Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.044%

Price spread now: Bybit against Coinbase International0.000%7-day average −0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$400.401% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.240%−$24 on $10k

Price spread, last 3 days (all we have)+0.447%+$45 · spread now 0.000%, 7d avg −0.100%

Together, before fees+0.207%+$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.100% dearer against Coinbase International than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.100%): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 7 days (−0.240% in total) that is about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International AVAX-PERP-INTX	11.145	0.0056	pay 0.0007% / 1h	48m 40s	$889K	$8.1M	50x
Short	Bybit AVAXUSDT	11.145	0.0034	get 0.0034% / 8h	2h 48m	$84.9M	$149.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$4.69
Price spread: 0.000% → −0.100%: $9.98
Slippage, 4 orders: −$19.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.78
Costs to cover: 0.401%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Bybit: live order book, 5 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 Coinbase International live order book, 5 min ago	2.70 bp	11.0 bp −$11	16.2 bp −$162	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.45 bp	8.6 bp −$9	14.3 bp −$143	35.8 bp −$3,577	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	−0.0288%	1h	11.137	−0.072%	$5.3M	$9.4M	25x	as long as short
Variational Omni AVAX	−0.0185%	8h	11.129	−0.148%	$2.9M	$2.1M	—	as long as short
Nado AVAX-PERP	−0.0084%	1h	11.130	−0.135%	$296K	$958K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.100	−0.404%	$17K	$127K	12x	as long as short
Extended AVAX-USD	−0.0024%	1h	11.137	−0.076%	$662K	$2.2M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.143	−0.013%	$98K	$127K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.140	−0.045%	$13K	—	150x	as long as short
Bybit AVAXUSDTshort	+0.0034%	8h	11.145	0.000%	$84.9M	$149.2M	75x
OKX AVAX-USDT-SWAP	+0.0038%	8h	11.146	+0.009%	$20.0M	$146.6M	50x	as long as short
Gate AVAX_USDT	+0.0045%	8h	11.143	−0.018%	$12.4M	$39.5M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AVAXUSDT	+0.0050%	8h	11.131	−0.126%	$29.8M	$4.8M	50x	as long as short
Coinbase International AVAX-PERP-INTXlong	+0.0056%	1h	11.145	long leg	$889K	$8.1M	50x
MEXC AVAX_USDT	+0.0063%	8h	11.140	−0.045%	$54.1M	$108.5M	200x	as long as short
Binance AVAXUSDT	+0.0065%	8h	11.143	−0.018%	$119.5M	$540.3M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0094%	8h	11.126	−0.173%	$13K	$766	20x	as long as short
Lighter AVAX	+0.0096%	1h	11.141	−0.035%	$1.2M	$3.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.124	−0.188%	$13K	$697K	50x	as long as short
Aevo AVAX-PERP	+0.0096%	1h	11.127	−0.157%	$256K	—	3x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.139	−0.053%	$2.3M	$2.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.146	+0.010%	$296K	$122K	10x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.147	+0.018%	$15.8M	$24.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.139	−0.054%	$34.3M	$61.3M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.141	−0.036%	—	$6.6M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.140	−0.045%	$319K	$550K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.127	−0.160%	$357K	$907K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.130	−0.135%	$179K	$685K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.127	−0.162%	$117K	$466K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.145	0.000%	$200K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.163	+0.159%	$12K	$712K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.135	−0.090%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.124	−0.184%	$356K	$1.2M	75x	as long as short
BloFin AVAX-USDT	+0.0184%	8h	11.136	−0.081%	$5.0M	$8.7M	100x	as long as short
Reya AVAXRUSDPERP	+0.0243%	1h	11.125	−0.181%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0258%	1h	11.144	−0.008%	$4.6M	$13.6M	50x	as long as short
Hyperliquid AVAX	+0.0362%	1h	11.158	+0.117%	$42.3M	$58.4M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0244%	1h	11.135	−0.088%	$240K	—	120x	as long as short