Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.013%

Price spread now: Phemex against Injective−5.085%65s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phemex is 5.085% cheaper against Injective than usual: you would sell low and buy high (spread −5.085% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$509 on $10k: about 8 months of funding at the current rate (+$2 a day). 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	Injective VVV/USDC PERP	32.820	0.0033	pay 0.0004% / 1h	6m 09s	$2K	$1K	5.5x
Short	Phemex VVVUSDT	31.151	0.0100	get 0.0050% / 4h	1h 06m	$2.0M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −5.085%Rate

Funding earned: $14
Price spread: −5.085% → 0.000%: −$508.53
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$506.55
Costs to cover: 0.120%
Break-even: 260.3 days

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	0.64 bp	48.2 bp −$48	doesn't fit	doesn't fit	doesn't fit

Injective: 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
RISEx VVV/USDC	−0.0152%	1h	31.045	−5.409%	$381K	$644K	5x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.113	−5.202%	$87K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0002%	1h	31.119	−5.182%	$23K	—	150x	as long as short
Gate VVV_USDT	+0.0012%	4h	31.099	−5.244%	$10.4M	$6.3M	25x	as long as short
Injective VVV/USDC PERPlong	+0.0033%	1h	32.820	long leg	$2K	$1K	5.5x
Polymarket Perps VVV-USD	+0.0069%	1h	31.104	−5.229%	$127K	$1.2M	3x	as long as short
BloFin VVV-USDT	+0.0088%	4h	31.163	−5.049%	$1.3M	$1.7M	25x	as long as short
Lighter VVV	+0.0096%	1h	31.127	−5.159%	$2.1M	$5.4M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.117	−5.189%	$460K	$1.5M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.059	−5.365%	$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	31.118	−5.184%	$143K	$843K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.132	−5.143%	$71.4M	$50.2M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.125	−5.164%	$250K	$1.2M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.091	−5.268%	$183K	$135K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.116	−5.192%	$33.0M	$136.5M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.114	−5.199%	$38.2M	$44.8M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.111	−5.207%	$4.7M	$36.1M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.139	−5.122%	$6.4M	$6.7M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.119	−5.183%	$1.9M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.094	−5.259%	$5.7M	$7.8M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	31.117	−5.189%	—	$5.1M	—	as long as short
Variational Omni VVV	+0.0100%	4h	31.093	−5.261%	$2.0M	$233K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.099	−5.243%	$3K	$3K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	31.151	−5.085%	$2.0M	$2.1M	50x
Extended VVV-USD	+0.0104%	1h	31.107	−5.218%	$295K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.118	−5.186%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0109%	4h	31.109	−5.214%	$77K	$334K	10x	as long as short
01 Exchange VVVUSD	+0.0128%	1h	31.058	−5.369%	$11K	$3K	3x	as long as short
Phoenix VVV	+0.0153%	1h	31.198	−4.942%	$37K	$264K	5x	as long as short
Coinbase International VVV-PERP-INTX	+0.0168%	1h	31.655	−3.548%	$145K	$1.2M	25x	as long as short
Kalshi KXVVVPERP	+0.0170%	8h	31.133	−5.140%	$99K	$5.8M	1.7x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0173% / S +0.0127%	1h	31.107	−5.219%	$561K	—	100x	as long as short
Backpack VVV_USDC_PERP	+0.0324%	1h	31.140	−5.118%	$123K	$282K	5x	as long as short