AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.014%

Price spread now: Backpack against Lighter+0.063%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.063%, 7d avg +0.042%

Together, before fees−0.079%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.021% dearer against Lighter than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter AVAX	11.104	0.0096	pay 0.0012% / 1h	7m 42s	$1.2M	$3.0M	10x
Short	Backpack AVAX_USDC_PERP	11.111	0.0100	get 0.0013% / 1h	7m 42s	$355K	$507K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now +0.063%Rate

Funding earned: $0.84
Price spread: +0.063% → +0.042%: $2.07
Slippage, 4 orders: −$13.82
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.91
Costs to cover: 0.238%
Break-even: 181.2 days

Slippage from Lighter: live order book, 5 min ago; Backpack: live order book, 61 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 Lighter live order book, 5 min ago	2.16 bp	4.7 bp −$5	13.2 bp −$132	82.7 bp −$8,269	doesn't fit
Sell Backpack live order book, 61 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 PERP	−0.1423%	1h	11.070	−0.306%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0040%	1h	11.095	−0.077%	$285K	$491K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0020%	1h	11.105	+0.009%	$5.2M	$8.1M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.109	+0.046%	$102K	$91K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.104	0.000%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0070%	8h	11.106	+0.018%	$12.1M	$36.7M	75x	as long as short
Lighter AVAXlong	+0.0096%	1h	11.104	long leg	$1.2M	$3.0M	10x
Popdex AVAXUSDT	+0.0096%	1h	11.102	−0.018%	$16K	$578K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.103	−0.013%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.104	−0.004%	$2.3M	$1.3M	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	11.109	+0.046%	$295K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.107	+0.028%	$118.5M	$447.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.103	−0.009%	$88.4M	$141.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.103	−0.009%	$20.0M	$121.3M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.106	+0.018%	$48.6M	$82.8M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.112	+0.072%	$15.5M	$22.3M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.100	−0.036%	$33.3M	$49.9M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.104	0.000%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.111	+0.063%	$355K	$507K	15x
Variational Omni AVAX	+0.0100%	8h	11.107	+0.023%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.104	+0.001%	$354K	$790K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.108	+0.036%	$179K	$678K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.098	−0.054%	$130K	$349K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.109	+0.045%	$195K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.121	+0.150%	$12K	$710K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.106	+0.018%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.077	−0.241%	$360K	$855K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.102	−0.018%	$29.7M	$5.6M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.102	−0.023%	$671K	$1.6M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.098	−0.051%	$255K	—	3x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.095	−0.084%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.106	+0.018%	$4.3M	$11.7M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.112	+0.072%	$902K	$5.7M	50x	as long as short
Hyperliquid AVAX	+0.0385%	1h	11.123	+0.171%	$43.2M	$44.8M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.105	+0.008%	$236K	—	120x	as long as short