Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.019%

Price spread now: Phemex against Coinbase International−0.115%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$540.543% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.174%−$17 on $10k

Price spread, last 3 days (all we have)+0.109%+$11 · spread now −0.115%, 7d avg −0.030%

Together, before fees−0.065%−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.085% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.115% now, against its 7-day average of −0.030%). If the spread goes back, that is −$9 on $10k: about 24 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.174%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International AVAX-PERP-INTX	11.293	0.0056	pay 0.0007% / 1h	25m 58s	$915K	$8.2M	50x
Short	Phemex AVAXUSDT	11.280	0.0068	get 0.0068% / 8h	2h 25m	$30.2M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.115%Rate

Funding earned: $2.52
Price spread: −0.115% → −0.030%: −$8.52
Slippage, 4 orders: −$32.27
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$60.27
Costs to cover: 0.543%
Break-even: 174.7 days

Slippage from Coinbase International: live order book, 3 min ago; Phemex: live order book, 3 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, 3 min ago	3.10 bp	12.3 bp −$12	17.7 bp −$177	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.22 bp	13.5 bp −$14	23.3 bp −$233	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
Variational Omni AVAX	−0.0142%	8h	11.251	−0.372%	$2.9M	$2.1M	—	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0104%	1h	11.284	−0.080%	$5.3M	$9.4M	25x	as long as short
Nado AVAX-PERP	−0.0097%	1h	11.279	−0.120%	$298K	$960K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.260	−0.292%	$17K	$151K	12x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.288	−0.044%	$99K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.288	−0.047%	$16K	—	150x	as long as short
Extended AVAX-USD	+0.0024%	1h	11.287	−0.051%	$672K	$2.3M	25x	as long as short
Coinbase International AVAX-PERP-INTXlong	+0.0056%	1h	11.293	long leg	$915K	$8.2M	50x
OKX AVAX-USDT-SWAP	+0.0062%	8h	11.288	−0.044%	$20.1M	$148.6M	50x	as long as short
Gate AVAX_USDT	+0.0063%	8h	11.283	−0.089%	$12.6M	$40.1M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AVAXUSDTshort	+0.0068%	8h	11.280	−0.115%	$30.2M	$4.8M	50x
MEXC AVAX_USDT	+0.0083%	8h	11.285	−0.071%	$55.5M	$109.7M	200x	as long as short
Binance AVAXUSDT	+0.0083%	8h	11.286	−0.060%	$121.0M	$537.2M	75x	as long as short
Bybit AVAXUSDT	+0.0093%	8h	11.292	−0.009%	$89.4M	$154.5M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.283	−0.092%	$1.2M	$3.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.280	−0.115%	$7K	$700K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0096%	8h	11.278	−0.134%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.290	−0.030%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.289	−0.037%	$300K	$122K	10x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.291	−0.018%	$16.2M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.289	−0.035%	$34.9M	$61.2M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.288	−0.044%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.289	−0.035%	$335K	$563K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.246	−0.413%	$356K	$910K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.249	−0.390%	$181K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.283	−0.089%	$131K	$480K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.293	0.000%	$203K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.311	+0.156%	$12K	$716K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.282	−0.097%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.284	−0.075%	$362K	$1.1M	75x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.285	−0.071%	$259K	—	3x	as long as short
BloFin AVAX-USDT	+0.0203%	8h	11.294	+0.009%	$5.0M	$8.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.281	−0.109%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0254%	1h	11.291	−0.017%	$4.7M	$13.5M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0245%	1h	11.286	−0.061%	$243K	—	120x	as long as short
Hyperliquid AVAX	+0.0575%	1h	11.306	+0.115%	$43.7M	$58.5M	10x	as long as short