Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0108%/8h= −11.8% APRpaid last 24h −0.159%

Price spread now: Injective against Phemex−1.465%7-day average −0.261% · you buy dearer than you sell

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$242as in the Price arb table

costs, in and out, $10k−$1221.219% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.326%−$33 on $10k

Price spread, last 3 days (all we have)+2.426%+$243 · spread now −1.465%, 7d avg −0.261%

Together, before fees+2.100%+$210 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Injective is 1.203% cheaper against Phemex than usual: you would sell low and buy high (−$120 if the spread goes back to its 7-day average of −0.261%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AVAXUSDT	11.265	0.0065	pay 0.0065% / 8h	2h 28m	$30.2M	$4.8M	50x
Short	Injective AVAX/USDC PERP	11.100	−0.0043	pay 0.0005% / 1h	28m 43s	$17K	$127K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.465%Rate

Funding earned: −$22.62
Price spread: −1.465% → −0.261%: −$120.34
Slippage, 4 orders: −$109.92
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$264.9
Costs to cover: 1.219%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Injective: live order book, 60 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, 5 min ago	1.78 bp	14.3 bp −$14	22.8 bp −$228	doesn't fit	doesn't fit
Sell Injective live order book, 60 min ago	27.20 bp	27.2 bp −$27	doesn't fit	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
Variational Omni AVAX	−0.0142%	8h	11.251	−0.124%	$2.9M	$2.1M	—	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0105%	1h	11.276	+0.098%	$5.3M	$9.4M	25x	as long as short
Nado AVAX-PERP	−0.0100%	1h	11.274	+0.078%	$298K	$960K	10x	as long as short
Injective AVAX/USDC PERPshort	−0.0043%	1h	11.100	−1.465%	$17K	$127K	12x
dYdX AVAX-USD	0.0000%	1h	11.272	+0.058%	$99K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.278	+0.114%	$13K	—	150x	as long as short
Extended AVAX-USD	+0.0024%	1h	11.266	+0.011%	$672K	$2.3M	25x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0056%	1h	11.282	+0.151%	$914K	$8.2M	50x	as long as short
Gate AVAX_USDT	+0.0058%	8h	11.267	+0.018%	$12.6M	$40.0M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0060%	8h	11.267	+0.018%	$20.0M	$148.2M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AVAXUSDTlong	+0.0065%	8h	11.265	long leg	$30.2M	$4.8M	50x
MEXC AVAX_USDT	+0.0079%	8h	11.266	+0.009%	$55.3M	$109.5M	200x	as long as short
Binance AVAXUSDT	+0.0082%	8h	11.265	+0.001%	$120.8M	$537.9M	75x	as long as short
Bybit AVAXUSDT	+0.0088%	8h	11.269	+0.036%	$88.1M	$153.7M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.267	+0.018%	$1.2M	$3.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.268	+0.027%	$9K	$700K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0096%	8h	11.266	+0.006%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.270	+0.045%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.269	+0.037%	$299K	$122K	10x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.268	+0.027%	$16.1M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.271	+0.053%	$34.7M	$61.0M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.268	+0.027%	—	$90.3M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.267	+0.018%	$334K	$563K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.246	−0.166%	$356K	$910K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.249	−0.142%	$181K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.274	+0.080%	$131K	$483K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.284	+0.169%	$203K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.300	+0.307%	$12K	$716K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.272	+0.062%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.270	+0.040%	$362K	$1.1M	75x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.274	+0.075%	$259K	—	3x	as long as short
BloFin AVAX-USDT	+0.0200%	8h	11.263	−0.018%	$5.0M	$8.5M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.269	+0.036%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.281	+0.141%	$4.7M	$13.7M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0245%	1h	11.276	+0.094%	$243K	—	120x	as long as short
Hyperliquid AVAX	+0.0554%	1h	11.286	+0.183%	$43.7M	$58.5M	10x	as long as short