Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.031%

Price spread now: Bybit against Popdex−0.009%7-day average −0.054% · 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−$25as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.009%, 7d avg −0.054%

Together, before fees−0.076%−$8 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: Bybit is 0.045% dearer against Popdex than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex AVAXUSDT	11.258	0.0096	pay 0.0012% / 1h	36m 48s	$16K	$694K	50x
Short	Bybit AVAXUSDT	11.257	0.0100	get 0.0100% / 8h	1h 36m	$87.9M	$156.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Popdex. 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 PopdexbpFee BybitbpOrdersPrice spread, now −0.009%Rate

Funding earned: $0.84
Price spread: −0.009% → −0.054%: $4.54
Slippage, 4 orders: −$11.8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$23.82
Costs to cover: 0.292%
Break-even: 205.5 days

Slippage from Popdex: live order book, 47 min ago; Bybit: live order book, 2 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 Popdex live order book, 47 min ago	1.77 bp	6.3 bp −$6	16.5 bp −$165	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.44 bp	8.6 bp −$9	15.1 bp −$151	23.0 bp −$2,305	87.0 bp −$43.5K

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	−0.0570%	1h	11.220	−0.338%	$17K	$151K	12x	as long as short
Variational Omni AVAX	−0.0031%	8h	11.242	−0.140%	$3.0M	$2.4M	—	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0016%	1h	11.254	−0.036%	$5.3M	$9.2M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.265	+0.061%	$99K	$107K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.258	0.000%	$16K	—	150x	as long as short
Nado AVAX-PERP	+0.0008%	1h	11.260	+0.018%	$297K	$896K	10x	as long as short
Lighter AVAX	+0.0096%	1h	11.260	+0.014%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDTlong	+0.0096%	1h	11.258	long leg	$16K	$694K	50x
Paradex AVAX-USD-PERP	+0.0099%	8h	11.259	+0.009%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.261	+0.028%	$2.3M	$1.8M	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	11.264	+0.056%	$299K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.256	−0.017%	$120.3M	$526.5M	75x	as long as short
Bybit AVAXUSDTshort	+0.0100%	8h	11.257	−0.009%	$87.9M	$156.9M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.259	+0.009%	$20.3M	$146.7M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.258	0.000%	$12.6M	$40.1M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.257	−0.009%	$52.3M	$99.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.263	+0.044%	$16.7M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.258	0.000%	$34.3M	$60.4M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.259	+0.009%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.260	+0.018%	$359K	$571K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.254	−0.036%	$359K	$898K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.258	0.000%	$181K	$686K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.257	−0.009%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.265	+0.062%	$203K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.286	+0.250%	$12K	$729K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.255	−0.027%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.259	+0.013%	$363K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.255	−0.027%	$30.3M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.256	−0.021%	$669K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.185	−0.644%	$257K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.278	+0.178%	$910K	$8.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.256	−0.018%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.253	−0.049%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0396% / S −0.0236%	1h	11.259	+0.005%	$237K	—	120x	as long as short
Hyperliquid AVAX	+0.0578%	1h	11.277	+0.169%	$43.6M	$57.1M	10x	as long as short
Kraken Futures PF_AVAXUSD	+0.0628%	1h	11.261	+0.031%	$4.6M	$13.5M	50x	as long as short