AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0382%/8h= +41.8% APRnext payment +$0.48 per $10,000 · paid last 24h −0.023%

Price spread now: Backpack against Kraken Futures+0.055%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now +0.055%, 7d avg −0.029%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Backpack is 0.084% dearer against Kraken Futures than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.029%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.48 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	Kraken Futures PF_AVAXUSD	10.588	−0.0282	get 0.0035% / 1h	38m 04s	$4.2M	$11.4M	50x
Short	Backpack AVAX_USDC_PERP	10.594	0.0100	get 0.0013% / 1h	38m 04s	$373K	$535K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.055%Rate

Funding earned: $80.19
Price spread: +0.055% → −0.029%: $8.45
Slippage, 4 orders: −$26.21
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $42.43
Costs to cover: 0.462%
Break-even: 3.3 days

Slippage from Kraken Futures: live order book, 1 min ago; Backpack: live order book, 11 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 Kraken Futures live order book, 1 min ago	1.42 bp	9.9 bp −$10	15.6 bp −$156	49.4 bp −$4,940	doesn't fit
Sell Backpack live order book, 11 min ago	0.47 bp	6.3 bp −$6	40.2 bp −$402	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	−0.1423%	1h	10.760	+1.623%	$17K	$152K	12x	as long as short
Kraken Futures PF_AVAXUSDlong	−0.0282%	1h	10.588	long leg	$4.2M	$11.4M	50x
dYdX AVAX-USD	0.0000%	1h	10.580	−0.080%	$92K	$101K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.584	−0.039%	$4.7M	$7.5M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.585	−0.025%	$12K	—	150x	as long as short
Nado AVAX-PERP	+0.0006%	1h	10.574	−0.129%	$293K	$335K	10x	as long as short
Variational Omni AVAX	+0.0016%	8h	10.570	−0.173%	$2.8M	$2.2M	—	as long as short
Gate AVAX_USDT	+0.0023%	8h	10.586	−0.020%	$12.0M	$32.3M	75x	as long as short
Polymarket Perps AVAX-USD	+0.0050%	1h	10.582	−0.058%	$132K	$355K	10x	as long as short
Paradex AVAX-USD-PERP	+0.0096%	8h	10.579	−0.085%	$12K	$212	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AVAX	+0.0096%	1h	10.586	−0.019%	$1.2M	$2.6M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.581	−0.067%	$15K	$445K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.601	+0.121%	$38.1M	$43.3M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.611	+0.217%	$2.1M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.582	−0.058%	$266K	$130K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.619	+0.291%	$112.5M	$429.5M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.609	+0.197%	$78.8M	$144.2M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.615	+0.254%	$18.6M	$111.9M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.593	+0.046%	$41.7M	$79.4M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.591	+0.027%	$13.3M	$22.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.595	+0.065%	$31.6M	$49.2M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.593	+0.046%	—	$54.2M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	10.594	+0.055%	$373K	$535K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.586	−0.023%	$335K	$957K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.587	−0.011%	$171K	$663K	50x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.587	−0.011%	$167K	$339K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.612	+0.228%	$12K	$749K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.583	−0.049%	$17K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.579	−0.082%	$341K	$793K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.586	−0.020%	$28.2M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.578	−0.099%	$638K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.580	−0.077%	$243K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0216%	1h	10.588	−0.001%	$841K	$4.8M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.575	−0.124%	$4.6M	$5.5M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.578	−0.091%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0263%	1h	10.584	−0.038%	$234K	—	120x	as long as short