Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1521%/8h= −166.6% APRpaid last 24h −0.227%

Price spread now: Injective against Bybit−0.212%48s7-day average −0.172% · you buy dearer than you sell

Net, funding: paid 7d − costs−$153as 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−$1171.169% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 4 days (all we have)+0.975%+$98 · spread now −0.212%, 7d avg −0.172%

Together, before fees+0.611%+$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$46 a day on $10k at the current rate, and Injective is 0.040% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.172%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.364% in total (about -19.0% 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	10.863	0.0100	pay 0.0100% / 8h	3h 10m	$82.3M	$137.7M	75x
Short	Injective AVAX/USDC PERP	10.840	−0.1421	pay 0.0178% / 1h	10m 31s	$17K	$151K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.212%Rate

Funding earned: −$319.44
Price spread: −0.212% → −0.172%: −$3.96
Slippage, 4 orders: −$105.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$440.33
Costs to cover: 1.169%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Injective: live order book, 43 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, 4 min ago	0.46 bp	7.3 bp −$7	12.8 bp −$128	36.2 bp −$3,619	doesn't fit
Sell Injective live order book, 43 min ago	40.93 bp	40.9 bp −$41	doesn't fit	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 PERPshort	−0.1421%	1h	10.840	−0.212%	$17K	$151K	12x
Deribit AVAX_USDC-PERPETUAL	−0.0025%	1h	10.889	+0.239%	$5.0M	$7.4M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.889	+0.240%	$95K	$96K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.864	+0.011%	$12K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0020%	1h	10.890	+0.247%	$4.2M	$11.0M	50x	as long as short
Nado AVAX-PERP	+0.0026%	1h	10.867	+0.041%	$282K	$308K	10x	as long as short
Gate AVAX_USDT	+0.0059%	8h	10.883	+0.184%	$12.2M	$32.6M	75x	as long as short
Variational Omni AVAX	+0.0093%	8h	10.876	+0.124%	$2.9M	$2.2M	—	as long as short
Lighter AVAX	+0.0096%	1h	10.884	+0.196%	$1.2M	$2.7M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.880	+0.156%	$7K	$441K	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AVAX-USD-PERP	+0.0098%	8h	10.885	+0.205%	$12K	$212	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.885	+0.207%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.891	+0.255%	$274K	$130K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.880	+0.156%	$114.2M	$416.0M	75x	as long as short
Bybit AVAXUSDTlong	+0.0100%	8h	10.863	long leg	$82.3M	$137.7M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.864	+0.009%	$19.7M	$109.1M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.867	+0.037%	$44.8M	$79.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.867	+0.037%	$14.9M	$21.6M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.860	−0.028%	$32.5M	$47.4M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.883	+0.184%	—	$54.7M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.886	+0.212%	$367K	$547K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.906	+0.396%	$343K	$953K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.908	+0.414%	$175K	$665K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.868	+0.046%	$127K	$341K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.890	+0.249%	$191K	$310K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.918	+0.508%	$11K	$717K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.887	+0.221%	$18K	$71K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.873	+0.097%	$357K	$770K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.888	+0.230%	$29.0M	$5.7M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.877	+0.128%	$671K	$1.3M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.883	+0.186%	$250K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.886	+0.212%	$4.8M	$5.3M	100x	as long as short
Hyperliquid AVAX	+0.0227%	1h	10.879	+0.147%	$41.6M	$40.4M	10x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	10.885	+0.203%	$885K	$4.8M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.861	−0.018%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0445% / S −0.0279%	1h	10.886	+0.215%	$236K	—	120x	as long as short