Funding arb · Price arb /

VVV

all VVV markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.046%

Price spread now: Phemex against Phoenix+0.032%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1201.204% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.343%−$34 on $10k

Price spread, last 4 days (all we have)+0.535%+$53 · spread now +0.032%, 7d avg −0.002%

Together, before fees+0.191%+$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.034% dearer against Phoenix than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.002%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VVV	30.882	0.0182	pay 0.0023% / 1h	17m 10s	$32K	$253K	5x
Short	Phemex VVVUSDT	30.892	0.0100	get 0.0050% / 4h	17m 10s	$2.0M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$17.23
Price spread: +0.032% → −0.002%: $3.44
Slippage, 4 orders: −$101.42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$134.22
Costs to cover: 1.204%
Break-even: never at this rate

Slippage from Phoenix: live order book, 38 min ago; Phemex: live order book, 1 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, 38 min ago	2.92 bp	19.9 bp −$20	65.3 bp −$653	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.97 bp	40.2 bp −$40	doesn't fit	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	−0.0299%	1h	30.874	−0.026%	$379K	$630K	5x	as long as short
Polymarket Perps VVV-USD	−0.0079%	1h	30.863	−0.062%	$129K	$1.2M	3x	as long as short
Deribit VVV_USDC-PERPETUAL	0.0000%	1h	30.882	−0.001%	$86K	$24K	10x	as long as short
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0002%	1h	30.895	+0.042%	$23K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+6.276%	$2K	$1K	5.5x	as long as short
01 Exchange VVVUSD	+0.0040%	1h	30.886	+0.013%	$11K	$3K	3x	as long as short
Gate VVV_USDT	+0.0044%	4h	30.885	+0.010%	$10.3M	$6.0M	25x	as long as short
Coinbase International VVV-PERP-INTX	+0.0064%	1h	30.870	−0.039%	$145K	$1.2M	25x	as long as short
BloFin VVV-USDT	+0.0065%	4h	30.891	+0.029%	$1.3M	$1.6M	25x	as long as short
Lighter VVV	+0.0096%	1h	30.881	−0.005%	$2.1M	$5.3M	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	30.898	+0.052%	$451K	$1.6M	5x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	30.865	−0.054%	$3K	$73	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	30.901	+0.062%	$142K	$873K	3x	as long as short
Hyperliquid VVV	+0.0100%	1h	30.901	+0.062%	$70.5M	$49.1M	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	30.905	+0.075%	$247K	$1.1M	10x	as long as short
Pacifica VVV	+0.0100%	1h	30.897	+0.050%	$182K	$133K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	30.892	+0.034%	$33.1M	$129.4M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	30.879	−0.010%	$38.4M	$43.2M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	30.902	+0.065%	$4.8M	$33.0M	20x	as long as short
MEXC VVV_USDT	+0.0100%	4h	30.899	+0.055%	$6.3M	$6.2M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	30.871	−0.036%	$1.9M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	30.869	−0.042%	$5.7M	$7.5M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	30.893	+0.036%	—	$5.0M	—	as long as short
Variational Omni VVV	+0.0100%	4h	30.866	−0.052%	$1.9M	$288K	—	as long as short
Derive VVV-PERP	+0.0100%	1h	30.881	−0.002%	$3K	$3K	5x	as long as short
Phemex VVVUSDTshort	+0.0100%	4h	30.892	+0.032%	$2.0M	$2.1M	50x
Extended VVV-USD	+0.0104%	1h	30.886	+0.014%	$295K	$1.9M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	30.896	+0.044%	$6K	—	3x	as long as short
edgeX VVVUSDC	+0.0108%	4h	30.875	−0.022%	$77K	$334K	10x	as long as short
Backpack VVV_USDC_PERP	+0.0130%	1h	30.913	+0.099%	$120K	$249K	5x	as long as short
Kalshi KXVVVPERP	+0.0147%	8h	30.899	+0.055%	$103K	$5.7M	1.7x	as long as short
Phoenix VVVlong	+0.0182%	1h	30.882	long leg	$32K	$253K	5x
GMX VVV/USD [ETH-USDC]	L +0.0428% / S −0.0174%	1h	30.889	+0.021%	$541K	—	100x	as long as short