AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0425%/8h= −46.5% APRnext payment −$0.53 per $10,000 · paid last 24h −0.079%

Price spread now: Backpack against Hyperliquid−0.141%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$260.264% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.141%, 7d avg −0.039%

Together, before fees−0.084%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Backpack is 0.102% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.145% in total (about -7.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.53 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AVAX	11.341	0.0525	pay 0.0066% / 1h	57m 35s	$44.0M	$58.8M	10x
Short	Backpack AVAX_USDC_PERP	11.325	0.0100	get 0.0013% / 1h	57m 35s	$341K	$564K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$89.15
Price spread: −0.141% → −0.039%: −$10.23
Slippage, 4 orders: −$7.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$125.82
Costs to cover: 0.264%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Backpack: live order book, 26 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 Hyperliquid live order book, 6 min ago	0.44 bp	4.9 bp −$5	13.0 bp −$130	doesn't fit	doesn't fit
Sell Backpack live order book, 26 min ago	0.44 bp	5.4 bp −$5	26.1 bp −$261	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	−0.0570%	1h	11.280	−0.538%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0103%	1h	11.323	−0.159%	$5.4M	$9.3M	25x	as long as short
Nado AVAX-PERP	−0.0100%	1h	11.331	−0.093%	$299K	$958K	10x	as long as short
Variational Omni AVAX	−0.0065%	8h	11.332	−0.079%	$3.0M	$2.2M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	11.325	−0.142%	$99K	$107K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.327	−0.121%	$16K	—	150x	as long as short
Gate AVAX_USDT	+0.0079%	8h	11.328	−0.115%	$12.7M	$39.1M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.330	−0.096%	$1.3M	$3.2M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.320	−0.185%	$13K	$704K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0098%	8h	11.327	−0.127%	$13K	$766	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster AVAXUSDT	+0.0100%	8h	11.328	−0.115%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.329	−0.108%	$301K	$121K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.325	−0.140%	$121.5M	$534.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.322	−0.168%	$91.1M	$156.3M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.320	−0.185%	$20.4M	$148.9M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.321	−0.176%	$54.9M	$99.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.330	−0.097%	$16.2M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.324	−0.150%	$34.9M	$60.7M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.322	−0.168%	—	$89.9M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.325	−0.141%	$341K	$564K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.331	−0.090%	$358K	$895K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.333	−0.071%	$186K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.328	−0.115%	$135K	$483K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.334	−0.062%	$204K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.361	+0.178%	$12K	$725K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.325	−0.141%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.320	−0.181%	$365K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.327	−0.123%	$30.5M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.319	−0.191%	$676K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.320	−0.185%	$260K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.343	+0.018%	$995K	$8.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.330	−0.097%	$5.0M	$8.5M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.325	−0.139%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0245%	1h	11.325	−0.143%	$244K	—	120x	as long as short
Hyperliquid AVAXlong	+0.0525%	1h	11.341	long leg	$44.0M	$58.8M	10x
Kraken Futures PF_AVAXUSD	+0.0624%	1h	11.335	−0.050%	$4.6M	$13.5M	50x	as long as short