> For the complete documentation index, see [llms.txt](https://docs.vooi.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.vooi.io/vooi-ultra-v3/vooi-arbitrage-desk.md). # VOOI Arbitrage Desk Find and open potential funding arbitrage strategies across supported markets ## How Arbitrage Desk Works **VOOI Arbitrage Desk helps traders find potential funding arbitrage strategies across supported venues.** {% hint style="info" %} VOOI Arbitrage Desk: {% endhint %} It continuously compares perpetual markets for the same asset and highlights differences in funding rates and prices. A typical strategy combines: * a **long** position on one market; * a **short** position on another market. Holding opposite positions for the same asset helps reduce exposure to the asset’s overall price direction while targeting the funding-rate difference between the two markets. Arbitrage Desk provides the data to compare these strategies and lets traders open both legs from the same interface. ## How Arbitrage Desk Is Organized

The Arbitrage Desk has two main parts: * **Filters** help narrow the list of strategies by venue, token, volume, open interest, and spread. * **Strategies** are grouped by asset and shown with market **parameters** for comparing available long/short combinations. This guide explains how to use the filters, what the main strategy parameters mean, and how to review and open a strategy. ### Filters

Arbitrage Desk provides four ways to narrow the strategy list: * **Search:** find strategies for a specific asset by symbol or name. * **Venue filters:** select which venues to include in the results. * **Asset Class:** show only strategies from selected market categories. * **Filters menu:** apply additional requirements for tokens, volume, open interest, price spread, and funding spread. The Filters menu provides additional options to narrow the strategy list. Use the table below to see what each filter controls and when it may be useful.

Filter	What it does	When to use it
Excluded Tokens	Hides selected tokens from the results.	Use it to remove assets you do not want to trade.
Min Volume	Shows only pairs above the selected 24-hour trading volume.	Use it to focus on more actively traded markets.
Min OI	Shows only pairs above the selected Open Interest (OI).	Useful when looking for markets that may support larger positions.
Min P Spread	Shows only pairs with at least the selected Price Spread.	Use it to hide setups with very small price differences.
Min F Spread 8h	Shows only pairs with at least the selected funding spread.	Use it to focus on larger funding-rate differences.

### Strategy Parameters

Each strategy is shown with key market parameters that help compare funding, price differences, liquidity, and recent market conditions. Funding and spread estimates are shown **before trading fees**, unless stated otherwise. They are based on current market data and can change as funding rates, prices, and order-book liquidity change. {% hint style="info" %} When comparing strategies, it may help to look at the parameters in three groups: * **Funding and price opportunity:** APR, F Spread 8h, Funding Rate 8h, P Spread, P Spread @ Size * **Liquidity and execution:** Price Impact, Volume, OI, Entry Price * **Recent market context:** Max F 1h / 24h, Max P 1h / 24h, Price Change 24h The table below follows the same order as the Arbitrage Desk interface, so you can quickly find the parameter you are looking at. Use the table below as a quick reference to understand what each parameter means and how to use it when comparing strategies. {% endhint %}

