Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.014%

Price spread now: Backpack against Phemex+0.009%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$440.441% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 4 days (all we have)+0.426%+$43 · spread now +0.009%, 7d avg −0.005%

Together, before fees+0.312%+$31 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AVAXUSDT	11.187	0.0100	pay 0.0100% / 8h	5h 15m	$29.8M	$5.6M	50x
Short	Backpack AVAX_USDC_PERP	11.188	0.0100	get 0.0013% / 1h	15m 54s	$359K	$494K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0
Price spread: +0.009% → −0.005%: $1.44
Slippage, 4 orders: −$22.14
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.7
Costs to cover: 0.441%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Backpack: live order book, 48 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 Phemex live order book, 3 min ago	1.79 bp	14.4 bp −$14	25.1 bp −$251	doesn't fit	doesn't fit
Sell Backpack live order book, 48 min ago	0.45 bp	9.2 bp −$9	39.9 bp −$399	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	−0.1374%	1h	11.120	−0.599%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0078%	1h	11.196	+0.080%	$288K	$443K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0018%	1h	11.197	+0.089%	$5.2M	$7.9M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.196	+0.078%	$103K	$87K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.200	+0.116%	$13K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0045%	1h	11.202	+0.136%	$4.4M	$11.5M	50x	as long as short
Lighter AVAX	+0.0096%	1h	11.197	+0.092%	$1.2M	$2.9M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.203	+0.143%	$16K	$564K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.202	+0.139%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.189	+0.015%	$2.3M	$1.2M	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	11.200	+0.117%	$292K	$114K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.193	+0.054%	$119.8M	$431.0M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.191	+0.036%	$88.9M	$138.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.183	−0.036%	$20.3M	$117.4M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.190	+0.027%	$12.2M	$35.0M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.192	+0.045%	$49.5M	$79.5M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.191	+0.036%	$15.8M	$21.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.185	−0.018%	$33.7M	$48.4M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.192	+0.045%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.188	+0.009%	$359K	$494K	15x
Variational Omni AVAX	+0.0100%	8h	11.196	+0.083%	$2.9M	$2.3M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.189	+0.020%	$353K	$813K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.215	+0.250%	$180K	$675K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.209	+0.197%	$131K	$349K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.204	+0.152%	$197K	$312K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.239	+0.469%	$12K	$701K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.198	+0.098%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.197	+0.094%	$367K	$864K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	11.187	long leg	$29.8M	$5.6M	50x
Extended AVAX-USD	+0.0104%	1h	11.188	+0.005%	$687K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.195	+0.072%	$257K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.188	+0.009%	$5.1M	$5.5M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	11.211	+0.215%	$902K	$5.4M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.204	+0.153%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.200	+0.115%	$238K	—	120x	as long as short
Hyperliquid AVAX	+0.0566%	1h	11.207	+0.179%	$43.6M	$42.8M	10x	as long as short