Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0133%/8h= −14.5% APRpaid last 24h −0.106%

Price spread now: Kalshi against Backpack+0.002%7-day average −0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$630.633% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.669%−$67 on $10k

Price spread, last 4 days (all we have)+0.694%+$69 · spread now +0.002%, 7d avg −0.063%

Together, before fees+0.025%+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.065% dearer against Backpack than usual: you sell high and buy low (spread +0.002% now, against its 7-day average of −0.063%): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 39 hours. At the pace of the last 7 days (−0.669% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	32.032	0.0133	pay 0.0017% / 1h	22m 11s	$123K	$360K	5x
Short	Kalshi KXVVVPERP	32.033	0	get 0.0000% / 8h	4h 22m	$107K	$6.8M	1.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. 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 BackpackbpFee KalshibpOrdersPrice spread, now +0.002%Rate

Funding earned: −$27.86
Price spread: +0.002% → −0.063%: $6.51
Slippage, 4 orders: −$43.29
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$84.64
Costs to cover: 0.633%
Break-even: never at this rate

Slippage from Backpack: live order book, 56 min ago; Kalshi: live order book, 2 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 Backpack live order book, 56 min ago	2.36 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	6.70 bp	11.7 bp −$12	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
Deribit VVV_USDC-PERPETUAL	−0.0112%	1h	32.001	−0.099%	$91K	$23K	10x	as long as short
Kalshi KXVVVPERPshort	0.0000%	8h	32.033	+0.002%	$107K	$6.8M	1.7x
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.021	−0.037%	$19K	—	150x	as long as short
Polymarket Perps VVV-USD	+0.0026%	1h	31.990	−0.132%	$146K	$1.2M	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.459%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	32.022	−0.031%	$394K	$604K	5x	as long as short
01 Exchange VVVUSD	+0.0048%	1h	32.022	−0.032%	$11K	$3K	3x	as long as short
Lighter VVV	+0.0096%	1h	32.022	−0.033%	$2.3M	$5.5M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.999	−0.104%	$476K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.032	0.000%	$126K	$850K	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	32.050	+0.055%	$74.2M	$55.4M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.021	−0.036%	$263K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.048	+0.049%	$192K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.012	−0.063%	$33.5M	$156.5M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.995	−0.118%	$39.3M	$52.2M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.999	−0.104%	$4.6M	$42.3M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.003	−0.092%	$10.8M	$7.5M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.017	−0.048%	$6.4M	$7.1M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.995	−0.117%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.008	−0.076%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.003	−0.092%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.110	+0.242%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.012	−0.064%	$2K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.053	+0.064%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.029	−0.010%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.007	−0.079%	$323K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.017	−0.049%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0119%	4h	32.037	+0.015%	$80K	$333K	10x	as long as short
Phoenix VVV	+0.0124%	1h	32.110	+0.242%	$56K	$299K	5x	as long as short
Backpack VVV_USDC_PERPlong	+0.0133%	1h	32.032	long leg	$123K	$360K	5x
BloFin VVV-USDT	+0.0155%	4h	32.031	−0.004%	$1.3M	$1.8M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0180% / S +0.0119%	1h	32.011	−0.068%	$579K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	+0.766%	$242K	$1.3M	25x	as long as short