Parameter	What it means & How to use it
APR	Annual Percentage Rate Shows how much the strategy could earn over a year from the long and short positions if current conditions stayed the same. Use it to quickly compare strategies.
F Spread 8h	Funding Spread Shows how much the long and short positions together could gain or lose from funding over 8 hours if current conditions stayed the same. Use it to compare strategies over a shorter period instead of looking at the yearly APR.
Funding 8h	Funding Rate Shows how much each position currently pays or receives over 8 hours, and when the next payment happens. Use it to see what is happening on the long and short sides separately.
Max F 1h	Maximum Funding Spread Shows the highest F Spread 8h value seen during the last hour. Compare it with the current F Spread 8h to see whether the current value is close to its recent high.
Max F 24h	Maximum Funding Spread Shows the highest F Spread 8h value seen during the last 24 hours. Compare it with the current F Spread 8h to see how the current value compares with the rest of the day.
P Spread	Price Spread Shows the difference between the price where the long position buys and the price where the short position sells. A positive value means the short sells at a higher price than the long buys. Use it to see whether the price difference is favorable when opening the strategy.
P Spread @ Size	Price Spread at Size Shows the estimated P Spread for the position size selected in Settings, taking into account how much is actually available in the market at different prices. Use it before trading to see a more realistic spread for your intended position size.
Max P 1h	Maximum Price Spread Shows the highest P Spread seen during the last hour. Compare it with the current P Spread to see whether the current entry is close to the best price difference seen recently.
Max P 24h	Maximum Price Spread Shows the highest P Spread seen during the last 24 hours. Compare it with the current P Spread to see how today's current entry compares with earlier opportunities.
Price Impact	Shows how much your position size may change the price you actually get when the orders are filled. A value is shown for each leg. Check it before trading at your intended size. Lower values generally mean your order can be filled closer to the current market price.
Volume	Shows how much was traded in both markets during the last 24 hours. Use it to see how active the markets are. Higher volume generally makes it easier to trade larger positions.
OI	Open Interest Shows the total value of positions that are currently open in each market. Use it to judge whether the market is deep enough for your intended position size. The side with lower OI may be more limiting for a large position.
Price	Shows the price at which each position would currently open: the long buys and the short sells. Use it to see the entry price for each leg. The difference between these two prices is the P Spread.
P Change	Price Change Shows how much the price in each market has changed over the last 24 hours. Use it for additional context and to see whether the two markets have been moving similarly or differently.

### Understanding the Strategy List

Strategies are grouped by asset, and each asset may have several long/short combinations. Use the table below to understand how strategies are displayed and how to interact with the list.

Element	How to read and use it
Asset row	Shows the top strategy for that asset based on the table’s current sorting (for example, the highest APR when sorting by APR).
+ / −	Click + to expand the asset and view all available strategies. Click − to collapse the list again.
Expanded rows	Each row represents a separate long/short strategy for the same asset.
Exchange	The top market is the long leg and the bottom market is the short leg. The same two markets may appear again with the legs reversed, which represents a different strategy.
Venues	The two legs can be on different venues or, where supported, on different markets of the same venue.
`x exc.`	Shows how many venues are available for that asset.
Leverage	Shows the available leverage for the strategy. It may differ depending on the markets used.
Strategy values	APR, funding, price spreads, liquidity, and other values in the row apply to that specific long/short combination. If a value is underlined, hover over it to see more information.
Action	Click Trade to open the strategy details, where you can review charts, market data, and execution settings. This view is explained in the next section. If Trade is unavailable, hover over it to see the reason.

## How to Use Arbitrage Desk Arbitrage Desk helps you narrow the available strategies, compare them, and open both legs from the same interface. ### Choose a Strategy Open VOOI Arbitrage Desk at Use **Search**, venue filters, **Asset Class**, and the **Filters** menu to narrow the strategy list before comparing individual strategies. {% hint style="info" %} * The example below is for demonstration purposes only and is intended to explain how to use Arbitrage Desk. It is not a trading recommendation. * All filters are optional. Use only those that are relevant to your comparison. {% endhint %}

For example, to find strategies across venues you want to trade on: * Select the venues you want to include (e.g. Hyperliquid and Lighter); * Optionally select an **Asset Class**; * Use the **Filters** menu to set minimum **Volume**, **OI**, **P Spread**, or **F Spread 8h** requirements (e.g. OI > 1M, P Spread > 0.1%); * Sort the table by **APR** to see strategies with the highest current APR first. The strategy list updates to show only combinations that match your criteria. If you already have a specific asset in mind, you can also use **Search** to narrow the results by symbol or name. The main row for each asset shows the top strategy for that asset based on the current sorting. For example, when sorting by **APR**, it shows the strategy with the highest APR for that asset. Click **+** next to an asset to view all available strategies and compare the long/short combinations. When comparing strategies, it may help to look at the parameters in this order: * **Funding opportunity:** check **APR** and **F Spread 8h**. * **Entry conditions:** check **P Spread** and **P Spread @ Size**. * **Liquidity and execution:** check **Price Impact**, **Volume**, and **OI**, especially for your intended position size. * **Recent market context:** use **Max F 1h / 24h**, **Max P 1h / 24h**, and **P Change** to compare the current values with recent market conditions. When you find a strategy you want to review in more detail, click **Trade**. If **Trade** is unavailable, hover over the button to see the reason. ### Review a Strategy After you select a strategy and click **Trade**, the strategy details page opens.\ Before opening the positions, let’s first look at what each part of the screen shows and what it is used for. #### Understand the Strategy Screen

After you select a strategy and click **Trade**, the strategy details page opens. Before configuring the trade, it helps to understand what each part of the screen shows and what it is used for.

