Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0336%/8h= −36.8% APRpaid last 24h −0.115%

Price spread now: Bybit against GMX+0.031%7-day average −0.093% · you sell dearer than you buy

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.344%−$34 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now +0.031%, 7d avg −0.093%

Together, before fees−0.354%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.124% dearer against GMX than usual: you sell high and buy low (spread +0.031% now, against its 7-day average of −0.093%): +$12 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AVAX/USD [AVAX-USDC]	11.189	L +0.0436% / S −0.0298%	pay 0.0055% / 1h	15m 04s	$236K	—	120x
Short	Bybit AVAXUSDT	11.192	0.0100	get 0.0100% / 8h	7h 15m	$89.1M	$147.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$70.65
Price spread: +0.031% → −0.093%: $12.39
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$81.26
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.45 bp	8.0 bp −$8	15.5 bp −$155	35.7 bp −$3,572	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
Injective AVAX/USDC PERP	−0.1363%	1h	11.130	−0.523%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0107%	1h	11.187	−0.014%	$5.3M	$8.5M	25x	as long as short
Nado AVAX-PERP	−0.0057%	1h	11.189	+0.008%	$293K	$732K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.187	−0.018%	$103K	$105K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.190	+0.013%	$13K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.190	+0.015%	$1.2M	$3.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.187	−0.014%	$15K	$612K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.190	+0.008%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.190	+0.013%	$2.3M	$1.5M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.193	+0.039%	$297K	$100K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AVAXUSDT	+0.0100%	8h	11.191	+0.022%	$119.5M	$476.6M	75x	as long as short
Bybit AVAXUSDTshort	+0.0100%	8h	11.192	+0.031%	$89.1M	$147.6M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.190	+0.013%	$20.0M	$131.0M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.189	+0.004%	$12.1M	$38.3M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.191	+0.022%	$48.8M	$88.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.193	+0.040%	$15.4M	$23.0M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.192	+0.031%	$34.0M	$53.4M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.192	+0.031%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.193	+0.040%	$358K	$548K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	11.178	−0.097%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.170	−0.163%	$352K	$847K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.172	−0.148%	$180K	$688K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.190	+0.013%	$131K	$372K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.195	+0.057%	$197K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.217	+0.252%	$12K	$719K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.190	+0.013%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.191	+0.017%	$362K	$937K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.189	+0.004%	$30.0M	$5.1M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.187	−0.014%	$671K	$2.0M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.182	−0.055%	$257K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0215%	1h	11.194	+0.049%	$4.3M	$12.5M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.188	−0.005%	$5.0M	$6.2M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.187	−0.011%	$1K	—	20x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0304%	1h	11.197	+0.075%	$924K	$6.5M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]long	L +0.0436% / S −0.0298%	1h	11.189	long leg	$236K	—	120x
Hyperliquid AVAX	+0.0685%	1h	11.206	+0.156%	$43.8M	$49.6M	10x	as long as short