Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.043%

Price spread now: Phoenix against Bybit+0.069%65s7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as 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−$720.718% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.403%+$40 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now +0.069%, 7d avg +0.098%

Together, before fees+0.396%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.029% cheaper against Bybit than usual: you would sell low and buy high (spread +0.069% now, against its 7-day average of +0.098%). If the spread goes back, that is −$3 on $10k: about 3.3 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.403% in total) that is about 12 hours. The two prices were read 65 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	Bybit VVVUSDT	30.396	0.0100	pay 0.0050% / 4h	3h 28m	$38.0M	$42.6M	20x
Short	Phoenix VVV	30.417	0.0129	get 0.0016% / 1h	28m 18s	$32K	$257K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.069%Rate

Funding earned: $6.19
Price spread: +0.069% → +0.098%: −$2.94
Slippage, 4 orders: −$53.8
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$68.55
Costs to cover: 0.718%
Break-even: 84.6 days

Slippage from Bybit: live order book, 1 min ago; Phoenix: live order book, 22 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 Bybit live order book, 1 min ago	2.47 bp	16.7 bp −$17	50.5 bp −$505	doesn't fit	doesn't fit
Sell Phoenix live order book, 22 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	−0.0417%	1h	30.390	−0.020%	$373K	$638K	5x	as long as short
Polymarket Perps VVV-USD	−0.0133%	1h	30.378	−0.060%	$117K	$1.2M	3x	as long as short
Coinbase International VVV-PERP-INTX	−0.0088%	1h	30.400	+0.013%	$148K	$1.2M	25x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	30.395	−0.002%	$85K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0003%	1h	30.405	+0.031%	$20K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+7.974%	$2K	$1K	5.5x	as long as short
01 Exchange VVVUSD	+0.0064%	1h	30.395	−0.004%	$11K	$3K	3x	as long as short
Lighter VVV	+0.0096%	1h	30.386	−0.034%	$2.0M	$5.2M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	30.416	+0.065%	$444K	$1.6M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	30.404	+0.026%	$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	30.409	+0.042%	$140K	$867K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	30.409	+0.042%	$68.8M	$49.0M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	30.403	+0.023%	$242K	$1.1M	10x	as long as short
Pacifica VVV	+0.0100%	1h	30.419	+0.075%	$179K	$132K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	30.422	+0.085%	$32.7M	$126.4M	25x	as long as short
Bybit VVVUSDTlong	+0.0100%	4h	30.396	long leg	$38.0M	$42.6M	20x
OKX VVV-USDT-SWAP	+0.0100%	4h	30.417	+0.069%	$4.7M	$31.4M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	30.399	+0.010%	$10.3M	$5.8M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	30.409	+0.042%	$6.2M	$5.8M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	30.382	−0.046%	$1.8M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.401	+0.016%	$5.6M	$7.3M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	30.414	+0.059%	—	$5.0M	—	as long as short
Variational Omni VVV	+0.0100%	4h	30.479	+0.272%	$1.9M	$350K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.401	+0.016%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	30.431	+0.115%	$2.0M	$2.1M	50x	as long as short
edgeX VVVUSDC	+0.0103%	4h	30.462	+0.216%	$76K	$335K	10x	as long as short
Extended VVV-USD	+0.0104%	1h	30.408	+0.040%	$294K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.393	−0.009%	$6K	—	3x	as long as short
BloFin VVV-USDT	+0.0128%	4h	30.441	+0.148%	$1.3M	$1.5M	25x	as long as short
Phoenix VVVshort	+0.0129%	1h	30.417	+0.069%	$32K	$257K	5x
Kalshi KXVVVPERP	+0.0138%	8h	30.394	−0.007%	$102K	$5.5M	1.7x	as long as short
Backpack VVV_USDC_PERP	+0.0222%	1h	30.432	+0.119%	$120K	$244K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0424% / S −0.0174%	1h	30.402	+0.019%	$533K	—	100x	as long as short