AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0373%/8h= +40.8% APRnext payment +$0.47 per $10,000 · paid last 24h +0.103%

Price spread now: Hyperliquid against Backpack+0.082%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

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

costs, in and out, $10k−$340.337% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.158%+$16 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now +0.082%, 7d avg +0.046%

Together, before fees+0.157%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Hyperliquid is 0.036% dearer against Backpack than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.046%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.158% in total (about 8.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.47 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AVAX_USDC_PERP	11.001	0.0100	pay 0.0013% / 1h	5m 20s	$368K	$549K	15x
Short	Hyperliquid AVAX	11.010	0.0473	get 0.0059% / 1h	5m 20s	$42.7M	$41.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.082%Rate

Funding earned: $78.25
Price spread: +0.082% → +0.046%: $3.62
Slippage, 4 orders: −$14.68
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $48.18
Costs to cover: 0.337%
Break-even: 2.7 days

Slippage from Backpack: live order book, 53 min ago; Hyperliquid: live order book, 8 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, 53 min ago	1.80 bp	10.6 bp −$11	55.5 bp −$555	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.45 bp	7.6 bp −$8	11.2 bp −$112	doesn't fit	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	10.940	−0.554%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0023%	1h	11.000	−0.009%	$5.1M	$7.9M	25x	as long as short
Nado AVAX-PERP	−0.0011%	1h	10.993	−0.068%	$285K	$372K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.997	−0.038%	$96K	$97K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.996	−0.045%	$12K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	10.997	−0.036%	$1.2M	$2.9M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.997	−0.036%	$16K	$548K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	10.999	−0.019%	$12K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.997	−0.039%	$2.2M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.001	+0.002%	$277K	$129K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AVAXUSDT	+0.0100%	8h	10.997	−0.039%	$115.9M	$430.2M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.991	−0.091%	$85.0M	$139.7M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.997	−0.036%	$20.2M	$114.7M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	10.996	−0.045%	$12.1M	$34.5M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.997	−0.036%	$46.1M	$78.7M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.001	0.000%	$15.5M	$21.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.996	−0.045%	$32.9M	$47.9M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.997	−0.036%	—	$78.6M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	11.001	long leg	$368K	$549K	15x
Variational Omni AVAX	+0.0100%	8h	10.996	−0.049%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.994	−0.065%	$344K	$883K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.993	−0.073%	$177K	$669K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.997	−0.036%	$129K	$345K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.002	+0.009%	$193K	$310K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.031	+0.272%	$12K	$716K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.000	−0.009%	$18K	$71K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.000	−0.009%	$366K	$812K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.001	0.000%	$29.4M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.994	−0.065%	$678K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.989	−0.105%	$252K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0214%	1h	11.000	−0.007%	$4.2M	$11.2M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.989	−0.109%	$5.0M	$5.4M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	10.999	−0.018%	$891K	$5.2M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.995	−0.057%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	10.998	−0.030%	$233K	—	120x	as long as short
Hyperliquid AVAXshort	+0.0473%	1h	11.010	+0.082%	$42.7M	$41.9M	10x