Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0670%/8h= +73.3% APRpaid last 24h +0.160%

Price spread now: Phemex against Injective+0.419%65s7-day average +0.264% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as 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−$1181.182% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.327%+$33 on $10k

Price spread, last 3 days (all we have)−1.292%−$129 · spread now +0.419%, 7d avg +0.264%

Together, before fees−0.965%−$97 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Phemex is 0.155% dearer against Injective than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.264%. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.327% in total (about 17.0% 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	Injective AVAX/USDC PERP	11.220	−0.0570	get 0.0071% / 1h	33m 24s	$17K	$151K	12x
Short	Phemex AVAXUSDT	11.267	0.0100	get 0.0100% / 8h	1h 33m	$30.3M	$5.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.419%Rate

Funding earned: $140.62
Price spread: +0.419% → +0.264%: $15.52
Slippage, 4 orders: −$106.2
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $37.92
Costs to cover: 1.182%
Break-even: 5.1 days

Slippage from Injective: live order book, 50 min ago; Phemex: live order book, 6 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, 50 min ago	35.37 bp	53.0 bp −$53	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	2.22 bp	15.8 bp −$16	23.8 bp −$238	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 PERPlong	−0.0570%	1h	11.220	long leg	$17K	$151K	12x
Variational Omni AVAX	−0.0025%	8h	11.253	+0.296%	$3.0M	$2.4M	—	as long as short
Nado AVAX-PERP	−0.0008%	1h	11.281	+0.548%	$298K	$896K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.282	+0.553%	$99K	$107K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	11.281	+0.544%	$5.4M	$9.2M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.279	+0.526%	$16K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.280	+0.535%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.280	+0.535%	$16K	$693K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0099%	8h	11.275	+0.489%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.279	+0.529%	$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	11.283	+0.561%	$300K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.278	+0.517%	$120.6M	$526.5M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.279	+0.526%	$88.4M	$157.2M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.280	+0.535%	$20.3M	$146.9M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.277	+0.508%	$12.6M	$40.2M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.280	+0.535%	$52.2M	$100.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.285	+0.579%	$16.7M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.281	+0.544%	$34.3M	$60.4M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.278	+0.517%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.271	+0.455%	$360K	$571K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.261	+0.366%	$360K	$898K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.267	+0.419%	$181K	$685K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.282	+0.553%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.287	+0.597%	$203K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.293	+0.655%	$12K	$729K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.279	+0.526%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.278	+0.521%	$363K	$1.1M	75x	as long as short
Phemex AVAXUSDTshort	+0.0100%	8h	11.267	+0.419%	$30.3M	$5.0M	50x
Extended AVAX-USD	+0.0104%	1h	11.280	+0.539%	$673K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.282	+0.555%	$259K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.283	+0.561%	$910K	$8.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.268	+0.428%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.277	+0.509%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0402% / S −0.0246%	1h	11.278	+0.517%	$238K	—	120x	as long as short
Hyperliquid AVAX	+0.0605%	1h	11.298	+0.695%	$43.7M	$57.1M	10x	as long as short
Kraken Futures PF_AVAXUSD	+0.0627%	1h	11.286	+0.591%	$4.6M	$13.5M	50x	as long as short