Area	What it is for
Strategy Header	Shows the selected asset and identifies the Long and Short markets. Use it to confirm that you opened the intended strategy.
Market Summary	Shows the current P Spread, F Spread, prices, funding, OI, and volume for both legs. Use it for a quick check of the strategy’s current market conditions.
Historical Charts	Show how funding rates, funding spread, price spread, and other related values have changed over time. Use them to compare the current situation with recent market behavior.
Trading Panel	Used to configure and open both legs of the strategy. Here you can select the execution type, leverage, position size, and other available settings.
Order Books	Show the current buy and sell orders for both markets. Use them to see the available prices and liquidity for each leg.
Entry Economics	Summarizes the estimated economics of opening the strategy with the current settings, including trading costs, funding income, break-even time, required margin, and liquidation prices. Use it to evaluate the strategy after taking entry costs and position settings into account.
Positions and orders	Shows arbitrage positions, arbitrage orders, history, regular positions, orders, and trade history after activity is created. Use these tabs to monitor and review open and past trading activity.

#### Review Historical Charts Historical charts show how the selected strategy has behaved over time. Use them to compare the current values with recent market conditions and see whether a spread has been relatively stable or has changed significantly. Four chart views are available: 1. **Historical Funding Spread** 2. **Historical Price Spread** 3. **In/Out** 4. **P/F Dual** **Historical Funding Spread**



This chart shows how funding has changed for both legs of the strategy and how the difference between them has changed over time. The chart includes: Long — the funding rate of the long leg; Short — the funding rate of the short leg; Funding Spread — the difference between the funding rates of the two legs. The legend shows the current value for each line and identifies which market is used for the long and short leg. How to use it: Look at how the Funding Spread has behaved over time rather than relying only on its current value. This can help show whether the current funding opportunity has been relatively stable, has recently increased or decreased, or appeared only briefly.

This chart shows how funding has changed for both legs of the strategy and how the difference between them has changed over time.

The chart includes:

Long — the funding rate of the long leg;
Short — the funding rate of the short leg;
Funding Spread — the difference between the funding rates of the two legs.

The legend shows the current value for each line and identifies which market is used for the long and short leg.

How to use it: Look at how the Funding Spread has behaved over time rather than relying only on its current value. This can help show whether the current funding opportunity has been relatively stable, has recently increased or decreased, or appeared only briefly.

**Historical Price Spread**



This chart shows how the Price Spread between the two legs has changed over time. The Price Spread is calculated from the price where the short leg can sell and the price where the long leg can buy. Each candle represents the selected time interval, for example 5 minutes. It shows how the spread changed during that period, including its highest and lowest values. How to use it: Look at how the current Price Spread compares with its recent history. The chart can help show whether the current entry spread is typical for the strategy, unusually high or low, or changing quickly. A spread above 0% means the short leg can currently sell at a higher price than the long leg buys. A spread below 0% means the price difference is unfavorable at entry.

This chart shows how the Price Spread between the two legs has changed over time.

The Price Spread is calculated from the price where the short leg can sell and the price where the long leg can buy.

Each candle represents the selected time interval, for example 5 minutes. It shows how the spread changed during that period, including its highest and lowest values.

How to use it: Look at how the current Price Spread compares with its recent history. The chart can help show whether the current entry spread is typical for the strategy, unusually high or low, or changing quickly.

A spread above 0% means the short leg can currently sell at a higher price than the long leg buys. A spread below 0% means the price difference is unfavorable at entry.

In/Out Spread



This chart compares the price conditions for opening and closing the two-leg strategy over time. It shows two values: Open Edge — the price difference available when opening the long and short legs. Close Cost — the price difference that would need to be crossed to close both legs at current market prices. Both values are shown as a percentage of the market price, which makes them easier to compare across different assets and price levels. The values below the chart show the mean and median for both metrics over the displayed period, as well as the number of market samples used. How to use it: Compare the current Open Edge with its recent history and with the Close Cost. This helps show whether the price advantage available at entry is large or small relative to the expected cost of exiting the strategy.

