Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.102%

Price spread now: Bybit against GMX−0.296%51s7-day average −0.012% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.376%−$38 on $10k

Price spread, last 3 days (all we have)+0.153%+$15 · spread now −0.296%, 7d avg −0.012%

Together, before fees−0.223%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.284% cheaper against GMX than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of −0.012%). Swap the legs. The two prices were read 51 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	GMX VVV/USD [ETH-USDC]	32.452	L +0.0191% / S +0.0095%	pay 0.0024% / 1h	6m 38s	$568K	—	100x
Short	Bybit VVVUSDT	32.356	0.0100	get 0.0050% / 4h	2h 06m	$39.9M	$52.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.296%Rate

Funding earned: −$19.1
Price spread: −0.296% → −0.012%: −$28.38
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$70.48
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.16 bp	21.1 bp −$21	74.1 bp −$741	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	32.438	−0.043%	$116K	$6.8M	1.7x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.468	+0.050%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+1.134%	$2K	$1K	5.5x	as long as short
Deribit VVV_USDC-PERPETUAL	+0.0061%	1h	32.465	+0.042%	$93K	$22K	10x	as long as short
Phoenix VVV	+0.0077%	1h	32.248	−0.628%	$56K	$292K	5x	as long as short
RISEx VVV/USDC	+0.0078%	1h	32.370	−0.251%	$413K	$576K	5x	as long as short
Lighter VVV	+0.0096%	1h	32.390	−0.192%	$2.2M	$5.4M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.362	−0.277%	$483K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.469	+0.054%	$150K	$781K	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.385	−0.206%	$277K	$1.8M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VVV	+0.0100%	1h	32.380	−0.223%	$192K	$176K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.382	−0.215%	$34.2M	$155.4M	25x	as long as short
Bybit VVVUSDTshort	+0.0100%	4h	32.356	−0.296%	$39.9M	$52.2M	20x
OKX VVV-USDT-SWAP	+0.0100%	4h	32.362	−0.277%	$4.8M	$42.5M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.366	−0.265%	$10.9M	$7.8M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.389	−0.194%	$17.4M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.427	−0.077%	$2.1M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.363	−0.274%	$5.9M	$8.8M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.368	−0.258%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.319	−0.409%	$2.1M	$180K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	32.467	+0.047%	$156K	$1.2M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	32.449	−0.009%	$1K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.400	−0.160%	$2.1M	$2.0M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.382	−0.215%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.368	−0.259%	$321K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.451	−0.002%	$7K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0107%	4h	32.365	−0.269%	$80K	$331K	10x	as long as short
BloFin VVV-USDT	+0.0136%	4h	32.467	+0.047%	$1.3M	$1.8M	25x	as long as short
01 Exchange VVVUSD	+0.0184%	1h	32.431	−0.064%	$12K	$3K	3x	as long as short
GMX VVV/USD [ETH-USDC]long	L +0.0191% / S +0.0095%	1h	32.452	long leg	$568K	—	100x
Coinbase International VVV-PERP-INTX	+0.0232%	1h	32.462	+0.032%	$216K	$1.2M	25x	as long as short
Hyperliquid VVV	+0.0257%	1h	32.421	−0.095%	$75.0M	$55.1M	3x	as long as short
Backpack VVV_USDC_PERP	+0.0351%	1h	32.446	−0.019%	$123K	$376K	5x	as long as short