Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0125%/8h= +13.6% APRpaid last 24h +0.009%

Price spread now: Kalshi against Phemex+0.007%7-day average −0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1181.183% of the position

Long on Phemex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)−0.232%−$23 · spread now +0.007%, 7d avg −0.083%

Together, before fees−0.204%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.090% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.083%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex VVVUSDT	30.602	0.0100	pay 0.0050% / 4h	3h 15m	$2.0M	$2.1M	50x
Short	Kalshi KXVVVPERP	30.604	0.0225	get 0.0225% / 8h	7h 15m	$97K	$5.5M	1.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phemex. 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 PhemexbpFee KalshibpOrdersPrice spread, now +0.007%Rate

Funding earned: $26.17
Price spread: +0.007% → −0.083%: $8.98
Slippage, 4 orders: −$96.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$83.14
Costs to cover: 1.183%
Break-even: 29.2 days

Slippage from Phemex: live order book, 3 min ago; Kalshi: live order book, 3 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 Phemex live order book, 3 min ago	2.61 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	7.35 bp	16.7 bp −$17	25.4 bp −$254	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	30.603	+0.004%	$375K	$642K	5x	as long as short
Polymarket Perps VVV-USD	−0.0119%	1h	30.640	+0.124%	$121K	$1.3M	3x	as long as short
Coinbase International VVV-PERP-INTX	−0.0088%	1h	30.642	+0.131%	$143K	$1.2M	25x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	30.580	−0.072%	$85K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0006%	1h	30.666	+0.211%	$21K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+7.248%	$2K	$1K	5.5x	as long as short
01 Exchange VVVUSD	+0.0072%	1h	30.631	+0.095%	$11K	$3K	3x	as long as short
BloFin VVV-USDT	+0.0082%	4h	30.608	+0.020%	$1.3M	$1.5M	25x	as long as short
Lighter VVV	+0.0096%	1h	30.616	+0.047%	$2.0M	$5.2M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	30.611	+0.029%	$447K	$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
Paradex VVV-USD-PERP	+0.0100%	8h	30.622	+0.064%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	30.622	+0.065%	$133K	$870K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	30.667	+0.212%	$69.1M	$48.8M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	30.655	+0.173%	$244K	$1.1M	10x	as long as short
Pacifica VVV	+0.0100%	1h	30.625	+0.075%	$181K	$132K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	30.672	+0.230%	$33.0M	$125.5M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	30.676	+0.241%	$38.2M	$42.6M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	30.672	+0.229%	$4.8M	$31.4M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	30.662	+0.196%	$10.5M	$5.8M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	30.677	+0.245%	$6.2M	$5.8M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	30.604	+0.007%	$1.9M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.635	+0.108%	$5.7M	$7.3M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	30.666	+0.209%	—	$5.0M	—	as long as short
Variational Omni VVV	+0.0100%	4h	30.564	−0.124%	$1.9M	$350K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.572	−0.098%	$3K	$3K	5x	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	30.602	long leg	$2.0M	$2.1M	50x
edgeX VVVUSDC	+0.0102%	4h	30.607	+0.017%	$76K	$334K	10x	as long as short
Extended VVV-USD	+0.0104%	1h	30.627	+0.081%	$293K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.588	−0.046%	$6K	—	3x	as long as short
Phoenix VVV	+0.0129%	1h	30.594	−0.026%	$32K	$257K	5x	as long as short
Kalshi KXVVVPERPshort	+0.0225%	8h	30.604	+0.007%	$97K	$5.5M	1.7x
Backpack VVV_USDC_PERP	+0.0284%	1h	30.601	−0.005%	$119K	$243K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0426% / S −0.0176%	1h	30.666	+0.208%	$534K	—	100x	as long as short