Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.025%

Price spread now: Backpack against Orderly+0.203%46s7-day average −0.020% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now +0.203%, 7d avg −0.020%

Together, before fees−0.156%−$16 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 0.224% dearer against Orderly than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.020%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AVAX_USDC	11.303	0.0100	pay 0.0100% / 8h	1h 54m	$203K	$301K	20x
Short	Backpack AVAX_USDC_PERP	11.326	0.0100	get 0.0013% / 1h	54m 15s	$341K	$563K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.203%Rate

Funding earned: $0
Price spread: +0.203% → −0.020%: $22.37
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $6.37
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 30 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 30 min ago	0.44 bp	5.4 bp −$5	26.1 bp −$261	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0570%	1h	11.280	−0.203%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0281%	1h	11.287	−0.142%	$5.4M	$9.2M	25x	as long as short
Variational Omni AVAX	−0.0055%	8h	11.344	+0.359%	$3.0M	$2.2M	—	as long as short
Nado AVAX-PERP	−0.0006%	1h	11.306	+0.031%	$298K	$949K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.326	+0.203%	$99K	$107K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.298	−0.043%	$16K	—	150x	as long as short
Gate AVAX_USDT	+0.0091%	8h	11.313	+0.088%	$12.7M	$39.2M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.286	−0.152%	$1.3M	$3.2M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.307	+0.035%	$13K	$696K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0098%	8h	11.312	+0.080%	$13K	$766	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	11.306	+0.023%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.321	+0.156%	$301K	$121K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.280	−0.205%	$121.0M	$530.0M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.281	−0.195%	$90.7M	$155.6M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.278	−0.221%	$20.4M	$147.4M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.281	−0.195%	$54.6M	$99.2M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.317	+0.124%	$16.3M	$24.4M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.289	−0.124%	$34.7M	$60.3M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.296	−0.062%	—	$90.0M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.326	+0.203%	$341K	$563K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.319	+0.141%	$358K	$895K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.323	+0.177%	$186K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.310	+0.062%	$134K	$466K	10x	as long as short
Orderly PERP_AVAX_USDClong	+0.0100%	8h	11.303	long leg	$203K	$301K	20x
SunX AVAX-USDT	+0.0100%	8h	11.341	+0.338%	$12K	$722K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.290	−0.115%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.290	−0.115%	$364K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.287	−0.142%	$30.4M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.288	−0.136%	$676K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.290	−0.117%	$259K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.327	+0.212%	$932K	$8.4M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.326	+0.203%	$5.0M	$8.4M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.301	−0.016%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0406% / S −0.0245%	1h	11.297	−0.052%	$244K	—	120x	as long as short
Hyperliquid AVAX	+0.0473%	1h	11.321	+0.159%	$44.0M	$57.4M	10x	as long as short
Kraken Futures PF_AVAXUSD	+0.0626%	1h	11.295	−0.071%	$4.6M	$13.5M	50x	as long as short