Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0098%/8h= −10.8% APRpaid last 24h −0.041%

Price spread now: Kalshi against Phoenix−0.043%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$690.689% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.355%−$35 on $10k

Price spread, last 3 days (all we have)+0.089%+$9 · spread now −0.043%, 7d avg −0.077%

Together, before fees−0.265%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.034% dearer against Phoenix than usual: you sell high and buy low (spread −0.043% now, against its 7-day average of −0.077%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VVV	32.696	0.0098	pay 0.0012% / 1h	44m 27s	$57K	$294K	5x
Short	Kalshi KXVVVPERP	32.682	0	get 0.0000% / 8h	5h 44m	$105K	$6.8M	1.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.043%Rate

Funding earned: −$20.68
Price spread: −0.043% → −0.077%: $3.37
Slippage, 4 orders: −$51.91
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$86.21
Costs to cover: 0.689%
Break-even: never at this rate

Slippage from Phoenix: live order book, 36 min ago; Kalshi: live order book, 4 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, 36 min ago	3.12 bp	19.7 bp −$20	65.2 bp −$652	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	7.98 bp	15.7 bp −$16	22.9 bp −$229	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
Kalshi KXVVVPERPshort	0.0000%	8h	32.682	−0.043%	$105K	$6.8M	1.7x
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	32.665	−0.094%	$92K	$23K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.719	+0.071%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+0.379%	$2K	$1K	5.5x	as long as short
BloFin VVV-USDT	+0.0072%	4h	32.728	+0.098%	$1.4M	$1.8M	25x	as long as short
Lighter VVV	+0.0096%	1h	32.727	+0.094%	$2.3M	$5.4M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.714	+0.055%	$489K	$1.6M	5x	as long as short
Phoenix VVVlong	+0.0098%	1h	32.696	long leg	$57K	$294K	5x
Nado VVV-PERP	+0.0100%	1h	32.727	+0.096%	$151K	$783K	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.716	+0.060%	$277K	$1.9M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VVV	+0.0100%	1h	32.732	+0.109%	$188K	$183K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.715	+0.057%	$34.4M	$155.9M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.691	−0.015%	$40.2M	$52.3M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.715	+0.058%	$4.8M	$43.0M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.700	+0.012%	$11.1M	$7.7M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.725	+0.089%	$6.4M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.699	+0.009%	$2.1M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.705	+0.028%	$5.9M	$8.8M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.732	+0.110%	—	$5.5M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.517	−0.546%	$2.1M	$180K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	32.706	+0.031%	$142K	$1.2M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	32.666	−0.090%	$1K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.653	−0.132%	$2.1M	$2.0M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.723	+0.082%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.715	+0.059%	$322K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.650	−0.141%	$7K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0108%	4h	32.559	−0.420%	$81K	$333K	10x	as long as short
Coinbase International VVV-PERP-INTX	+0.0144%	1h	32.547	−0.457%	$198K	$1.1M	25x	as long as short
RISEx VVV/USDC	+0.0175%	1h	32.714	+0.054%	$401K	$592K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0190% / S +0.0135%	1h	32.671	−0.078%	$594K	—	100x	as long as short
Backpack VVV_USDC_PERP	+0.0308%	1h	32.709	+0.040%	$126K	$374K	5x	as long as short
01 Exchange VVVUSD	+0.0496%	1h	32.770	+0.226%	$12K	$3K	3x	as long as short
Hyperliquid VVV	+0.0741%	1h	32.763	+0.204%	$76.3M	$55.3M	3x	as long as short