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: Lighter against Phemex+0.072%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

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

Long on Phemex Short on Lighter

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)−0.211%−$21 · spread now +0.072%, 7d avg +0.040%

Together, before fees+0.166%+ Points / potential airdropLighter: Season 3 · farm board+$17 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: Lighter is 0.032% dearer against Phemex than usual: you sell high and buy low, +$3 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	Phemex VVVUSDT	32.253	0.0100	pay 0.0050% / 4h	43m 53s	$2.1M	$2.1M	50x
Short	Lighter VVV	32.276	0.0096	get 0.0012% / 1h	43m 53s	$2.3M	$5.5M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$0.84
Price spread: +0.072% → +0.040%: $3.17
Slippage, 4 orders: −$90.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$100.51
Costs to cover: 1.028%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Lighter: 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 Phemex live order book, 4 min ago	2.94 bp	37.8 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	1.47 bp	17.0 bp −$17	43.3 bp −$433	698.2 bp −$69.8K	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	32.269	+0.050%	$113K	$6.9M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.252	−0.003%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.257	+0.011%	$19K	—	150x	as long as short
Polymarket Perps VVV-USD	+0.0017%	1h	32.247	−0.019%	$147K	$1.2M	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.758%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	32.272	+0.058%	$396K	$604K	5x	as long as short
01 Exchange VVVUSD	+0.0080%	1h	32.279	+0.081%	$12K	$3K	3x	as long as short
Lighter VVVshort	+0.0096%	1h	32.276	+0.072%	$2.3M	$5.5M	5x
Lighter RH VVV	+0.0096%	1h	32.245	−0.025%	$479K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.258	+0.017%	$164K	$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	32.311	+0.180%	$74.8M	$55.9M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.316	+0.196%	$265K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.290	+0.116%	$193K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.299	+0.143%	$33.8M	$157.1M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.272	+0.059%	$39.6M	$52.6M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.287	+0.105%	$4.7M	$42.9M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.279	+0.081%	$10.9M	$7.5M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.274	+0.065%	$6.4M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.277	+0.074%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.281	+0.087%	$5.9M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.283	+0.093%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.328	+0.234%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.249	−0.012%	$1K	$1K	5x	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	32.253	long leg	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	32.280	+0.085%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.294	+0.127%	$325K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.279	+0.079%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0116%	4h	32.298	+0.139%	$80K	$334K	10x	as long as short
Phoenix VVV	+0.0124%	1h	32.322	+0.214%	$57K	$299K	5x	as long as short
BloFin VVV-USDT	+0.0130%	4h	32.369	+0.360%	$1.3M	$1.8M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0137%	1h	32.293	+0.123%	$122K	$359K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0182% / S +0.0171%	1h	32.246	−0.022%	$620K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	+0.077%	$242K	$1.3M	25x	as long as short