Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.025%

Price spread now: Orderly against Backpack−0.203%46s7-day average +0.020% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.116%+$12 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now −0.203%, 7d avg +0.020%

Together, before fees+0.156%+$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: Orderly is 0.223% cheaper against Backpack than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of +0.020%. The two prices were read 46 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	11.326	0.0100	pay 0.0013% / 1h	54m 29s	$341K	$563K	15x
Short	Orderly PERP_AVAX_USDC	11.303	0.0100	get 0.0100% / 8h	1h 54m	$203K	$301K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.203%Rate

Funding earned: $0
Price spread: −0.203% → +0.020%: −$22.33
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.33
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 29 min ago; Orderly: no order-book sample. Net counts fees only.

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, 29 min ago	0.44 bp	10.3 bp −$10	35.3 bp −$353	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	11.280	−0.406%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0191%	1h	11.332	+0.053%	$5.4M	$9.2M	25x	as long as short
Variational Omni AVAX	−0.0055%	8h	11.344	+0.155%	$3.0M	$2.2M	—	as long as short
Nado AVAX-PERP	−0.0006%	1h	11.306	−0.172%	$298K	$949K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.326	−0.001%	$99K	$107K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.298	−0.246%	$16K	—	150x	as long as short
Gate AVAX_USDT	+0.0091%	8h	11.313	−0.115%	$12.7M	$39.2M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.319	−0.059%	$1.3M	$3.2M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.307	−0.168%	$13K	$696K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0098%	8h	11.312	−0.124%	$13K	$766	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster AVAXUSDT	+0.0100%	8h	11.316	−0.087%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.321	−0.047%	$301K	$121K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.295	−0.274%	$121.2M	$529.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.296	−0.265%	$90.8M	$155.6M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.295	−0.274%	$20.4M	$147.6M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.305	−0.185%	$54.8M	$99.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.317	−0.079%	$16.3M	$24.4M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.302	−0.212%	$34.7M	$60.3M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.296	−0.265%	—	$6.6M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	11.326	long leg	$341K	$563K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.319	−0.063%	$358K	$895K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.323	−0.026%	$186K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.310	−0.141%	$134K	$466K	10x	as long as short
Orderly PERP_AVAX_USDCshort	+0.0100%	8h	11.303	−0.203%	$203K	$301K	20x
SunX AVAX-USDT	+0.0100%	8h	11.373	+0.418%	$12K	$722K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.331	+0.044%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.334	+0.066%	$365K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.330	+0.035%	$30.5M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.311	−0.136%	$676K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.337	+0.096%	$260K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.364	+0.336%	$997K	$8.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.326	0.000%	$5.0M	$8.4M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.301	−0.219%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0406% / S −0.0245%	1h	11.297	−0.255%	$244K	—	120x	as long as short
Hyperliquid AVAX	+0.0473%	1h	11.321	−0.044%	$44.0M	$57.4M	10x	as long as short
Kraken Futures PF_AVAXUSD	+0.0624%	1h	11.333	+0.063%	$4.6M	$13.5M	50x	as long as short