Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0642%/8h= −70.3% APRpaid last 24h −0.110%

Price spread now: Bybit against Hyperliquid−0.170%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 7 days+0.160%+$16 · spread now −0.170%, 7d avg −0.058%

Together, before fees+0.052%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Bybit is 0.112% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.108% in total (about -5.6% a year). A funding rate is set anew for every payment. 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	11.169	0.0742	pay 0.0093% / 1h	56m 10s	$43.6M	$42.5M	10x
Short	Bybit AVAXUSDT	11.150	0.0100	get 0.0100% / 8h	4h 56m	$88.4M	$137.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.170%Rate

Funding earned: −$134.81
Price spread: −0.170% → −0.058%: −$11.23
Slippage, 4 orders: −$8.06
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$174.09
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Bybit: live order book, 3 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, 7 min ago	0.45 bp	5.8 bp −$6	13.0 bp −$130	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.45 bp	7.4 bp −$7	12.7 bp −$127	34.6 bp −$3,462	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	11.080	−0.797%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0109%	1h	11.147	−0.197%	$5.2M	$7.9M	25x	as long as short
Nado AVAX-PERP	−0.0019%	1h	11.155	−0.125%	$287K	$394K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.143	−0.232%	$98K	$97K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.150	−0.166%	$13K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.151	−0.164%	$1.2M	$2.9M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.148	−0.188%	$16K	$584K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.144	−0.227%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.154	−0.138%	$2.3M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.146	−0.208%	$291K	$114K	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	11.152	−0.154%	$118.7M	$428.9M	75x	as long as short
Bybit AVAXUSDTshort	+0.0100%	8h	11.150	−0.170%	$88.4M	$137.5M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.151	−0.161%	$20.4M	$116.5M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.150	−0.170%	$12.2M	$33.9M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.151	−0.161%	$48.6M	$77.4M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.153	−0.143%	$15.8M	$21.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.151	−0.161%	$33.5M	$48.3M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.149	−0.179%	—	$80.6M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.152	−0.152%	$330K	$521K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	11.140	−0.258%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.148	−0.188%	$356K	$835K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.146	−0.206%	$179K	$674K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.156	−0.116%	$131K	$349K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.155	−0.125%	$196K	$310K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.181	+0.111%	$12K	$703K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.150	−0.170%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.142	−0.246%	$365K	$857K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.152	−0.152%	$29.8M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.148	−0.188%	$680K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.146	−0.210%	$256K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0211%	1h	11.154	−0.139%	$4.3M	$11.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.141	−0.251%	$5.1M	$5.4M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	11.155	−0.125%	$894K	$5.3M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.153	−0.145%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.149	−0.180%	$237K	—	120x	as long as short
Hyperliquid AVAXlong	+0.0742%	1h	11.169	long leg	$43.6M	$42.5M	10x