Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0338%/8h= +37.0% APRpaid last 24h +0.034%

Price spread now: Coinbase International against Phemex+0.028%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now +0.028%, 7d avg +0.040%

Together, before fees+0.124%+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.040%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.188% in total (about 9.8% 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	Phemex AVAXUSDT	10.902	−0.0138	get 0.0138% / 8h	7h 10m	$29.1M	$5.6M	50x
Short	Coinbase International AVAX-PERP-INTX	10.905	0.0200	get 0.0025% / 1h	10m 11s	$859K	$5.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.028%Rate

Funding earned: $71.01
Price spread: +0.028% → +0.040%: −$1.29
Slippage, 4 orders: −$39.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $8.7
Costs to cover: 0.610%
Break-even: 6.1 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	7.80 bp	16.4 bp −$16	40.4 bp −$404	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	3.67 bp	13.4 bp −$13	19.5 bp −$195	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
Kraken Futures PF_AVAXUSD	−0.0262%	1h	10.910	+0.071%	$3.8M	$11.6M	50x	as long as short
Nado AVAX-PERP	−0.0176%	1h	10.908	+0.050%	$275K	$315K	10x	as long as short
Phemex AVAXUSDTlong	−0.0138%	8h	10.902	long leg	$29.1M	$5.6M	50x
Variational Omni AVAX	−0.0085%	8h	10.901	−0.012%	$3.1M	$2.1M	—	as long as short
SoDEX AVAX-USD	−0.0063%	1h	10.904	+0.018%	$19K	$68K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.906	+0.038%	$93K	$111K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.907	+0.046%	$5.0M	$6.7M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.907	+0.043%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0024%	8h	10.905	+0.028%	$14.1M	$29.5M	75x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	−1.303%	$17K	$151K	12x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AVAX-USD-PERP	+0.0089%	8h	10.898	−0.040%	$12K	$62	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.903	+0.014%	$1.2M	$2.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.909	+0.064%	$19K	$475K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.924	+0.202%	$36.0M	$39.8M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.903	+0.012%	$2.2M	$1.4M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.904	+0.020%	$274K	$127K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.903	+0.007%	$114.9M	$388.1M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.901	−0.009%	$85.1M	$135.8M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.900	−0.018%	$19.2M	$106.4M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.902	0.000%	$54.1M	$80.5M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.903	+0.009%	$14.0M	$20.3M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.903	+0.009%	$33.2M	$45.1M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.901	−0.009%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.906	+0.037%	$440K	$528K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.926	+0.220%	$343K	$1.3M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.905	+0.028%	$175K	$661K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.911	+0.083%	$137K	$234K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.908	+0.055%	$236K	$221K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.938	+0.330%	$12K	$774K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.899	−0.023%	$336K	$871K	75x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.898	−0.036%	$622K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.903	+0.009%	$250K	—	3x	as long as short
Coinbase International AVAX-PERP-INTXshort	+0.0200%	1h	10.905	+0.028%	$859K	$5.3M	50x
BloFin AVAX-USDT	+0.0220%	8h	10.900	−0.018%	$4.7M	$5.3M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.903	+0.011%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0294%	1h	10.908	+0.057%	$230K	—	120x	as long as short