Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0006%/8h= −0.6% APRpaid last 24h −0.012%

Price spread now: Bybit against Backpack−0.179%55s7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.367% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now −0.179%, 7d avg −0.050%

Together, before fees+0.212%+$21 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: Bybit is 0.129% cheaper against Backpack than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.050%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AVAX_USDC_PERP	10.609	0.0100	pay 0.0013% / 1h	32m 12s	$369K	$537K	15x
Short	Bybit AVAXUSDT	10.590	0.0094	get 0.0094% / 8h	2h 32m	$78.6M	$144.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.179%Rate

Funding earned: −$1.23
Price spread: −0.179% → −0.050%: −$12.94
Slippage, 4 orders: −$15.7
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$50.88
Costs to cover: 0.367%
Break-even: never at this rate

Slippage from Backpack: live order book, 17 min ago; Bybit: 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	0.47 bp	14.2 bp −$14	49.9 bp −$499	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.47 bp	9.3 bp −$9	16.5 bp −$165	42.6 bp −$4,256	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	−0.1423%	1h	10.760	+1.423%	$17K	$152K	12x	as long as short
Kraken Futures PF_AVAXUSD	−0.0281%	1h	10.602	−0.061%	$4.2M	$11.5M	50x	as long as short
Nado AVAX-PERP	−0.0036%	1h	10.605	−0.033%	$290K	$338K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0033%	1h	10.602	−0.066%	$4.7M	$7.5M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.612	+0.027%	$93K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.604	−0.047%	$12K	—	150x	as long as short
Variational Omni AVAX	+0.0008%	8h	10.633	+0.225%	$2.8M	$2.1M	—	as long as short
Gate AVAX_USDT	+0.0031%	8h	10.606	−0.028%	$12.1M	$32.6M	75x	as long as short
Polymarket Perps AVAX-USD	+0.0081%	1h	10.607	−0.019%	$132K	$355K	10x	as long as short
Bybit AVAXUSDTshort	+0.0094%	8h	10.590	−0.179%	$78.6M	$144.5M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AVAX-USD-PERP	+0.0096%	8h	10.611	+0.015%	$12K	$212	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.598	−0.106%	$1.2M	$2.6M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.612	+0.028%	$18K	$448K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.611	+0.019%	$37.9M	$43.6M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.600	−0.085%	$2.1M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.610	+0.009%	$267K	$130K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.597	−0.113%	$112.6M	$430.6M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.591	−0.170%	$18.6M	$111.8M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.598	−0.104%	$42.3M	$79.6M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.599	−0.094%	$13.2M	$22.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.597	−0.113%	$31.9M	$49.4M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.602	−0.066%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	10.609	long leg	$369K	$537K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.624	+0.143%	$336K	$957K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.654	+0.424%	$172K	$663K	50x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.605	−0.038%	$168K	$339K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.640	+0.296%	$11K	$756K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.597	−0.113%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.602	−0.068%	$344K	$799K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.602	−0.066%	$28.3M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.593	−0.154%	$641K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.599	−0.094%	$243K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0216%	1h	10.598	−0.104%	$831K	$4.8M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.604	−0.047%	$4.6M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.597	−0.114%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0278%	1h	10.604	−0.045%	$230K	—	120x	as long as short