Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0393%/8h= −43.1% APRpaid last 24h −0.096%

Price spread now: Phemex against Backpack−0.088%7-day average −0.042% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.684%−$68 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.088%, 7d avg −0.042%

Together, before fees−0.698%−$70 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Phemex is 0.046% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	31.527	0.0493	pay 0.0062% / 1h	31m 33s	$154K	$266K	5x
Short	Phemex VVVUSDT	31.499	0.0100	get 0.0050% / 4h	1h 31m	$2.0M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$82.57
Price spread: −0.088% → −0.042%: −$4.57
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$109.15
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 12 min ago; Phemex: live order book, 2 min ago. Net counts fees only.

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, 12 min ago	2.62 bp	12.4 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.70 bp	doesn't fit	doesn't fit	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
Coinbase International VVV-PERP-INTX	−0.0088%	1h	31.507	−0.062%	$187K	$1.3M	25x	as long as short
RISEx VVV/USDC	−0.0085%	1h	31.480	−0.149%	$386K	$644K	5x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	31.502	−0.078%	$86K	$5.6M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.473	−0.171%	$88K	$22K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0003%	1h	31.492	−0.110%	$23K	—	150x	as long as short
01 Exchange VVVUSD	+0.0008%	1h	31.490	−0.116%	$11K	$3K	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+4.103%	$2K	$1K	5.5x	as long as short
Lighter VVV	+0.0096%	1h	31.505	−0.070%	$2.0M	$4.5M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.529	+0.008%	$463K	$1.6M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.528	+0.004%	$3K	$73	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	31.511	−0.048%	$163K	$896K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.558	+0.100%	$70.9M	$47.7M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.530	+0.011%	$250K	$1.0M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.532	+0.018%	$186K	$128K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.526	−0.001%	$34.0M	$121.0M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.499	−0.087%	$38.7M	$41.6M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.512	−0.046%	$4.9M	$30.9M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	31.509	−0.056%	$11.3M	$5.4M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.535	+0.027%	$6.8M	$5.7M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.524	−0.008%	$1.8M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.501	−0.081%	$5.8M	$7.1M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.508	−0.059%	—	$4.9M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.363	−0.519%	$2.0M	$352K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	31.513	−0.043%	$122K	$1.4M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	31.358	−0.535%	$3K	$3K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	31.499	−0.088%	$2.0M	$2.1M	50x
Extended VVV-USD	+0.0104%	1h	31.504	−0.070%	$301K	$1.8M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.496	−0.098%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0112%	4h	31.466	−0.192%	$78K	$333K	10x	as long as short
BloFin VVV-USDT	+0.0132%	4h	31.489	−0.119%	$1.4M	$1.5M	25x	as long as short
Phoenix VVV	+0.0307%	1h	31.366	−0.509%	$33K	$232K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0430% / S −0.0202%	1h	31.474	−0.165%	$503K	—	100x	as long as short
Backpack VVV_USDC_PERPlong	+0.0493%	1h	31.527	long leg	$154K	$266K	5x