Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.052%

Price spread now: Phoenix against Phemex+0.078%73s7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as 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−$1301.299% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.359%+$36 on $10k

Price spread, last 3 days (all we have)−0.240%−$24 · spread now +0.078%, 7d avg −0.011%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.089% dearer against Phemex than usual: you sell high and buy low (spread +0.078% now, against its 7-day average of −0.011%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days. Mind the row above: over the last 7 days funding on this pair paid +0.359%, so the current rate has only just turned against you. The two prices were read 73 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	Phemex VVVUSDT	32.024	0.0100	pay 0.0050% / 4h	3h 27m	$2.1M	$2.1M	50x
Short	Phoenix VVV	32.049	0	get 0.0000% / 1h	27m 40s	$56K	$298K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$21
Price spread: +0.078% → −0.011%: $8.94
Slippage, 4 orders: −$110.86
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$141.92
Costs to cover: 1.299%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Phoenix: live order book, 43 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, 6 min ago	0.63 bp	56.8 bp −$57	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 43 min ago	3.13 bp	19.8 bp −$20	57.3 bp −$573	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
Polymarket Perps VVV-USD	−0.0286%	1h	32.012	−0.037%	$146K	$1.2M	3x	as long as short
01 Exchange VVVUSD	−0.0072%	1h	32.043	+0.059%	$11K	$3K	3x	as long as short
RISEx VVV/USDC	−0.0015%	1h	32.032	+0.026%	$394K	$601K	5x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	32.037	+0.041%	$108K	$6.5M	1.7x	as long as short
Phoenix VVVshort	0.0000%	1h	32.049	+0.078%	$56K	$298K	5x
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.043	+0.060%	$91K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.059	+0.108%	$19K	—	150x	as long as short
Gate VVV_USDT	+0.0020%	4h	32.008	−0.050%	$10.8M	$7.4M	25x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+2.486%	$2K	$1K	5.5x	as long as short
Lighter VVV	+0.0096%	1h	32.029	+0.017%	$2.2M	$5.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH VVV	+0.0096%	1h	32.016	−0.025%	$474K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.039	+0.048%	$126K	$850K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	32.050	+0.081%	$74.3M	$55.1M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.047	+0.073%	$261K	$1.9M	10x	as long as short
Pacifica VVV	+0.0100%	1h	32.066	+0.132%	$192K	$187K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.042	+0.057%	$33.7M	$154.3M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.035	+0.034%	$39.3M	$51.5M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.011	−0.041%	$4.7M	$41.6M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.050	+0.081%	$6.5M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.023	−0.003%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.024	0.000%	$5.8M	$8.9M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.043	+0.059%	—	$5.4M	—	as long as short
Backpack VVV_USDC_PERP	+0.0100%	1h	32.055	+0.097%	$124K	$331K	5x	as long as short
Variational Omni VVV	+0.0100%	4h	32.153	+0.401%	$2.1M	$188K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	32.039	+0.046%	$3K	$2K	5x	as long as short
Phemex VVVUSDTlong	+0.0100%	4h	32.024	long leg	$2.1M	$2.1M	50x
Paradex VVV-USD-PERP	+0.0100%	8h	32.035	+0.034%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.033	+0.030%	$306K	$2.0M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.062	+0.119%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0110%	4h	32.181	+0.489%	$80K	$335K	10x	as long as short
BloFin VVV-USDT	+0.0141%	4h	32.024	0.000%	$1.3M	$1.8M	25x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0178% / S +0.0121%	1h	32.060	+0.111%	$579K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0320%	1h	32.219	+0.610%	$248K	$1.3M	25x	as long as short