0.0102%	4h	30.723	−0.338%	$76K	$331K	10x	as long as short
Extended VVV-USD	+0.0104%	1h	30.877	+0.163%	$295K	$2.2M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.820	−0.022%	$6K	—	3x	as long as short
BloFin VVV-USDT	+0.0140%	4h	30.810	−0.055%	$1.3M	$1.5M	25x	as long as short
Deribit VVV_USDC-PERPETUAL	+0.0159%	1h	30.822	−0.017%	$86K	$22K	10x	as long as short
Kalshi KXVVVPERPshort	+0.0190%	8h	30.809	−0.058%	$94K	$5.4M	1.7x
Phoenix VVV	+0.0209%	1h	30.754	−0.237%	$32K	$243K	5x	as long as short
Backpack VVV_USDC_PERP	+0.0395%	1h	30.856	+0.095%	$116K	$238K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0420% / S −0.0196%	1h	30.804	−0.076%	$493K	—	100x	as long as short