Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.018%

Price spread now: Backpack against GRVT−0.158%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now −0.158%, 7d avg −0.022%

Together, before fees−0.129%+ Points / potential airdropGRVT: Active · farm board−$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.136% cheaper against GRVT than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT AVAX_USDT_Perp	10.586	0.0100	pay 0.0100% / 8h	2h 39m	$335K	$957K	10x
Short	Backpack AVAX_USDC_PERP	10.569	0.0100	get 0.0013% / 1h	39m 29s	$371K	$534K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now −0.158%Rate

Funding earned: $0
Price spread: −0.158% → −0.022%: −$13.63
Slippage, 4 orders: −$18.42
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$51.05
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from GRVT: live order book, 9 min ago; Backpack: live order book, 9 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 GRVT live order book, 9 min ago	1.89 bp	10.1 bp −$10	16.3 bp −$163	doesn't fit	doesn't fit
Sell Backpack live order book, 9 min ago	0.47 bp	6.3 bp −$6	40.2 bp −$402	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
Injective AVAX/USDC PERP	−0.1423%	1h	10.760	+1.646%	$17K	$152K	12x	as long as short
Kraken Futures PF_AVAXUSD	−0.0282%	1h	10.571	−0.141%	$4.2M	$11.4M	50x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0128%	1h	10.565	−0.196%	$4.7M	$7.5M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.569	−0.154%	$92K	$101K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.571	−0.142%	$12K	—	150x	as long as short
Nado AVAX-PERP	+0.0015%	1h	10.545	−0.385%	$295K	$334K	10x	as long as short
Variational Omni AVAX	+0.0016%	8h	10.570	−0.150%	$2.8M	$2.2M	—	as long as short
Gate AVAX_USDT	+0.0020%	8h	10.565	−0.196%	$12.1M	$32.1M	75x	as long as short
Polymarket Perps AVAX-USD	+0.0040%	1h	10.562	−0.224%	$131K	$355K	10x	as long as short
Paradex AVAX-USD-PERP	+0.0096%	8h	10.567	−0.176%	$12K	$212	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AVAX	+0.0096%	1h	10.572	−0.131%	$1.1M	$2.6M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.565	−0.196%	$15K	$446K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.555	−0.290%	$38.0M	$43.2M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.570	−0.151%	$2.1M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.576	−0.092%	$266K	$130K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.569	−0.158%	$112.0M	$426.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.559	−0.252%	$78.4M	$143.9M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.548	−0.356%	$18.6M	$110.9M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.571	−0.139%	$41.5M	$79.2M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.569	−0.158%	$13.3M	$22.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.545	−0.385%	$31.5M	$49.1M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.566	−0.186%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	10.569	−0.158%	$371K	$534K	15x
GRVT AVAX_USDT_Perplong	+0.0100%	8h	10.586	long leg	$335K	$957K	10x
ApeX Omni AVAXUSDT	+0.0100%	1h	10.587	+0.012%	$171K	$663K	50x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.571	−0.139%	$167K	$339K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.598	+0.118%	$11K	$746K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.565	−0.196%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.568	−0.172%	$349K	$792K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.568	−0.167%	$28.2M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.562	−0.221%	$638K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.565	−0.196%	$243K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0216%	1h	10.576	−0.092%	$838K	$4.7M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.573	−0.120%	$4.7M	$5.5M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.543	−0.399%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0263%	1h	10.570	−0.152%	$234K	—	120x	as long as short