AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0305%/8h= −33.4% APRnext payment −$0.38 per $10,000 · paid last 24h −0.105%

Price spread now: Backpack against GMX+0.026%7-day average −0.036% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.349%−$35 on $10k

Price spread, last 3 days (all we have)+0.067%+$7 · spread now +0.026%, 7d avg −0.036%

Together, before fees−0.282%−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.062% dearer against GMX than usual: you sell high and buy low (spread +0.026% now, against its 7-day average of −0.036%): +$6 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AVAX/USD [AVAX-USDC]	11.197	L +0.0405% / S −0.0244%	pay 0.0051% / 1h	38m 46s	$241K	—	120x
Short	Backpack AVAX_USDC_PERP	11.200	0.0100	get 0.0013% / 1h	38m 46s	$332K	$556K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee BackpackbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$64.03
Price spread: +0.026% → −0.036%: $6.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$79.78
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 50 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Backpack live order book, 50 min ago	1.36 bp	7.9 bp −$8	32.8 bp −$328	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0196%	1h	11.195	−0.018%	$5.3M	$9.4M	25x	as long as short
Variational Omni AVAX	−0.0169%	8h	11.174	−0.210%	$2.9M	$2.1M	—	as long as short
Nado AVAX-PERP	−0.0112%	1h	11.188	−0.085%	$296K	$956K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.100	−0.867%	$17K	$127K	12x	as long as short
Extended AVAX-USD	−0.0016%	1h	11.203	+0.051%	$666K	$2.3M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.211	+0.127%	$98K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.198	+0.009%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0043%	8h	11.202	+0.044%	$12.5M	$39.7M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0051%	8h	11.208	+0.098%	$20.1M	$147.1M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0056%	1h	11.203	+0.053%	$912K	$8.2M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AVAXUSDT	+0.0062%	8h	11.196	−0.009%	$30.0M	$4.8M	50x	as long as short
Bybit AVAXUSDT	+0.0062%	8h	11.210	+0.116%	$85.4M	$151.1M	75x	as long as short
MEXC AVAX_USDT	+0.0069%	8h	11.207	+0.089%	$53.5M	$108.9M	200x	as long as short
Binance AVAXUSDT	+0.0070%	8h	11.209	+0.107%	$120.1M	$537.0M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0095%	8h	11.189	−0.070%	$13K	$766	20x	as long as short
Lighter AVAX	+0.0096%	1h	11.207	+0.084%	$1.2M	$3.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.185	−0.108%	$13K	$697K	50x	as long as short
Aevo AVAX-PERP	+0.0096%	1h	11.191	−0.056%	$257K	—	3x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.202	+0.044%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.211	+0.128%	$298K	$122K	10x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.205	+0.071%	$16.0M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.206	+0.080%	$34.4M	$61.1M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.201	+0.035%	—	$6.6M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.200	+0.026%	$332K	$556K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.170	−0.242%	$353K	$910K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.176	−0.188%	$180K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.194	−0.027%	$130K	$482K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.202	+0.044%	$201K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.215	+0.158%	$12K	$713K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.193	−0.036%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.184	−0.121%	$359K	$1.1M	75x	as long as short
BloFin AVAX-USDT	+0.0190%	8h	11.196	−0.009%	$5.0M	$8.5M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.197	0.000%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0256%	1h	11.204	+0.062%	$4.7M	$13.7M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]long	L +0.0405% / S −0.0244%	1h	11.197	long leg	$241K	—	120x
Hyperliquid AVAX	+0.0459%	1h	11.223	+0.232%	$42.8M	$58.0M	10x	as long as short