Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h +0.270%

Price spread now: Bybit against Injective−0.688%48s7-day average +0.161% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1091.087% of the position

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.400%+$40 on $10k

Price spread, last 4 days (all we have)−0.341%−$34 · spread now −0.688%, 7d avg +0.161%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.848% cheaper against Injective than usual: you would sell low and buy high (spread −0.688% now, against its 7-day average of +0.161%). If the spread goes back, that is −$85 on $10k: about 49 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.400% in total) that is about 15 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective AVAX/USDC PERP	10.760	0.0033	pay 0.0004% / 1h	42m 29s	$17K	$152K	12x
Short	Bybit AVAXUSDT	10.686	0.0091	get 0.0091% / 8h	1h 42m	$81.5M	$147.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now −0.688%Rate

Funding earned: $12.06
Price spread: −0.688% → +0.161%: −$84.83
Slippage, 4 orders: −$97.67
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$181.46
Costs to cover: 1.087%
Break-even: 112.3 days

Slippage from Injective: live order book, 1 min ago; Bybit: live order book, 2 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, 1 min ago	32.76 bp	60.7 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.47 bp	8.5 bp −$8	14.2 bp −$142	36.8 bp −$3,681	128.2 bp −$64.1K

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
Nado AVAX-PERP	−0.0190%	1h	10.689	−0.660%	$285K	$339K	10x	as long as short
Variational Omni AVAX	−0.0039%	8h	10.678	−0.766%	$2.8M	$2.1M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.698	−0.575%	$89K	$117K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.692	−0.632%	$4.8M	$7.2M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.699	−0.567%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0024%	8h	10.688	−0.669%	$12.7M	$32.1M	75x	as long as short
Injective AVAX/USDC PERPlong	+0.0033%	1h	10.760	long leg	$17K	$152K	12x
SoDEX AVAX-USD	+0.0061%	1h	10.688	−0.669%	$18K	$72K	10x	as long as short
Paradex AVAX-USD-PERP	+0.0090%	8h	10.688	−0.672%	$12K	$212	20x	as long as short
Bybit AVAXUSDTshort	+0.0091%	8h	10.686	−0.688%	$81.5M	$147.3M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AVAX	+0.0096%	1h	10.689	−0.662%	$1.2M	$2.5M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.688	−0.669%	$23K	$427K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.698	−0.576%	$37.3M	$44.0M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.694	−0.613%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.691	−0.641%	$268K	$132K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.688	−0.668%	$113.5M	$427.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.685	−0.697%	$18.7M	$112.7M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.689	−0.660%	$44.8M	$80.5M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.690	−0.651%	$13.6M	$22.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.687	−0.678%	$32.4M	$49.0M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.687	−0.678%	—	$54.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.691	−0.641%	$433K	$564K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.692	−0.632%	$342K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.686	−0.688%	$172K	$663K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.689	−0.660%	$136K	$354K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.700	−0.558%	$230K	$346K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.735	−0.233%	$11K	$764K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.692	−0.632%	$342K	$874K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.696	−0.595%	$28.5M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.683	−0.719%	$609K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.689	−0.660%	$246K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0113%	1h	10.695	−0.601%	$4.2M	$11.3M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.711	−0.455%	$935K	$5.1M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.689	−0.660%	$4.7M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.683	−0.712%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0295%	1h	10.698	−0.572%	$226K	—	120x	as long as short