Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0158%/8h= +17.4% APRpaid last 24h +0.086%

Price spread now: GMX against Orderly−0.050%7-day average +0.015% · you buy dearer than you sell

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.214%+$21 on $10k

Price spread, last 3 days (all we have)+0.075%+$7 · spread now −0.050%, 7d avg +0.015%

Together, before fees+0.288%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.065% cheaper against Orderly than usual: you would sell low and buy high (spread −0.050% now, against its 7-day average of +0.015%). If the spread goes back, that is −$7 on $10k: about 33 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AVAX_USDC	11.251	0.0100	pay 0.0100% / 8h	1h 08m	$202K	$301K	20x
Short	GMX AVAX/USD [AVAX-USDC]	11.245	L +0.0411% / S −0.0258%	get 0.0032% / 1h	8m 38s	$237K	—	120x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $33.28
Price spread: −0.050% → +0.015%: −$6.51
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $8.78
Costs to cover: 0.180%
Break-even: 5.2 days

Slippage unknown: Orderly: no order-book sample; GMX: no order-book sample. 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 GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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	11.210	−0.364%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0106%	1h	11.245	−0.053%	$5.3M	$9.1M	25x	as long as short
Nado AVAX-PERP	−0.0041%	1h	11.242	−0.080%	$297K	$892K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.240	−0.100%	$103K	$106K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.246	−0.044%	$13K	—	150x	as long as short
Variational Omni AVAX	+0.0019%	8h	11.219	−0.285%	$3.0M	$2.4M	—	as long as short
Lighter AVAX	+0.0096%	1h	11.240	−0.098%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.243	−0.071%	$18K	$686K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0099%	8h	11.236	−0.130%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.240	−0.100%	$2.3M	$1.8M	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	11.242	−0.084%	$299K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.238	−0.117%	$120.4M	$524.3M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.237	−0.124%	$89.3M	$157.4M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.236	−0.133%	$20.2M	$146.1M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.238	−0.116%	$12.5M	$40.7M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.238	−0.116%	$51.4M	$100.3M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.245	−0.053%	$16.0M	$24.4M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.239	−0.107%	$34.1M	$59.9M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.237	−0.124%	—	$88.9M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.241	−0.089%	$359K	$567K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.253	+0.018%	$359K	$877K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.256	+0.044%	$181K	$685K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.246	−0.044%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDClong	+0.0100%	8h	11.251	long leg	$202K	$301K	20x
SunX AVAX-USDT	+0.0100%	8h	11.261	+0.088%	$12K	$734K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.248	−0.027%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.239	−0.102%	$363K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.242	−0.080%	$30.2M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.233	−0.158%	$669K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.243	−0.071%	$258K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.235	−0.142%	$910K	$8.2M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.240	−0.098%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.242	−0.080%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]short	L +0.0411% / S −0.0258%	1h	11.245	−0.050%	$237K	—	120x
Hyperliquid AVAX	+0.0593%	1h	11.255	+0.036%	$43.5M	$56.6M	10x	as long as short
Kraken Futures PF_AVAXUSD	+0.0629%	1h	11.253	+0.014%	$4.6M	$13.5M	50x	as long as short