Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0295%/8h= +32.3% APRpaid last 24h −0.004%

Price spread now: GRVT against Nado−0.140%61s7-day average −0.005% · 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−$350.347% of the position

Long on Nado Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 3 days (all we have)+0.194%+$19 · spread now −0.140%, 7d avg −0.005%

Together, before fees+0.196%+ Points / potential airdropNado: Active · GRVT: Active · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.135% cheaper against Nado than usual: you would sell low and buy high (spread −0.140% now, against its 7-day average of −0.005%). If the spread goes back, that is −$13 on $10k: about 37 hours of funding at the current rate (+$9 a day). At the pace of the last 3 days (+0.002% in total) that is about 7 months. The two prices were read 61 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 3 days it paid 0.002% in total (about 0.2% 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	11.055	−0.0195	get 0.0024% / 1h	24m 34s	$297K	$967K	10x
Short	GRVT AVAX_USDT_Perp	11.040	0.0100	get 0.0100% / 8h	3h 24m	$358K	$863K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpOrdersPrice spread, now −0.140%Rate

Funding earned: $61.88
Price spread: −0.140% → −0.005%: −$13.49
Slippage, 4 orders: −$18.71
Fee Nado: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $13.69
Costs to cover: 0.347%
Break-even: 5.5 days

Slippage from Nado: live order book, 4 min ago; GRVT: live order book, 3 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, 4 min ago	1.36 bp	10.2 bp −$10	22.2 bp −$222	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	1.36 bp	11.0 bp −$11	24.2 bp −$242	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
Deribit AVAX_USDC-PERPETUAL	−0.0382%	1h	11.061	+0.050%	$5.2M	$9.4M	25x	as long as short
Variational Omni AVAX	−0.0219%	8h	11.078	+0.200%	$2.8M	$2.2M	—	as long as short
Nado AVAX-PERPlong	−0.0195%	1h	11.055	long leg	$297K	$967K	10x
Bybit AVAXUSDT	−0.0015%	8h	11.053	−0.023%	$86.4M	$147.1M	75x	as long as short
OKX AVAX-USDT-SWAP	−0.0010%	8h	11.057	+0.014%	$19.5M	$146.5M	50x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.066	+0.094%	$97K	$146K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.064	+0.075%	$13K	—	150x	as long as short
Injective AVAX/USDC PERP	+0.0012%	1h	11.000	−0.502%	$17K	$103K	12x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0016%	1h	11.062	+0.059%	$822K	$8.0M	50x	as long as short
Extended AVAX-USD	+0.0024%	1h	11.055	0.000%	$651K	$2.2M	25x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AVAX_USDT	+0.0024%	8h	11.058	+0.023%	$12.2M	$40.2M	75x	as long as short
SoDEX AVAX-USD	+0.0030%	1h	11.058	+0.023%	$18K	$72K	10x	as long as short
MEXC AVAX_USDT	+0.0054%	8h	11.055	−0.005%	$51.2M	$112.6M	200x	as long as short
Binance AVAXUSDT	+0.0055%	8h	11.054	−0.014%	$118.2M	$543.0M	75x	as long as short
Phemex AVAXUSDT	+0.0071%	8h	11.058	+0.023%	$29.6M	$4.8M	50x	as long as short
Backpack AVAX_USDC_PERP	+0.0074%	1h	11.059	+0.032%	$313K	$553K	15x	as long as short
BingX AVAX-USDT	+0.0080%	8h	11.059	+0.032%	—	$93.4M	—	as long as short
Bitget AVAXUSDT	+0.0085%	8h	11.053	−0.023%	$34.2M	$62.9M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0087%	8h	11.055	−0.001%	$13K	$766	20x	as long as short
Lighter AVAX	+0.0096%	1h	11.059	+0.036%	$1.2M	$3.2M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.054	−0.014%	$17K	$708K	50x	as long as short
Aevo AVAX-PERP	+0.0096%	1h	11.062	+0.060%	$254K	—	3x	as long as short
Aster AVAXUSDT	+0.0097%	8h	11.058	+0.023%	$2.3M	$2.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.064	+0.080%	$299K	$118K	10x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.063	+0.068%	$16.0M	$25.0M	75x	as long as short
GRVT AVAX_USDT_Perpshort	+0.0100%	8h	11.040	−0.140%	$358K	$863K	10x
ApeX Omni AVAXUSDT	+0.0100%	1h	11.038	−0.158%	$178K	$703K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.057	+0.014%	$115K	$489K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.070	+0.131%	$214K	$287K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.086	+0.275%	$12K	$704K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.059	+0.027%	$354K	$1.2M	75x	as long as short
BloFin AVAX-USDT	+0.0175%	8h	11.061	+0.050%	$4.9M	$8.9M	100x	as long as short
Kraken Futures PF_AVAXUSD	+0.0238%	1h	11.069	+0.124%	$4.6M	$13.7M	50x	as long as short
Reya AVAXRUSDPERP	+0.0243%	1h	11.053	−0.022%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0409% / S −0.0244%	1h	11.066	+0.096%	$238K	—	120x	as long as short
Hyperliquid AVAX	+0.0451%	1h	11.073	+0.158%	$41.6M	$58.5M	10x	as long as short