Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0109%/8h= +11.9% APRpaid last 24h +0.039%

Price spread now: Phoenix against Phemex+0.159%47s7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as 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−$1221.224% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.337%+$34 on $10k

Price spread, last 4 days (all we have)−0.452%−$45 · spread now +0.159%, 7d avg +0.007%

Together, before fees−0.115%−$11 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 Phoenix is 0.153% dearer against Phemex than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.007%. The two prices were read 47 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	30.753	0.0100	pay 0.0050% / 4h	2h 49m	$2.0M	$2.1M	50x
Short	Phoenix VVV	30.802	0.0209	get 0.0026% / 1h	49m 20s	$32K	$243K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.159%Rate

Funding earned: $22.8
Price spread: +0.159% → +0.007%: $15.26
Slippage, 4 orders: −$103.42
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$84.36
Costs to cover: 1.224%
Break-even: 32.9 days

Slippage from Phemex: live order book, 4 min ago; Phoenix: live order book, 61 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	2.28 bp	40.1 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 61 min ago	2.93 bp	19.7 bp −$20	57.6 bp −$576	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	30.774	+0.067%	$380K	$646K	5x	as long as short
Coinbase International VVV-PERP-INTX	−0.0040%	1h	30.723	−0.097%	$143K	$1.2M	25x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0006%	1h	30.782	+0.093%	$21K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+6.721%	$2K	$1K	5.5x	as long as short
01 Exchange VVVUSD	+0.0080%	1h	30.811	+0.189%	$11K	$3K	3x	as long as short
Polymarket Perps VVV-USD	+0.0088%	1h	30.781	+0.091%	$119K	$1.4M	3x	as long as short
Lighter VVV	+0.0096%	1h	30.779	+0.085%	$2.0M	$4.6M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	30.771	+0.059%	$448K	$1.6M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	30.773	+0.065%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	30.818	+0.211%	$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	30.807	+0.176%	$69.5M	$48.6M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	30.791	+0.125%	$245K	$1.0M	10x	as long as short
Pacifica VVV	+0.0100%	1h	30.780	+0.088%	$182K	$130K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	30.810	+0.185%	$33.2M	$123.2M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	30.781	+0.091%	$38.1M	$42.1M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	30.797	+0.143%	$4.8M	$30.9M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	30.789	+0.117%	$10.7M	$5.6M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	30.801	+0.156%	$6.4M	$5.7M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	30.760	+0.023%	$1.9M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.788	+0.114%	$5.7M	$7.2M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	30.798	+0.146%	—	$4.9M	—	as long as short
Variational Omni VVV	+0.0100%	4h	30.708	−0.146%	$1.9M	$350K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.784	+0.102%	$3K	$3K	5x	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	30.753	long leg	$2.0M	$2.1M	50x
Extended VVV-USD	+0.0104%	1h	30.806	+0.173%	$300K	$2.2M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.800	+0.152%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0110%	4h	30.668	−0.276%	$76K	$333K	10x	as long as short
BloFin VVV-USDT	+0.0122%	4h	30.783	+0.098%	$1.3M	$1.5M	25x	as long as short
Phoenix VVVshort	+0.0209%	1h	30.802	+0.159%	$32K	$243K	5x
Deribit VVV_USDC-PERPETUAL	+0.0211%	1h	30.814	+0.198%	$86K	$22K	10x	as long as short
Kalshi KXVVVPERP	+0.0249%	8h	30.793	+0.130%	$94K	$5.5M	1.7x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0427% / S −0.0176%	1h	30.779	+0.085%	$537K	—	100x	as long as short
Backpack VVV_USDC_PERP	+0.0475%	1h	30.768	+0.048%	$120K	$240K	5x	as long as short