Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0452%/8h= +49.5% APRpaid last 24h +0.090%

Price spread now: Hyperliquid against Bybit+0.176%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 7 days−0.162%−$16 · spread now +0.176%, 7d avg +0.055%

Together, before fees−0.089%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.122% dearer against Bybit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.055%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.073% in total (about 3.8% a year). A funding rate is set anew for every payment. 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	Bybit AVAXUSDT	11.342	0.0100	pay 0.0100% / 8h	1h 55m	$91.2M	$155.7M	75x
Short	Hyperliquid AVAX	11.362	0.0552	get 0.0069% / 1h	55m 37s	$44.2M	$58.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.176%Rate

Funding earned: $94.85
Price spread: +0.176% → +0.055%: $12.17
Slippage, 4 orders: −$8.97
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $78.05
Costs to cover: 0.290%
Break-even: 1.2 days

Slippage from Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.44 bp	8.9 bp −$9	18.1 bp −$181	45.5 bp −$4,547	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.44 bp	5.7 bp −$6	9.7 bp −$97	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	11.280	−0.547%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0066%	1h	11.344	+0.018%	$299K	$958K	10x	as long as short
Variational Omni AVAX	−0.0065%	8h	11.332	−0.088%	$3.0M	$2.2M	—	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0014%	1h	11.345	+0.026%	$5.4M	$9.2M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.347	+0.044%	$100K	$107K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.346	+0.038%	$16K	—	150x	as long as short
Gate AVAX_USDT	+0.0089%	8h	11.351	+0.079%	$12.8M	$39.2M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.350	+0.066%	$1.3M	$3.2M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.344	+0.018%	$13K	$704K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0098%	8h	11.339	−0.028%	$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	11.352	+0.090%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.347	+0.044%	$301K	$121K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.346	+0.035%	$121.7M	$530.6M	75x	as long as short
Bybit AVAXUSDTlong	+0.0100%	8h	11.342	long leg	$91.2M	$155.7M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.343	+0.009%	$20.5M	$148.4M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.340	−0.018%	$54.9M	$99.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.347	+0.044%	$16.3M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.344	+0.018%	$34.9M	$60.4M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.341	−0.009%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.348	+0.053%	$342K	$564K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.331	−0.099%	$358K	$895K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.333	−0.079%	$186K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.348	+0.053%	$135K	$466K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.355	+0.115%	$204K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.374	+0.285%	$12K	$724K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.345	+0.026%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.341	−0.013%	$366K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.346	+0.035%	$30.5M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.340	−0.016%	$676K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.342	+0.004%	$261K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.343	+0.009%	$995K	$8.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.332	−0.088%	$5.0M	$8.5M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.342	−0.004%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0245%	1h	11.345	+0.025%	$245K	—	120x	as long as short
Hyperliquid AVAXshort	+0.0552%	1h	11.362	+0.176%	$44.2M	$58.9M	10x
Kraken Futures PF_AVAXUSD	+0.0623%	1h	11.352	+0.087%	$4.6M	$13.5M	50x	as long as short