This chart compares the price conditions for opening and closing the two-leg strategy over time.

It shows two values:

Open Edge — the price difference available when opening the long and short legs.
Close Cost — the price difference that would need to be crossed to close both legs at current market prices.

Both values are shown as a percentage of the market price, which makes them easier to compare across different assets and price levels.

The values below the chart show the mean and median for both metrics over the displayed period, as well as the number of market samples used.

How to use it: Compare the current Open Edge with its recent history and with the Close Cost. This helps show whether the price advantage available at entry is large or small relative to the expected cost of exiting the strategy.

**P/F Dual**



This chart shows the Funding Spread and Price Spread on the same timeline, so you can see how they move relative to each other. It includes: Funding Spread — shown on the left axis. The legend shows both the current APR and the equivalent hourly funding spread. Price Spread — shown on the right axis. Because the two values use different scales, each one has its own axis. How to use it: Use this chart to see whether changes in the funding opportunity are happening together with changes in the entry price difference. It can help you understand whether an attractive funding spread is accompanied by a favorable or unfavorable Price Spread, and how both have behaved over time. This is useful when a strategy looks attractive by funding alone, but you also want to check whether the price conditions at entry support it.

This chart shows the Funding Spread and Price Spread on the same timeline, so you can see how they move relative to each other.

It includes:

Funding Spread — shown on the left axis. The legend shows both the current APR and the equivalent hourly funding spread.
Price Spread — shown on the right axis.

Because the two values use different scales, each one has its own axis.

How to use it: Use this chart to see whether changes in the funding opportunity are happening together with changes in the entry price difference. It can help you understand whether an attractive funding spread is accompanied by a favorable or unfavorable Price Spread, and how both have behaved over time.

This is useful when a strategy looks attractive by funding alone, but you also want to check whether the price conditions at entry support it.

### Configure and Open the Strategy Use the **Trading Panel** to configure the long and short legs before opening the strategy. The **Long** leg is shown on the left and the **Short** leg on the right.

**1. Select the Execution Type** The **Type** setting determines how the two orders are placed. * **Taker – Taker** — both legs use **Market** orders. Both orders are submitted at the same time. * **Maker – Taker** — one leg uses a **Limit** order and the other uses a **Market** order. You can choose which leg uses Limit and which uses Market. For **Maker – Taker**, the Limit order is placed first. The Market order for the other leg is submitted after the Limit order is filled. For the Limit leg, enter the price at which you want the order to be placed. **2. Set Leverage** Select the leverage separately for the **Long** and **Short** legs. Available leverage may differ between the two markets. **3. Set the Position Size** Enter the size for each leg manually or use the slider. You can configure the two legs separately or use: * **Copy to Short:** copies the Long leg size to the Short leg. * **Copy to Long:** copies the Short leg size to the Long leg. Check that the intended position size is set for both legs before continuing. **4. Set Take Profit / Stop Loss** If needed, enable **Take profit / Stop loss** separately for either leg and configure the corresponding exit conditions. This step is optional. **5. Review the Estimated Execution** Before opening the strategy, review the estimated execution values for both legs.

Value	What it shows
Available margin	The margin currently available on the venue for this leg.
Required margin	The estimated margin required for the configured position.
Position size	The resulting position size in the traded asset.
Mid price	The current midpoint between the best buy and sell prices.
Est. Liquidation price	The estimated price at which the position may be liquidated.
Est. Entry price	The estimated price at which the position is expected to open.
Est. slippage	The estimated difference between the current market price and the expected execution price.

