Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.145%

Price spread now: Variational Omni against Hyperliquid−0.107%7-day average −0.052% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.215%−$21 on $10k

Price spread, last 7 days+0.075%+$7 · spread now −0.107%, 7d avg −0.052%

Together, before fees−0.140%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Variational Omni is 0.055% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.052%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AVAX	11.243	0.0573	pay 0.0072% / 1h	1m 19s	$43.5M	$56.7M	10x
Short	Variational Omni AVAX	11.231	0.0027	get 0.0027% / 8h	1h 01m	$3.0M	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.107%Rate

Funding earned: −$114.77
Price spread: −0.107% → −0.052%: −$5.49
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$129.26
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 min ago; Variational Omni: RFQ quote, 3 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 Hyperliquid live order book, 12 min ago	0.89 bp	5.4 bp −$5	12.8 bp −$128	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.20 bp	doesn't fit	10.3 bp −$103	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	11.180	−0.560%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0045%	1h	11.228	−0.133%	$296K	$892K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0017%	1h	11.237	−0.053%	$5.3M	$9.1M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.234	−0.076%	$103K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.227	−0.142%	$13K	—	150x	as long as short
Variational Omni AVAXshort	+0.0027%	8h	11.231	−0.107%	$3.0M	$2.4M	—
Lighter AVAX	+0.0096%	1h	11.236	−0.066%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.229	−0.125%	$17K	$686K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0099%	8h	11.232	−0.099%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.233	−0.093%	$2.3M	$1.8M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.235	−0.068%	$298K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.229	−0.125%	$120.2M	$523.6M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.225	−0.160%	$89.2M	$157.0M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.223	−0.178%	$20.2M	$145.8M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.231	−0.107%	$12.5M	$40.8M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.229	−0.125%	$51.2M	$100.4M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.235	−0.071%	$15.8M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.225	−0.160%	$34.2M	$59.8M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.226	−0.151%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.240	−0.027%	$359K	$568K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.220	−0.208%	$358K	$877K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.224	−0.169%	$180K	$686K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.230	−0.116%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.235	−0.071%	$204K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.268	+0.221%	$12K	$735K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.236	−0.062%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.236	−0.058%	$363K	$1.0M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.237	−0.053%	$30.2M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.226	−0.148%	$669K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.227	−0.144%	$258K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.245	+0.018%	$913K	$8.1M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.230	−0.116%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.226	−0.155%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0413% / S −0.0263%	1h	11.227	−0.140%	$237K	—	120x	as long as short
Hyperliquid AVAXlong	+0.0573%	1h	11.243	long leg	$43.5M	$56.7M	10x
Kraken Futures PF_AVAXUSD	+0.0629%	1h	11.243	+0.003%	$4.6M	$13.4M	50x	as long as short