Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.043%

Price spread now: Bybit against Phoenix−0.085%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$730.731% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.403%−$40 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now −0.085%, 7d avg −0.098%

Together, before fees−0.379%−$38 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.098%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VVV	30.710	0.0129	pay 0.0016% / 1h	49m 14s	$32K	$257K	5x
Short	Bybit VVVUSDT	30.684	0.0100	get 0.0050% / 4h	3h 49m	$38.2M	$42.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$6.19
Price spread: −0.085% → −0.098%: $1.32
Slippage, 4 orders: −$55.09
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$77.96
Costs to cover: 0.731%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; Bybit: live order book, 5 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, 1 min ago	2.93 bp	19.7 bp −$20	65.2 bp −$652	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.16 bp	18.7 bp −$19	37.6 bp −$376	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	30.678	−0.105%	$376K	$643K	5x	as long as short
Polymarket Perps VVV-USD	−0.0114%	1h	30.676	−0.111%	$128K	$1.2M	3x	as long as short
Coinbase International VVV-PERP-INTX	−0.0088%	1h	30.832	+0.399%	$145K	$1.2M	25x	as long as short
Kalshi KXVVVPERP	0.0000%	8h	30.717	+0.023%	$104K	$5.6M	1.7x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	30.694	−0.051%	$85K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0003%	1h	30.704	−0.018%	$20K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+6.871%	$2K	$1K	5.5x	as long as short
BloFin VVV-USDT	+0.0090%	4h	30.706	−0.013%	$1.3M	$1.6M	25x	as long as short
Lighter VVV	+0.0096%	1h	30.696	−0.047%	$2.0M	$5.1M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	30.709	−0.003%	$449K	$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	30.689	−0.068%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	30.701	−0.029%	$141K	$873K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	30.700	−0.032%	$69.9M	$48.6M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	30.703	−0.022%	$245K	$1.1M	10x	as long as short
Pacifica VVV	+0.0100%	1h	30.709	−0.004%	$181K	$132K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	30.707	−0.009%	$32.9M	$127.4M	25x	as long as short
Bybit VVVUSDTshort	+0.0100%	4h	30.684	−0.085%	$38.2M	$42.5M	20x
OKX VVV-USDT-SWAP	+0.0100%	4h	30.699	−0.036%	$4.8M	$32.0M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	30.692	−0.059%	$10.3M	$5.8M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	30.715	+0.016%	$6.3M	$5.8M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	30.696	−0.046%	$1.9M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.690	−0.065%	$5.6M	$7.4M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	30.711	+0.003%	—	$5.0M	—	as long as short
Variational Omni VVV	+0.0100%	4h	30.667	−0.140%	$1.8M	$284K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.689	−0.067%	$3K	$3K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	30.727	+0.055%	$2.0M	$2.1M	50x	as long as short
Extended VVV-USD	+0.0104%	1h	30.701	−0.029%	$292K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.708	−0.007%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0116%	4h	30.775	+0.211%	$76K	$333K	10x	as long as short
01 Exchange VVVUSD	+0.0128%	1h	30.710	0.000%	$11K	$3K	3x	as long as short
Phoenix VVVlong	+0.0129%	1h	30.710	long leg	$32K	$257K	5x
Backpack VVV_USDC_PERP	+0.0231%	1h	30.731	+0.067%	$121K	$249K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0426% / S −0.0174%	1h	30.695	−0.049%	$538K	—	100x	as long as short