Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.003%

Price spread now: Phemex against Lighter+0.003%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$410.405% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 4 days (all we have)−0.200%−$20 · spread now +0.003%, 7d avg +0.051%

Together, before fees−0.070%+ Points / potential airdropLighter: Season 3 · farm board−$7 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: Phemex is 0.048% cheaper against Lighter than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter AVAX	11.016	0.0096	pay 0.0012% / 1h	51m 37s	$1.2M	$2.7M	10x
Short	Phemex AVAXUSDT	11.016	0.0100	get 0.0100% / 8h	3h 51m	$29.4M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.003%Rate

Funding earned: $0.84
Price spread: +0.003% → +0.051%: −$4.82
Slippage, 4 orders: −$28.53
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$44.51
Costs to cover: 0.405%
Break-even: 377.9 days

Slippage from Lighter: live order book, 5 min ago; Phemex: 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 Lighter live order book, 5 min ago	2.46 bp	3.3 bp −$3	10.7 bp −$107	80.7 bp −$8,065	doesn't fit
Sell Phemex live order book, 2 min ago	8.19 bp	19.5 bp −$20	30.0 bp −$300	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	−0.1421%	1h	10.950	−0.596%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0023%	1h	11.005	−0.093%	$286K	$318K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0022%	1h	11.016	+0.003%	$5.1M	$7.9M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.016	−0.002%	$96K	$97K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.020	+0.040%	$12K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0020%	1h	11.014	−0.014%	$4.3M	$11.3M	50x	as long as short
ApeX Omni AVAXUSDT	+0.0084%	1h	11.008	−0.070%	$177K	$671K	50x	as long as short
Lighter AVAXlong	+0.0096%	1h	11.016	long leg	$1.2M	$2.7M	10x
Popdex AVAXUSDT	+0.0096%	1h	11.008	−0.070%	$15K	$458K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.010	−0.054%	$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
Aster AVAXUSDT	+0.0100%	8h	11.016	+0.006%	$2.2M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.013	−0.024%	$277K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.008	−0.070%	$116.1M	$428.5M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.003	−0.115%	$84.2M	$140.9M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.008	−0.070%	$20.2M	$114.2M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.012	−0.034%	$12.1M	$32.2M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.012	−0.034%	$46.0M	$78.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.018	+0.021%	$15.5M	$21.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.004	−0.106%	$33.1M	$47.8M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.006	−0.088%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.019	+0.030%	$371K	$548K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	10.987	−0.264%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.010	−0.053%	$345K	$891K	10x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.018	+0.021%	$129K	$345K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.021	+0.048%	$194K	$310K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.046	+0.274%	$12K	$719K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.015	−0.006%	$18K	$71K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.018	+0.016%	$367K	$791K	75x	as long as short
Phemex AVAXUSDTshort	+0.0100%	8h	11.016	+0.003%	$29.4M	$5.8M	50x
Extended AVAX-USD	+0.0104%	1h	11.001	−0.130%	$678K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.018	+0.016%	$253K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.013	−0.025%	$5.0M	$5.4M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	11.026	+0.094%	$898K	$5.3M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.014	−0.013%	$1K	—	20x	as long as short
Hyperliquid AVAX	+0.0387%	1h	11.031	+0.139%	$42.8M	$41.6M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.021	+0.046%	$234K	—	120x	as long as short