VVV

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0017%/8h= +1.9% APRnext payment +$0.02 per $10,000 · paid last 24h −0.065%

Price spread now: Phoenix against Backpack−0.090%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$710.712% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.320%−$32 on $10k

Price spread, last 3 days (all we have)+0.011%+$1 · spread now −0.090%, 7d avg −0.049%

Together, before fees−0.309%−$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.041% cheaper against Backpack than usual: you would sell low and buy high (spread −0.090% now, against its 7-day average of −0.049%). If the spread goes back, that is −$4 on $10k: about 8.0 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.320%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VVV_USDC_PERP	32.324	0.0107	pay 0.0013% / 1h	51m 25s	$122K	$359K	5x
Short	Phoenix VVV	32.295	0.0124	get 0.0016% / 1h	51m 25s	$56K	$299K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.090%Rate

Funding earned: $3.59
Price spread: −0.090% → −0.049%: −$4.1
Slippage, 4 orders: −$54.23
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$71.73
Costs to cover: 0.712%
Break-even: 146.8 days

Slippage from Backpack: live order book, 27 min ago; Phoenix: live order book, 24 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, 27 min ago	2.36 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 24 min ago	3.10 bp	19.7 bp −$20	57.4 bp −$574	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
Kalshi KXVVVPERP	0.0000%	8h	32.260	−0.199%	$112K	$6.9M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.289	−0.110%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.324	−0.001%	$19K	—	150x	as long as short
Polymarket Perps VVV-USD	+0.0028%	1h	32.302	−0.069%	$147K	$1.2M	3x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.534%	$2K	$1K	5.5x	as long as short
RISEx VVV/USDC	+0.0040%	1h	32.333	+0.027%	$397K	$604K	5x	as long as short
BloFin VVV-USDT	+0.0056%	4h	32.369	+0.139%	$1.3M	$1.8M	25x	as long as short
01 Exchange VVVUSD	+0.0072%	1h	32.342	+0.055%	$12K	$3K	3x	as long as short
Lighter VVV	+0.0096%	1h	32.370	+0.140%	$2.3M	$5.5M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.333	+0.027%	$480K	$1.6M	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	32.337	+0.038%	$136K	$815K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	32.351	+0.083%	$74.9M	$55.9M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.326	+0.007%	$266K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.360	+0.111%	$193K	$191K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.320	−0.012%	$33.8M	$157.2M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.297	−0.084%	$39.6M	$52.7M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.317	−0.022%	$4.7M	$42.9M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.315	−0.028%	$10.9M	$7.5M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.331	+0.021%	$6.4M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.319	−0.016%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.333	+0.027%	$5.9M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.325	+0.002%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.149	−0.543%	$2.1M	$183K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.280	−0.136%	$1K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.287	−0.115%	$2.1M	$2.1M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.343	+0.059%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.324	0.000%	$325K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.300	−0.073%	$6K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0106%	4h	32.268	−0.174%	$80K	$332K	10x	as long as short
Backpack VVV_USDC_PERPlong	+0.0107%	1h	32.324	long leg	$122K	$359K	5x
Phoenix VVVshort	+0.0124%	1h	32.295	−0.090%	$56K	$299K	5x
GMX VVV/USD [ETH-USDC]	L +0.0183% / S +0.0170%	1h	32.314	−0.032%	$621K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0192%	1h	32.278	−0.144%	$242K	$1.4M	25x	as long as short