Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h +0.006%

Price spread now: Polymarket Perps against Phemex+0.147%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$440.440% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.355%+$35 · spread now +0.147%, 7d avg +0.003%

Together, before fees+0.351%+$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Polymarket Perps is 0.144% dearer against Phemex than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.003%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.003% in total (about -0.2% 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	10.915	−0.0142	get 0.0142% / 8h	7h 14m	$29.1M	$5.6M	50x
Short	Polymarket Perps AVAX-USD	10.931	0.0100	get 0.0013% / 1h	14m 05s	$137K	$234K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.147%Rate

Funding earned: $50.76
Price spread: +0.147% → +0.003%: $14.38
Slippage, 4 orders: −$23.95
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $21.18
Costs to cover: 0.440%
Break-even: 4.1 days

Slippage from Phemex: live order book, 5 min ago; Polymarket Perps: live order book, 83 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	2.77 bp	16.6 bp −$17	28.6 bp −$286	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 83 min ago	2.34 bp	6.3 bp −$6	8.9 bp −$89	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	10.912	−0.025%	$3.8M	$11.5M	50x	as long as short
Nado AVAX-PERP	−0.0197%	1h	10.917	+0.018%	$275K	$316K	10x	as long as short
Phemex AVAXUSDTlong	−0.0142%	8h	10.915	long leg	$29.1M	$5.6M	50x
Variational Omni AVAX	−0.0082%	8h	10.909	−0.056%	$3.1M	$2.1M	—	as long as short
SoDEX AVAX-USD	−0.0065%	1h	10.907	−0.073%	$19K	$68K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.937	+0.200%	$93K	$111K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.909	−0.055%	$5.0M	$6.7M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.908	−0.060%	$12K	—	150x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	−1.420%	$17K	$151K	12x	as long as short
Gate AVAX_USDT	+0.0054%	8h	10.897	−0.165%	$14.1M	$29.4M	75x	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	10.929	+0.124%	$12K	$62	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.911	−0.038%	$1.2M	$2.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.921	+0.055%	$19K	$469K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.909	−0.050%	$36.0M	$39.8M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.918	+0.024%	$2.3M	$1.4M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.937	+0.205%	$275K	$127K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.906	−0.079%	$115.1M	$388.7M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.904	−0.101%	$85.2M	$135.9M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.892	−0.211%	$19.3M	$106.5M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.905	−0.092%	$53.2M	$80.2M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.910	−0.046%	$14.0M	$20.4M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.894	−0.192%	$33.1M	$45.1M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.894	−0.192%	—	$53.0M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.899	−0.147%	$440K	$531K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.851	−0.590%	$341K	$1.3M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.876	−0.357%	$175K	$662K	50x	as long as short
Polymarket Perps AVAX-USDshort	+0.0100%	1h	10.931	+0.147%	$137K	$234K	10x
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.914	−0.009%	$236K	$222K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.937	+0.203%	$12K	$774K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.915	−0.002%	$338K	$872K	75x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.903	−0.113%	$622K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.900	−0.133%	$250K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.931	+0.147%	$866K	$5.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.926	+0.101%	$4.7M	$5.4M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.923	+0.077%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0294%	1h	10.911	−0.033%	$230K	—	120x	as long as short