Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.007%

Price spread now: Backpack against MEXC−0.027%7-day average +0.014% · you buy dearer than you sell

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

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

costs, in and out, $10k−$180.179% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.027%, 7d avg +0.014%

Together, before fees−0.124%−$12 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 0.041% cheaper against MEXC than usual: you would sell low and buy high, −$4 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	MEXC AVAX_USDT	11.240	0.0100	pay 0.0100% / 8h	7m 39s	$50.1M	$93.7M	200x
Short	Backpack AVAX_USDC_PERP	11.237	0.0100	get 0.0013% / 1h	7m 39s	$359K	$563K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → +0.014%: −$4.1
Slippage, 4 orders: −$7.88
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$21.98
Costs to cover: 0.179%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Backpack: 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 MEXC live order book, 1 min ago	0.44 bp	1.2 bp −$1	2.6 bp −$26	30.6 bp −$3,064	89.4 bp −$44.7K
Sell Backpack live order book, 6 min ago	0.44 bp	8.4 bp −$8	33.6 bp −$336	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	−0.1451%	1h	11.180	−0.534%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0106%	1h	11.231	−0.080%	$5.3M	$8.9M	25x	as long as short
Nado AVAX-PERP	−0.0098%	1h	11.228	−0.102%	$296K	$877K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.247	+0.060%	$103K	$106K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.239	−0.009%	$13K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.246	+0.056%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.229	−0.098%	$18K	$663K	50x	as long as short
Variational Omni AVAX	+0.0099%	8h	11.203	−0.330%	$3.0M	$2.4M	—	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.243	+0.030%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.245	+0.046%	$2.3M	$1.7M	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	11.249	+0.083%	$299K	$118K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.231	−0.081%	$120.3M	$510.7M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.246	+0.053%	$89.6M	$154.8M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.237	−0.027%	$20.3M	$143.3M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.247	+0.062%	$12.5M	$40.4M	75x	as long as short
MEXC AVAX_USDTlong	+0.0100%	8h	11.240	long leg	$50.1M	$93.7M	200x
KuCoin AVAXUSDTM	+0.0100%	8h	11.251	+0.098%	$15.7M	$24.1M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.240	0.000%	$34.3M	$57.7M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.238	−0.018%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.237	−0.027%	$359K	$563K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.224	−0.140%	$351K	$862K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.227	−0.116%	$180K	$687K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.235	−0.044%	$132K	$440K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.243	+0.027%	$204K	$303K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.260	+0.177%	$12K	$735K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.233	−0.062%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.231	−0.082%	$363K	$1.0M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.231	−0.080%	$30.2M	$4.9M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.231	−0.077%	$669K	$2.1M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.232	−0.071%	$258K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.218	−0.196%	$5.0M	$7.1M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.230	−0.085%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0270%	1h	11.240	0.000%	$4.6M	$13.0M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0280%	1h	11.217	−0.205%	$913K	$7.7M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0431% / S −0.0254%	1h	11.235	−0.044%	$250K	—	120x	as long as short
Hyperliquid AVAX	+0.0776%	1h	11.263	+0.205%	$43.9M	$55.0M	10x	as long as short