Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0191%/8h= +21.0% APRpaid last 24h +0.002%

Price spread now: Bybit against Nado−0.014%49s7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.346% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.888%−$89 · spread now −0.014%, 7d avg −0.051%

Together, before fees−0.891%+ Points / potential airdropNado: Active · farm board−$89 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bybit is 0.037% dearer against Nado than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.051%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.003% in total (about -0.3% a year). A funding rate is set anew for every payment. 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	Nado AVAX-PERP	10.706	−0.0106	get 0.0013% / 1h	42m 37s	$281K	$332K	10x
Short	Bybit AVAXUSDT	10.705	0.0086	get 0.0086% / 8h	42m 37s	$81.7M	$141.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Nado. 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 NadobpFee BybitbpOrdersPrice spread, now −0.014%Rate

Funding earned: $40.18
Price spread: −0.014% → −0.051%: $3.7
Slippage, 4 orders: −$16.59
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $9.29
Costs to cover: 0.346%
Break-even: 5.4 days

Slippage from Nado: live order book, 60 min ago; Bybit: live order book, 1 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 Nado live order book, 60 min ago	0.47 bp	9.8 bp −$10	20.9 bp −$209	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.47 bp	7.3 bp −$7	12.9 bp −$129	38.0 bp −$3,801	139.3 bp −$69.7K

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
Kraken Futures PF_AVAXUSD	−0.0184%	1h	10.702	−0.042%	$3.8M	$11.7M	50x	as long as short
Nado AVAX-PERPlong	−0.0106%	1h	10.706	long leg	$281K	$332K	10x
Variational Omni AVAX	−0.0075%	8h	10.705	−0.010%	$2.9M	$2.2M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.707	+0.003%	$91K	$111K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.706	−0.005%	$4.8M	$6.8M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.707	+0.007%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0006%	8h	10.700	−0.061%	$13.0M	$30.6M	75x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	+0.500%	$17K	$151K	12x	as long as short
Bybit AVAXUSDTshort	+0.0086%	8h	10.705	−0.014%	$81.7M	$141.5M	75x
Paradex AVAX-USD-PERP	+0.0087%	8h	10.706	−0.001%	$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	10.707	+0.007%	$1.2M	$2.4M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.707	+0.005%	$25K	$472K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.712	+0.051%	$36.8M	$43.4M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.706	−0.007%	$2.2M	$913K	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.710	+0.033%	$269K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.708	+0.014%	$113.3M	$413.3M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.706	−0.005%	$18.8M	$109.6M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.709	+0.023%	$46.2M	$79.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.705	−0.014%	$13.7M	$22.2M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.707	+0.005%	$32.4M	$47.6M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.708	+0.014%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.707	+0.005%	$436K	$554K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.702	−0.041%	$343K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.705	−0.014%	$173K	$660K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.707	+0.005%	$134K	$333K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.713	+0.061%	$232K	$255K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.738	+0.294%	$12K	$769K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.702	−0.042%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.700	−0.056%	$326K	$873K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.703	−0.033%	$28.6M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.697	−0.092%	$608K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.672	−0.326%	$245K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.702	−0.042%	$4.6M	$5.5M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0224%	1h	10.720	+0.126%	$854K	$4.8M	50x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.703	−0.036%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.708	+0.017%	$226K	—	120x	as long as short