Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0213%/8h= −23.3% APRpaid last 24h −0.059%

Price spread now: Variational Omni against Backpack−0.037%49s7-day average −0.033% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.087%−$9 on $10k

Price spread, last 4 days (all we have)+0.161%+$16 · spread now −0.037%, 7d avg −0.033%

Together, before fees+0.074%+ Points / potential airdropVariational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.033%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. The two prices were read 49 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	11.288	0.0100	pay 0.0013% / 1h	16m 22s	$334K	$564K	15x
Short	Variational Omni AVAX	11.284	−0.0113	pay 0.0113% / 8h	2h 16m	$2.9M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.037%Rate

Funding earned: −$44.69
Price spread: −0.037% → −0.033%: −$0.32
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$55.01
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 7 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 7 min ago	0.44 bp	10.3 bp −$10	35.3 bp −$353	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.19 bp	doesn't fit	12.6 bp −$126	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	−0.0193%	1h	11.278	−0.089%	$5.3M	$9.4M	25x	as long as short
Variational Omni AVAXshort	−0.0113%	8h	11.284	−0.037%	$2.9M	$2.1M	—
Nado AVAX-PERP	−0.0082%	1h	11.283	−0.044%	$298K	$960K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.240	−0.425%	$17K	$152K	12x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.291	+0.030%	$99K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.281	−0.066%	$16K	—	150x	as long as short
Gate AVAX_USDT	+0.0054%	8h	11.283	−0.044%	$12.7M	$40.3M	75x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0056%	1h	11.292	+0.035%	$916K	$8.2M	50x	as long as short
Extended AVAX-USD	+0.0072%	1h	11.277	−0.097%	$672K	$2.2M	25x	as long as short
OKX AVAX-USDT-SWAP	+0.0076%	8h	11.277	−0.097%	$20.1M	$148.6M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AVAX_USDT	+0.0090%	8h	11.278	−0.089%	$55.3M	$110.1M	200x	as long as short
Binance AVAXUSDT	+0.0091%	8h	11.277	−0.097%	$120.8M	$537.7M	75x	as long as short
Phemex AVAXUSDT	+0.0094%	8h	11.281	−0.062%	$30.2M	$4.9M	50x	as long as short
Lighter AVAX	+0.0096%	1h	11.284	−0.034%	$1.3M	$3.2M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.282	−0.053%	$10K	$704K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0097%	8h	11.282	−0.057%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.284	−0.033%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.287	−0.009%	$300K	$121K	10x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.280	−0.071%	$90.0M	$155.4M	75x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.282	−0.053%	$16.1M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.281	−0.062%	$34.8M	$61.3M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.281	−0.062%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	11.288	long leg	$334K	$564K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.282	−0.055%	$357K	$909K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.291	+0.027%	$182K	$683K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.282	−0.053%	$131K	$480K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.286	−0.018%	$203K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.311	+0.207%	$12K	$720K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.278	−0.089%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.285	−0.028%	$362K	$1.1M	75x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.274	−0.127%	$259K	—	3x	as long as short
BloFin AVAX-USDT	+0.0211%	8h	11.285	−0.027%	$5.0M	$8.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.278	−0.084%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0254%	1h	11.287	−0.009%	$4.6M	$13.6M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0245%	1h	11.279	−0.079%	$243K	—	120x	as long as short
Hyperliquid AVAX	+0.0646%	1h	11.300	+0.106%	$44.1M	$58.7M	10x	as long as short