AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0120%/8h= +13.1% APRnext payment +$0.15 per $10,000 · paid last 24h +0.129%

Price spread now: Backpack against Deribit−0.018%7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs+$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.484%+$48 on $10k

Price spread, last 3 days (all we have)+0.127%+$13 · spread now −0.018%, 7d avg +0.044%

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

Funding pays, the price is against you. Backpack is 0.062% cheaper against Deribit than usual: you would sell low and buy high (spread −0.018% now, against its 7-day average of +0.044%). If the spread goes back, that is −$6 on $10k: about 42 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit AVAX_USDC-PERPETUAL	11.127	−0.0020	get 0.0002% / 1h	31m 58s	$5.2M	$8.3M	25x
Short	Backpack AVAX_USDC_PERP	11.125	0.0100	get 0.0013% / 1h	31m 58s	$356K	$546K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now −0.018%Rate

Funding earned: $25.1
Price spread: −0.018% → +0.044%: −$6.22
Slippage, 4 orders: −$10.84
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$8.96
Costs to cover: 0.278%
Break-even: 9.5 days

Slippage from Deribit: live order book, 2 min ago; Backpack: live order book, 37 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 Deribit live order book, 2 min ago	1.35 bp	5.6 bp −$6	25.3 bp −$253	doesn't fit	doesn't fit
Sell Backpack live order book, 37 min ago	0.45 bp	7.8 bp −$8	33.2 bp −$332	doesn't fit	doesn't fit

AVAX on 35 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	−0.1423%	1h	11.090	−0.333%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0046%	1h	11.133	+0.054%	$286K	$517K	10x	as long as short
Deribit AVAX_USDC-PERPETUALlong	−0.0020%	1h	11.127	long leg	$5.2M	$8.3M	25x
dYdX AVAX-USD	0.0000%	1h	11.128	+0.010%	$102K	$96K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.132	+0.047%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0065%	8h	11.124	−0.027%	$12.1M	$36.6M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.123	−0.040%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.133	+0.054%	$15K	$595K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.126	−0.012%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.130	+0.030%	$2.3M	$1.4M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.130	+0.027%	$296K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.128	+0.009%	$118.5M	$468.2M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.129	+0.018%	$88.7M	$145.2M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.129	+0.018%	$20.0M	$125.9M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.128	+0.009%	$48.7M	$82.7M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.131	+0.036%	$15.6M	$22.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.124	−0.027%	$33.4M	$51.9M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.122	−0.045%	—	$83.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.125	−0.018%	$356K	$546K	15x
Variational Omni AVAX	+0.0100%	8h	11.119	−0.074%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.116	−0.098%	$350K	$808K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.118	−0.081%	$179K	$681K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.140	+0.117%	$131K	$363K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.135	+0.072%	$196K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.157	+0.266%	$12K	$722K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.125	−0.018%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.129	+0.013%	$362K	$938K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.127	0.000%	$29.7M	$5.6M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.124	−0.027%	$671K	$2.0M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.130	+0.027%	$256K	—	3x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.135	+0.075%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0254%	1h	11.128	+0.012%	$4.3M	$12.1M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.134	+0.063%	$905K	$6.0M	50x	as long as short
Hyperliquid AVAX	+0.0428%	1h	11.136	+0.081%	$43.4M	$47.0M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.132	+0.049%	$236K	—	120x	as long as short