Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0175%/8h= +19.1% APRpaid last 24h +0.046%

Price spread now: GMX against Phemex−0.013%7-day average +0.026% · you buy dearer than you sell

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.177%+$18 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now −0.013%, 7d avg +0.026%

Together, before fees+0.268%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.039% cheaper against Phemex than usual: you would sell low and buy high (spread −0.013% now, against its 7-day average of +0.026%). If the spread goes back, that is −$4 on $10k: about 18 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	Phemex AVAXUSDT	10.759	0.0100	pay 0.0100% / 8h	3h 01m	$28.7M	$5.8M	50x
Short	GMX AVAX/USD [AVAX-USDC]	10.758	L +0.0444% / S −0.0275%	get 0.0034% / 1h	1m 35s	$234K	—	120x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.013%Rate

Funding earned: $36.72
Price spread: −0.013% → +0.026%: −$3.89
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $8.84
Costs to cover: 0.240%
Break-even: 5.3 days

Slippage unknown: Phemex: live order book, 2 min ago; 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 Phemex live order book, 2 min ago	1.84 bp	16.3 bp −$16	21.1 bp −$211	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.1421%	1h	10.800	+0.381%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0122%	1h	10.757	−0.019%	$4.9M	$7.5M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.775	+0.146%	$94K	$97K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.756	−0.032%	$12K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0020%	1h	10.759	−0.004%	$4.1M	$11.1M	50x	as long as short
Nado AVAX-PERP	+0.0042%	1h	10.768	+0.079%	$281K	$308K	10x	as long as short
Gate AVAX_USDT	+0.0046%	8h	10.777	+0.167%	$12.2M	$32.9M	75x	as long as short
Variational Omni AVAX	+0.0081%	8h	10.844	+0.786%	$2.8M	$2.2M	—	as long as short
Lighter AVAX	+0.0096%	1h	10.776	+0.162%	$1.2M	$2.7M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.777	+0.167%	$8K	$442K	50x	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	+0.0097%	8h	10.776	+0.162%	$12K	$212	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.771	+0.107%	$2.2M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.777	+0.167%	$271K	$130K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.780	+0.195%	$113.1M	$418.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.770	+0.102%	$80.6M	$141.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.776	+0.158%	$19.5M	$109.2M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.776	+0.158%	$44.1M	$79.7M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.773	+0.130%	$14.7M	$21.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.769	+0.093%	$32.1M	$47.9M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.773	+0.130%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.751	−0.074%	$367K	$528K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.847	+0.816%	$341K	$942K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.839	+0.744%	$174K	$664K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.755	−0.037%	$126K	$344K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.757	−0.019%	$189K	$310K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.785	+0.245%	$11K	$721K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.755	−0.037%	$18K	$71K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.762	+0.029%	$358K	$780K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	10.759	long leg	$28.7M	$5.8M	50x
Extended AVAX-USD	+0.0104%	1h	10.772	+0.122%	$663K	$1.3M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.758	−0.014%	$247K	—	3x	as long as short
Hyperliquid AVAX	+0.0180%	1h	10.782	+0.214%	$40.6M	$40.2M	10x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.831	+0.669%	$4.8M	$5.3M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	10.755	−0.037%	$884K	$4.7M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.758	−0.011%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]short	L +0.0444% / S −0.0275%	1h	10.758	−0.013%	$234K	—	120x