Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0129%/8h= −14.1% APRpaid last 24h −0.032%

Price spread now: Bybit against Phoenix−0.036%75s7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as 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−$730.728% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.395%−$40 on $10k

Price spread, last 4 days (all we have)−0.200%−$20 · spread now −0.036%, 7d avg −0.098%

Together, before fees−0.595%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.061% dearer against Phoenix than usual: you sell high and buy low (spread −0.036% now, against its 7-day average of −0.098%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 38 hours. The two prices were read 75 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	Phoenix VVV	31.608	0.0229	pay 0.0029% / 1h	38m 11s	$33K	$201K	5x
Short	Bybit VVVUSDT	31.596	0.0100	get 0.0050% / 4h	3h 38m	$38.5M	$38.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$27.07
Price spread: −0.036% → −0.098%: $6.12
Slippage, 4 orders: −$54.83
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$93.79
Costs to cover: 0.728%
Break-even: never at this rate

Slippage from Phoenix: live order book, 57 min ago; Bybit: live order book, 1 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 Phoenix live order book, 57 min ago	2.84 bp	19.7 bp −$20	65.0 bp −$650	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.79 bp	15.6 bp −$16	40.3 bp −$403	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	−0.0349%	1h	31.572	−0.113%	$387K	$685K	5x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.570	−0.120%	$98K	$5.2M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.607	−0.004%	$88K	$20K	10x	as long as short
Coinbase International VVV-PERP-INTX	0.0000%	1h	31.791	+0.581%	$192K	$1.3M	25x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	31.589	−0.060%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+3.834%	$2K	$1K	5.5x	as long as short
BloFin VVV-USDT	+0.0086%	4h	31.497	−0.351%	$1.3M	$1.4M	25x	as long as short
Lighter VVV	+0.0096%	1h	31.605	−0.010%	$1.9M	$4.1M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.608	0.000%	$465K	$1.5M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.543	−0.206%	$3K	$51	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado VVV-PERP	+0.0100%	1h	31.611	+0.009%	$189K	$975K	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.589	−0.060%	$249K	$498K	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.545	−0.199%	$185K	$118K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.620	+0.038%	$33.7M	$106.7M	25x	as long as short
Bybit VVVUSDTshort	+0.0100%	4h	31.596	−0.036%	$38.5M	$38.8M	20x
OKX VVV-USDT-SWAP	+0.0100%	4h	31.593	−0.047%	$4.8M	$26.2M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	31.583	−0.079%	$11.9M	$4.8M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.614	+0.019%	$7.0M	$4.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.576	−0.101%	$1.7M	$2.7M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.590	−0.057%	$5.7M	$6.3M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.631	+0.073%	—	$4.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.453	−0.489%	$2.0M	$370K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	31.474	−0.424%	$130K	$1.3M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	31.474	−0.425%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.614	+0.019%	$2.0M	$2.1M	50x	as long as short
Extended VVV-USD	+0.0104%	1h	31.606	−0.008%	$294K	$1.8M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.594	−0.043%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0107%	4h	31.502	−0.336%	$78K	$329K	10x	as long as short
Hyperliquid VVV	+0.0123%	1h	31.645	+0.117%	$70.4M	$42.7M	3x	as long as short
Phoenix VVVlong	+0.0229%	1h	31.608	long leg	$33K	$201K	5x
01 Exchange VVVUSD	+0.0376%	1h	31.607	−0.003%	$11K	$2K	3x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0445% / S −0.0218%	1h	31.592	−0.049%	$508K	—	100x	as long as short
Backpack VVV_USDC_PERP	+0.0867%	1h	31.663	+0.174%	$170K	$262K	5x	as long as short