Review both legs separately, since available margin, liquidity, entry price, and other execution conditions may differ between the two markets. The **Entry Economics** section below the order books provides an additional summary of the estimated costs and funding economics for the strategy with the current settings. **6. Open the Strategy** When both legs are configured and the estimated execution looks as expected, click **Open**. How the two orders are submitted depends on the selected execution type: * with **Taker – Taker**, both Market orders are submitted at the same time; * with **Maker – Taker**, the Limit order is placed first, and the Market order is submitted after the Limit order is filled. Market conditions can change between configuration and execution, so the final execution prices may differ from the estimates shown before opening the strategy. #### If the Open Button Is Not Available

If trading is not enabled for one of the venues used by the strategy, the **Open** button is replaced with **Enable trading on \[venue]**. This means that VOOI is not yet authorized or connected to trade on that venue. Complete the required setup before opening the strategy.

Venue	What to do	Deposits and withdrawals
Hyperliquid	Enable trading directly through VOOI.	Deposits and withdrawals can be managed through VOOI.
trade.xyz or Kinetiq	To trade on trade.xyz or Kinetiq, enable Hyperliquid through VOOI.	Funds deposited to Hyperliquid are also available for trading on Hyperliquid, trade.xyz, and Kinetiq.
Lighter	Enable trading directly through VOOI.	Deposits and withdrawals can be managed through VOOI.
Robinhood	Deposit funds through VOOI to get started.	Deposits and withdrawals can be managed through VOOI.
Aster	Enable trading directly through VOOI.	Deposits can be made through VOOI. Withdrawals must be made directly through Aster.
Extended	Enable trading directly through VOOI.	Deposits and withdrawals can be managed through VOOI.
Binance	Connect your Binance account using an API key. For more details see Connect Binance Futures to VOOI Ultra	Deposits and withdrawals are managed directly through Binance.
MEXC	Connect your MEXC account using an API key. For more details see Connect MEXC Futures to VOOI Ultra	Deposits and withdrawals are managed directly through MEXC.
Bybit	Connect your Bybit account using an API key. For more details see Connect Bybit Futures to VOOI Ultra	Deposits are managed directly through Bybit. Withdrawals can be managed directly through Bybit or through VOOI if the Withdrawal permission is enabled for the API key.

Once trading is enabled for both venues and sufficient funds are available, the **Open** button becomes available. ### Close an Arbitrage Position

Open arbitrage strategies are shown in the **Arbitrage Positions** tab. When closing a position, you can choose whether to close the entire strategy or only part of it. You can also close both legs together or manage each leg separately. {% hint style="info" %} Closing both legs together keeps the action within the arbitrage strategy flow. Closing one leg separately changes the balance between the Long and Short positions and may leave the remaining leg open on its own. {% endhint %} #### Close Both Legs Go to VOOI at and open **Arbitrage Positions**, find the strategy you want to close, and click **Close.**

1. Select the **execution type**: * **Taker – Taker:** both legs are closed with Market orders. * **Maker – Taker:** one leg is closed with a Limit order and the other with a Market order. 2. For **Maker – Taker**, choose which leg uses the Limit order and set the limit price. 3. Set how much of the position you want to close using the slider: * **100%** closes the full position; * a lower value closes only part of it. 4. Review the closing details. 5. Click **Place close order**. #### Close a Leg Separately You can also close the Long or Short leg independently. {% hint style="info" %} Closing only one leg leaves the other leg open and changes the strategy’s market exposure. {% endhint %} Go to VOOI at and open **Arbitrage Positions**, find the strategy you want to close, and click **Close.**

1. To manage the Long and Short legs independently, select **Close each leg separately**. You can then choose the closing size and order type for each leg separately. 2. Select the **execution type**: * **Taker – Taker:** both legs are closed with Market orders. * **Maker – Taker:** one leg is closed with a Limit order and the other with a Market order. 3. For **Maker – Taker**, choose which leg uses the Limit order and set the limit price. 4. Set how much of the position you want to close using the slider: * **100%** closes the full position; * a lower value closes only part of it. 5. Review the closing details. 6. Click **Place close order**. ### **Important** * Arbitrage Desk identifies potential setups but does not guarantee a profit. * Funding rates and price spreads may change before or after the positions are opened. * The long and short orders may execute at different prices or times. * Trading fees, funding payments, slippage, liquidity, and liquidation risk may affect the final result. * Each position is executed on its selected venue. * Authorization is required when proceeding to open a strategy. ## Next Steps * [Enable Trading on Supported Venues](/vooi-ultra-v3/ultra-operational-guidelines.md)