Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0038%/8h= −4.1% APRpaid last 24h +0.014%

Price spread now: Phemex against Backpack−0.071%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$460.459% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.138%+$14 on $10k

Price spread, last 3 days (all we have)−0.146%−$15 · spread now −0.071%, 7d avg +0.008%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.080% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.008%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.138%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AVAX_USDC_PERP	11.232	0.0100	pay 0.0013% / 1h	37m 58s	$333K	$557K	15x
Short	Phemex AVAXUSDT	11.224	0.0062	get 0.0062% / 8h	2h 37m	$30.1M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$7.95
Price spread: −0.071% → +0.008%: −$7.95
Slippage, 4 orders: −$23.94
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$61.85
Costs to cover: 0.459%
Break-even: never at this rate

Slippage from Backpack: live order book, 50 min ago; Phemex: live order book, 6 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, 50 min ago	1.36 bp	9.9 bp −$10	36.8 bp −$368	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	5.37 bp	15.9 bp −$16	26.1 bp −$261	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
Deribit AVAX_USDC-PERPETUAL	−0.0196%	1h	11.211	−0.187%	$5.3M	$9.4M	25x	as long as short
Variational Omni AVAX	−0.0169%	8h	11.174	−0.520%	$2.9M	$2.1M	—	as long as short
Nado AVAX-PERP	−0.0114%	1h	11.215	−0.154%	$296K	$956K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.100	−1.175%	$17K	$127K	12x	as long as short
Extended AVAX-USD	−0.0008%	1h	11.249	+0.149%	$669K	$2.3M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.211	−0.185%	$98K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.218	−0.126%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0046%	8h	11.221	−0.098%	$12.6M	$39.8M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0052%	8h	11.252	+0.178%	$20.1M	$147.8M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0056%	1h	11.237	+0.045%	$919K	$8.2M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AVAXUSDTshort	+0.0062%	8h	11.224	−0.071%	$30.1M	$4.8M	50x
Bybit AVAXUSDT	+0.0062%	8h	11.250	+0.160%	$86.2M	$152.1M	75x	as long as short
MEXC AVAX_USDT	+0.0069%	8h	11.234	+0.018%	$53.6M	$109.0M	200x	as long as short
Binance AVAXUSDT	+0.0070%	8h	11.244	+0.107%	$120.5M	$537.4M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0095%	8h	11.207	−0.222%	$13K	$766	20x	as long as short
Lighter AVAX	+0.0096%	1h	11.230	−0.020%	$1.2M	$3.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.203	−0.258%	$13K	$697K	50x	as long as short
Aevo AVAX-PERP	+0.0096%	1h	11.212	−0.178%	$258K	—	3x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.224	−0.070%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.211	−0.184%	$298K	$122K	10x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.218	−0.125%	$16.0M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.250	+0.160%	$34.5M	$61.2M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.232	0.000%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	11.232	long leg	$333K	$557K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.170	−0.552%	$353K	$910K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.176	−0.499%	$180K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.220	−0.107%	$130K	$482K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.225	−0.062%	$202K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.238	+0.051%	$12K	$713K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.237	+0.045%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.222	−0.087%	$360K	$1.1M	75x	as long as short
BloFin AVAX-USDT	+0.0190%	8h	11.196	−0.321%	$5.0M	$8.5M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.217	−0.136%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.245	+0.113%	$4.7M	$13.7M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0244%	1h	11.219	−0.117%	$242K	—	120x	as long as short
Hyperliquid AVAX	+0.0465%	1h	11.250	+0.160%	$42.9M	$58.1M	10x	as long as short