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 +0.011%

Price spread now: Backpack against Bybit+0.276%46s7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as 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−$330.325% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)−0.272%−$27 · spread now +0.276%, 7d avg +0.057%

Together, before fees−0.337%−$34 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: Backpack is 0.219% dearer against Bybit than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of +0.057%. 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	Bybit AVAXUSDT	11.239	0.0100	pay 0.0100% / 8h	1h 51m	$90.1M	$155.4M	75x
Short	Backpack AVAX_USDC_PERP	11.270	0.0100	get 0.0013% / 1h	51m 30s	$359K	$573K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.276%Rate

Funding earned: $0
Price spread: +0.276% → +0.057%: $21.92
Slippage, 4 orders: −$11.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$10.6
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 32 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 Bybit live order book, 3 min ago	0.44 bp	8.5 bp −$9	17.6 bp −$176	47.1 bp −$4,707	doesn't fit
Sell Backpack live order book, 32 min ago	0.44 bp	5.4 bp −$5	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
Injective AVAX/USDC PERP	−0.0570%	1h	11.230	−0.080%	$17K	$151K	12x	as long as short
Variational Omni AVAX	−0.0055%	8h	11.344	+0.930%	$3.0M	$2.2M	—	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0016%	1h	11.271	+0.285%	$5.4M	$9.2M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.269	+0.270%	$99K	$107K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.239	0.000%	$16K	—	150x	as long as short
Nado AVAX-PERP	+0.0011%	1h	11.249	+0.087%	$297K	$948K	10x	as long as short
Gate AVAX_USDT	+0.0092%	8h	11.265	+0.231%	$12.6M	$39.3M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.264	+0.226%	$1.3M	$3.2M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.257	+0.160%	$14K	$695K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0098%	8h	11.263	+0.212%	$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	11.264	+0.219%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.265	+0.233%	$299K	$121K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.241	+0.016%	$120.4M	$528.2M	75x	as long as short
Bybit AVAXUSDTlong	+0.0100%	8h	11.239	long leg	$90.1M	$155.4M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.251	+0.107%	$20.2M	$146.9M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.251	+0.107%	$53.6M	$99.5M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.257	+0.160%	$16.2M	$24.4M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.251	+0.107%	$34.6M	$60.0M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.239	0.000%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.270	+0.276%	$359K	$573K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.348	+0.970%	$359K	$895K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.267	+0.249%	$181K	$686K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.255	+0.142%	$134K	$465K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.280	+0.365%	$203K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.307	+0.606%	$12K	$722K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.269	+0.267%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.273	+0.298%	$363K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.269	+0.267%	$30.3M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.261	+0.194%	$673K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.270	+0.271%	$259K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.286	+0.418%	$918K	$8.4M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.268	+0.258%	$5.0M	$8.2M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.248	+0.083%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0396% / S −0.0236%	1h	11.243	+0.032%	$237K	—	120x	as long as short
Hyperliquid AVAX	+0.0484%	1h	11.271	+0.285%	$43.7M	$57.7M	10x	as long as short
Kraken Futures PF_AVAXUSD	+0.0627%	1h	11.274	+0.308%	$4.6M	$13.5M	50x	as long as short