Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.018%

Price spread now: Backpack against Polymarket Perps+0.009%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 3 days (all we have)−0.232%−$23 · spread now +0.009%, 7d avg −0.022%

Together, before fees−0.351%−$35 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: Backpack is 0.031% dearer against Polymarket Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps AVAX-USD	11.223	0.0100	pay 0.0013% / 1h	10m 06s	$132K	$440K	10x
Short	Backpack AVAX_USDC_PERP	11.224	0.0100	get 0.0013% / 1h	10m 06s	$359K	$563K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0
Price spread: +0.009% → −0.022%: $3.09
Slippage, 4 orders: −$13.37
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.28
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Backpack: 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 Polymarket Perps live order book, 2 min ago	2.67 bp	6.7 bp −$7	7.7 bp −$77	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.44 bp	8.4 bp −$8	33.6 bp −$336	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
Injective AVAX/USDC PERP	−0.1451%	1h	11.180	−0.383%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0106%	1h	11.219	−0.036%	$5.3M	$8.9M	25x	as long as short
Nado AVAX-PERP	−0.0099%	1h	11.212	−0.094%	$296K	$877K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.223	−0.003%	$103K	$106K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.220	−0.027%	$13K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.220	−0.026%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.222	−0.009%	$18K	$663K	50x	as long as short
Variational Omni AVAX	+0.0099%	8h	11.203	−0.179%	$3.0M	$2.4M	—	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.220	−0.023%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.220	−0.027%	$2.3M	$1.7M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.224	+0.007%	$298K	$118K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.222	−0.009%	$120.2M	$510.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.222	−0.009%	$89.4M	$154.8M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.223	0.000%	$20.3M	$143.2M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.220	−0.027%	$12.5M	$40.4M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.220	−0.027%	$50.1M	$93.6M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.223	0.000%	$15.5M	$24.0M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.221	−0.018%	$34.2M	$57.7M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.221	−0.018%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.224	+0.009%	$359K	$563K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.222	−0.005%	$351K	$862K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.226	+0.027%	$180K	$686K	50x	as long as short
Polymarket Perps AVAX-USDlong	+0.0100%	1h	11.223	long leg	$132K	$440K	10x
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.228	+0.045%	$204K	$303K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.249	+0.232%	$12K	$735K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.220	−0.027%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.214	−0.076%	$362K	$1.0M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.216	−0.062%	$30.2M	$4.9M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.218	−0.046%	$669K	$2.1M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.217	−0.053%	$258K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.198	−0.223%	$5.0M	$7.1M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.215	−0.072%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0270%	1h	11.226	+0.028%	$4.6M	$13.0M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0280%	1h	11.217	−0.053%	$913K	$7.7M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0431% / S −0.0253%	1h	11.217	−0.052%	$250K	—	120x	as long as short
Hyperliquid AVAX	+0.0790%	1h	11.235	+0.107%	$43.5M	$55.0M	10x	as long as short