Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Bitget against Backpack−0.027%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$330.325% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now −0.027%, 7d avg −0.047%

Together, before fees+0.158%+$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.021% dearer against Backpack than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AVAX_USDC_PERP	11.240	0.0100	pay 0.0013% / 1h	1m 57s	$359K	$568K	15x
Short	Bitget AVAXUSDT	11.237	0.0100	get 0.0100% / 8h	1h 01m	$34.2M	$59.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. 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 BackpackbpFee BitgetbpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → −0.047%: $2.08
Slippage, 4 orders: −$10.54
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$30.46
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from Backpack: live order book, 17 min ago; Bitget: 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 Backpack live order book, 17 min ago	0.44 bp	10.1 bp −$10	35.6 bp −$356	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.44 bp	8.7 bp −$9	15.6 bp −$156	39.2 bp −$3,916	doesn't fit

AVAX on 36 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
Injective AVAX/USDC PERP	−0.0570%	1h	11.180	−0.534%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0046%	1h	11.235	−0.047%	$296K	$892K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0017%	1h	11.237	−0.027%	$5.3M	$9.1M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.229	−0.094%	$103K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.239	−0.010%	$13K	—	150x	as long as short
Variational Omni AVAX	+0.0027%	8h	11.231	−0.080%	$3.0M	$2.4M	—	as long as short
Lighter AVAX	+0.0096%	1h	11.238	−0.014%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.236	−0.036%	$17K	$686K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0099%	8h	11.227	−0.113%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.236	−0.035%	$2.3M	$1.8M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.232	−0.073%	$298K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.239	−0.009%	$120.3M	$524.0M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.237	−0.027%	$89.3M	$157.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.236	−0.036%	$20.2M	$146.0M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.237	−0.027%	$12.5M	$40.8M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.239	−0.009%	$51.2M	$100.4M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.245	+0.044%	$15.8M	$24.5M	75x	as long as short
Bitget AVAXUSDTshort	+0.0100%	8h	11.237	−0.027%	$34.2M	$59.8M	75x
BingX AVAX-USDC	+0.0100%	8h	11.238	−0.018%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	11.240	long leg	$359K	$568K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.220	−0.181%	$358K	$877K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.238	−0.018%	$180K	$686K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.238	−0.018%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.246	+0.053%	$202K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.268	+0.247%	$12K	$735K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.236	−0.036%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.236	−0.031%	$363K	$1.0M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.237	−0.027%	$30.2M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.235	−0.042%	$669K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.240	−0.004%	$258K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.245	+0.044%	$913K	$8.1M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.230	−0.089%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.233	−0.062%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0413% / S −0.0262%	1h	11.238	−0.019%	$237K	—	120x	as long as short
Hyperliquid AVAX	+0.0576%	1h	11.253	+0.116%	$43.5M	$56.7M	10x	as long as short
Kraken Futures PF_AVAXUSD	+0.0629%	1h	11.243	+0.030%	$4.6M	$13.4M	50x	as long as short