AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1523%/8h= +166.7% APRnext payment +$1.90 per $10,000 · paid last 24h +0.165%

Price spread now: Backpack against Injective+0.126%7-day average +0.224% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1061.060% of the position

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.254%+$25 on $10k

Price spread, last 3 days (all we have)−0.921%−$92 · spread now +0.126%, 7d avg +0.224%

Together, before fees−0.667%−$67 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.098% cheaper against Injective than usual: you would sell low and buy high (spread +0.126% now, against its 7-day average of +0.224%). If the spread goes back, that is −$10 on $10k: about 5 hours of funding at the current rate (+$46 a day). At the pace of the last 7 days (+0.254% in total) that is about 2.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.254% in total (about 13.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.90 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	Injective AVAX/USDC PERP	11.070	−0.1423	get 0.0178% / 1h	9m 02s	$17K	$151K	12x
Short	Backpack AVAX_USDC_PERP	11.084	0.0100	get 0.0013% / 1h	9m 02s	$354K	$511K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +0.126%Rate

Funding earned: $319.77
Price spread: +0.126% → +0.224%: −$9.78
Slippage, 4 orders: −$95.94
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $204.03
Costs to cover: 1.060%
Break-even: 2.5 days

Slippage from Injective: live order book, 60 min ago; Backpack: live order book, 60 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 Injective live order book, 60 min ago	35.75 bp	53.5 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 60 min ago	0.45 bp	7.8 bp −$8	33.2 bp −$332	doesn't fit	doesn't fit

AVAX on 35 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 PERPlong	−0.1423%	1h	11.070	long leg	$17K	$151K	12x
Deribit AVAX_USDC-PERPETUAL	−0.0201%	1h	11.083	+0.117%	$5.2M	$8.1M	25x	as long as short
Nado AVAX-PERP	−0.0040%	1h	11.090	+0.181%	$285K	$492K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.097	+0.246%	$102K	$91K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.085	+0.137%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0061%	8h	11.084	+0.126%	$12.1M	$36.7M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.084	+0.126%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.083	+0.117%	$15K	$578K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.094	+0.219%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.090	+0.183%	$2.3M	$1.4M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.097	+0.242%	$295K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.083	+0.117%	$118.2M	$450.1M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.083	+0.117%	$88.2M	$141.5M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.084	+0.126%	$19.9M	$121.5M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.084	+0.126%	$48.5M	$82.8M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.089	+0.172%	$15.5M	$22.3M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.077	+0.063%	$33.3M	$50.1M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.084	+0.126%	—	$82.9M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.084	+0.126%	$354K	$511K	15x
Variational Omni AVAX	+0.0100%	8h	11.107	+0.330%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.104	+0.308%	$354K	$790K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.108	+0.343%	$179K	$678K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.085	+0.136%	$130K	$363K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.090	+0.181%	$195K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.121	+0.457%	$12K	$710K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.085	+0.136%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.092	+0.202%	$360K	$854K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.086	+0.145%	$29.6M	$5.6M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.082	+0.106%	$671K	$1.7M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.078	+0.075%	$254K	—	3x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.082	+0.110%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.089	+0.167%	$4.3M	$11.7M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.097	+0.244%	$901K	$5.7M	50x	as long as short
Hyperliquid AVAX	+0.0385%	1h	11.098	+0.253%	$43.1M	$44.7M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.085	+0.136%	$235K	—	120x	as long as short