Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.023%

Price spread now: BingX against Phoenix−0.096%49s7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as 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−$640.639% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.292%−$29 on $10k

Price spread, last 4 days (all we have)−0.611%−$61 · spread now −0.096%, 7d avg −0.026%

Together, before fees−0.903%−$90 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.070% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.096% now, against its 7-day average of −0.026%). If the spread goes back, that is −$7 on $10k: about 2.3 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.292%, so the current rate has only just turned in your favour. The two prices were read 49 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	Phoenix VVV	31.370	0	get 0.0000% / 1h	2m 44s	$41K	$289K	5x
Short	BingX VVV-USDT	31.340	0.0100	get 0.0050% / 4h	2h 02m	—	$5.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.096%Rate

Funding earned: $21
Price spread: −0.096% → −0.026%: −$6.97
Slippage, 4 orders: −$46.94
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$49.91
Costs to cover: 0.639%
Break-even: 23.6 days

Slippage from Phoenix: live order book, 63 min ago; BingX: live order book, 2 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 Phoenix live order book, 63 min ago	3.13 bp	19.8 bp −$20	65.3 bp −$653	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	0.32 bp	11.1 bp −$11	29.4 bp −$294	226.9 bp −$22.7K	640.1 bp −$320.0K

VVV on 32 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	−0.0111%	1h	31.300	−0.223%	$384K	$643K	5x	as long as short
Polymarket Perps VVV-USD	−0.0020%	1h	31.301	−0.220%	$134K	$1.2M	3x	as long as short
Gate VVV_USDT	−0.0008%	4h	31.300	−0.223%	$10.5M	$7.1M	25x	as long as short
Phoenix VVVlong	0.0000%	1h	31.370	long leg	$41K	$289K	5x
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	31.296	−0.236%	$87K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0005%	1h	31.291	−0.251%	$20K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+4.622%	$2K	$1K	5.5x	as long as short
Lighter VVV	+0.0096%	1h	31.306	−0.203%	$2.1M	$5.6M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	31.302	−0.217%	$462K	$1.5M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	31.304	−0.210%	$3K	$73	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado VVV-PERP	+0.0100%	1h	31.309	−0.193%	$130K	$845K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	31.341	−0.092%	$72.3M	$53.3M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	31.325	−0.144%	$253K	$1.8M	10x	as long as short
Pacifica VVV	+0.0100%	1h	31.335	−0.113%	$187K	$162K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	31.325	−0.143%	$33.3M	$147.0M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	31.313	−0.181%	$38.4M	$49.9M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	31.328	−0.134%	$4.7M	$39.1M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	31.336	−0.108%	$6.3M	$6.9M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	31.330	−0.128%	$1.8M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	31.292	−0.249%	$5.7M	$8.5M	20x	as long as short
BingX VVV-USDTshort	+0.0100%	4h	31.340	−0.096%	—	$5.4M	—
Variational Omni VVV	+0.0100%	4h	31.307	−0.201%	$2.1M	$185K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	31.288	−0.262%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	31.320	−0.159%	$2.0M	$2.1M	50x	as long as short
Extended VVV-USD	+0.0104%	1h	31.316	−0.173%	$294K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	31.300	−0.224%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0110%	4h	31.331	−0.123%	$78K	$335K	10x	as long as short
Kalshi KXVVVPERP	+0.0113%	8h	31.332	−0.121%	$110K	$6.3M	1.7x	as long as short
01 Exchange VVVUSD	+0.0120%	1h	31.323	−0.150%	$11K	$3K	3x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0175% / S +0.0125%	1h	31.277	−0.295%	$564K	—	100x	as long as short
Coinbase International VVV-PERP-INTX	+0.0208%	1h	31.333	−0.117%	$155K	$1.3M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0284%	1h	31.357	−0.040%	$121K	$311K	5x	as long as short