Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.005%

Price spread now: Popdex against Phemex−0.112%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on Phemex Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)+0.209%+$21 · spread now −0.112%, 7d avg −0.012%

Together, before fees+0.221%+$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.100% cheaper against Phemex than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AVAXUSDT	10.686	0.0100	pay 0.0100% / 8h	38m 55s	$28.5M	$5.7M	50x
Short	Popdex AVAXUSDT	10.674	0.0096	get 0.0012% / 1h	38m 55s	$25K	$471K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$0.84
Price spread: −0.112% → −0.012%: −$10.03
Slippage, 4 orders: −$31.31
Fee Phemex: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$60.59
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Popdex: live order book, 65 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	1.87 bp	12.1 bp −$12	21.8 bp −$218	doesn't fit	doesn't fit
Sell Popdex live order book, 65 min ago	3.27 bp	10.8 bp −$11	20.0 bp −$200	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	−0.0185%	1h	10.687	+0.010%	$3.8M	$11.7M	50x	as long as short
Nado AVAX-PERP	−0.0125%	1h	10.677	−0.080%	$288K	$336K	10x	as long as short
Variational Omni AVAX	−0.0074%	8h	10.700	+0.135%	$2.9M	$2.2M	—	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0031%	1h	10.687	+0.009%	$4.8M	$6.8M	25x	as long as short
Gate AVAX_USDT	−0.0002%	8h	10.682	−0.037%	$13.0M	$30.6M	75x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.676	−0.095%	$91K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.686	+0.002%	$12K	—	150x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	+0.692%	$17K	$151K	12x	as long as short
Bybit AVAXUSDT	+0.0086%	8h	10.683	−0.028%	$81.5M	$141.0M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0087%	8h	10.666	−0.187%	$12K	$212	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AVAX	+0.0096%	1h	10.684	−0.019%	$1.2M	$2.4M	10x	as long as short
Popdex AVAXUSDTshort	+0.0096%	1h	10.674	−0.112%	$25K	$471K	50x
Hyperliquid AVAX	+0.0100%	1h	10.695	+0.081%	$36.7M	$43.0M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.690	+0.039%	$2.2M	$913K	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.677	−0.080%	$268K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.685	−0.009%	$113.2M	$412.5M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.684	−0.019%	$18.7M	$109.0M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.689	+0.028%	$45.9M	$79.4M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.684	−0.019%	$13.7M	$22.1M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.683	−0.028%	$32.4M	$47.3M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.684	−0.019%	—	$54.2M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.686	0.000%	$436K	$554K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.709	+0.212%	$343K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.711	+0.234%	$173K	$660K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.685	−0.009%	$134K	$329K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.694	+0.075%	$231K	$255K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.715	+0.273%	$12K	$768K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.686	0.000%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.684	−0.014%	$325K	$866K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	10.686	long leg	$28.5M	$5.7M	50x
Extended AVAX-USD	+0.0104%	1h	10.679	−0.064%	$608K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.689	+0.026%	$246K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.683	−0.028%	$4.6M	$5.5M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0224%	1h	10.684	−0.019%	$850K	$4.7M	50x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.680	−0.054%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.687	+0.013%	$225K	—	120x	as long as short