Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.025%

Price spread now: Bybit against Lighter+0.018%7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.018%, 7d avg −0.014%

Together, before fees+0.063%+ Points / potential airdropLighter: Season 3 · farm board+$6 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: Bybit is 0.032% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter AVAX	11.249	0.0096	pay 0.0012% / 1h	54m 54s	$1.2M	$3.3M	10x
Short	Bybit AVAXUSDT	11.251	0.0100	get 0.0100% / 8h	54m 54s	$89.6M	$156.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.018%Rate

Funding earned: $0.84
Price spread: +0.018% → −0.014%: $3.17
Slippage, 4 orders: −$6.64
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$13.63
Costs to cover: 0.176%
Break-even: 120.6 days

Slippage from Lighter: live order book, 7 min ago; Bybit: live order book, 4 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, 7 min ago	2.22 bp	2.7 bp −$3	8.7 bp −$87	75.8 bp −$7,578	doesn't fit
Sell Bybit live order book, 4 min ago	0.44 bp	5.9 bp −$6	10.3 bp −$103	35.7 bp −$3,571	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	−0.1451%	1h	11.200	−0.436%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0106%	1h	11.247	−0.018%	$5.3M	$9.0M	25x	as long as short
Nado AVAX-PERP	−0.0092%	1h	11.250	+0.013%	$297K	$892K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.244	−0.043%	$103K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.250	+0.009%	$13K	—	150x	as long as short
Variational Omni AVAX	+0.0042%	8h	11.222	−0.240%	$3.0M	$2.4M	—	as long as short
Lighter AVAXlong	+0.0096%	1h	11.249	long leg	$1.2M	$3.3M	10x
Popdex AVAXUSDT	+0.0096%	1h	11.253	+0.036%	$18K	$687K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.249	−0.001%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.251	+0.021%	$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	11.248	−0.009%	$299K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.253	+0.037%	$120.3M	$521.6M	75x	as long as short
Bybit AVAXUSDTshort	+0.0100%	8h	11.251	+0.018%	$89.6M	$156.7M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.249	0.000%	$20.3M	$145.8M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.253	+0.036%	$12.5M	$39.8M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.252	+0.027%	$51.3M	$93.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.257	+0.071%	$15.8M	$24.4M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.253	+0.036%	$34.3M	$59.6M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.252	+0.027%	—	$87.8M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.246	−0.027%	$360K	$568K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.225	−0.212%	$358K	$877K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.225	−0.213%	$180K	$686K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.256	+0.062%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.256	+0.062%	$205K	$303K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.279	+0.264%	$12K	$733K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.248	−0.009%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.251	+0.013%	$364K	$1.0M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.248	−0.009%	$30.2M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.250	+0.012%	$669K	$2.1M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.251	+0.020%	$258K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.242	−0.062%	$5.0M	$7.9M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.250	+0.005%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0270%	1h	11.251	+0.016%	$4.6M	$13.3M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0280%	1h	11.253	+0.036%	$918K	$8.1M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0415% / S −0.0266%	1h	11.246	−0.029%	$237K	—	120x	as long as short
Hyperliquid AVAX	+0.0806%	1h	11.268	+0.169%	$43.6M	$56.7M	10x	as long as short