Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0332%/8h= −36.3% APRpaid last 24h −0.091%

Price spread now: Phemex against GMX−0.087%52s7-day average −0.027% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.310%−$31 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now −0.087%, 7d avg −0.027%

Together, before fees−0.347%−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phemex is 0.059% cheaper against GMX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.027%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AVAX/USD [AVAX-USDC]	11.332	L +0.0405% / S −0.0245%	pay 0.0051% / 1h	22m 25s	$244K	—	120x
Short	Phemex AVAXUSDT	11.322	0.0073	get 0.0073% / 8h	2h 22m	$30.3M	$4.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GMX. 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 GMXbpFee PhemexbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$69.71
Price spread: −0.087% → −0.027%: −$5.94
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$99.65
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 7 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 Phemex live order book, 7 min ago	2.22 bp	13.5 bp −$14	23.3 bp −$233	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
Variational Omni AVAX	−0.0130%	8h	11.287	−0.395%	$2.9M	$2.1M	—	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0103%	1h	11.326	−0.051%	$5.4M	$9.4M	25x	as long as short
Nado AVAX-PERP	−0.0092%	1h	11.331	−0.012%	$299K	$960K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.280	−0.457%	$17K	$152K	12x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.326	−0.055%	$99K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.332	−0.002%	$16K	—	150x	as long as short
Extended AVAX-USD	+0.0048%	1h	11.333	+0.012%	$676K	$2.2M	25x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0056%	1h	11.339	+0.063%	$918K	$8.3M	50x	as long as short
Gate AVAX_USDT	+0.0063%	8h	11.332	+0.002%	$12.7M	$40.2M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0067%	8h	11.326	−0.051%	$20.1M	$149.2M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AVAXUSDTshort	+0.0073%	8h	11.322	−0.087%	$30.3M	$4.9M	50x
MEXC AVAX_USDT	+0.0086%	8h	11.330	−0.016%	$55.8M	$109.9M	200x	as long as short
Binance AVAXUSDT	+0.0088%	8h	11.330	−0.016%	$121.4M	$537.3M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.323	−0.081%	$1.3M	$3.2M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.331	−0.007%	$9K	$703K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0097%	8h	11.320	−0.105%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.336	+0.034%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.326	−0.051%	$301K	$122K	10x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.332	+0.002%	$89.9M	$154.9M	75x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.333	+0.010%	$16.2M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.332	+0.002%	$35.0M	$61.2M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.329	−0.025%	—	$90.2M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.322	−0.087%	$336K	$565K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.296	−0.316%	$357K	$910K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.293	−0.343%	$182K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.332	+0.002%	$132K	$479K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.335	+0.028%	$204K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.354	+0.193%	$12K	$718K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.327	−0.043%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.326	−0.047%	$364K	$1.1M	75x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.324	−0.069%	$260K	—	3x	as long as short
BloFin AVAX-USDT	+0.0207%	8h	11.317	−0.131%	$5.0M	$8.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.330	−0.015%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0253%	1h	11.334	+0.021%	$4.6M	$13.7M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]long	L +0.0405% / S −0.0245%	1h	11.332	long leg	$244K	—	120x
Hyperliquid AVAX	+0.0617%	1h	11.352	+0.178%	$44.3M	$58.6M	10x	as long as short