Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.005%

Price spread now: Phemex against Popdex−0.046%7-day average +0.013% · 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−$65as in the Price arb table

costs, in and out, $10k−$590.587% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.473%−$47 · spread now −0.046%, 7d avg +0.013%

Together, before fees−0.476%−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.059% cheaper against Popdex than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.003% in total (about -0.3% 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	Popdex AVAXUSDT	10.768	0.0096	pay 0.0012% / 1h	49m 01s	$25K	$460K	50x
Short	Phemex AVAXUSDT	10.763	−0.0103	pay 0.0103% / 8h	7h 49m	$28.7M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$41.77
Price spread: −0.046% → +0.013%: −$5.9
Slippage, 4 orders: −$40.33
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$106.4
Costs to cover: 0.587%
Break-even: never at this rate

Slippage from Popdex: live order book, 50 min ago; Phemex: live order book, 5 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, 50 min ago	1.87 bp	6.6 bp −$7	18.1 bp −$181	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	9.28 bp	22.3 bp −$22	37.3 bp −$373	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
Nado AVAX-PERP	−0.0312%	1h	10.767	−0.005%	$280K	$331K	10x	as long as short
Kraken Futures PF_AVAXUSD	−0.0265%	1h	10.769	+0.005%	$3.7M	$11.6M	50x	as long as short
Phemex AVAXUSDTshort	−0.0103%	8h	10.763	−0.046%	$28.7M	$5.7M	50x
Variational Omni AVAX	−0.0077%	8h	10.764	−0.040%	$3.0M	$2.1M	—	as long as short
Gate AVAX_USDT	−0.0063%	8h	10.764	−0.037%	$13.6M	$28.6M	75x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0029%	1h	10.766	−0.019%	$4.9M	$6.8M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.770	+0.019%	$92K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.771	+0.023%	$12K	—	150x	as long as short
SoDEX AVAX-USD	+0.0013%	1h	10.764	−0.037%	$18K	$68K	10x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	−0.074%	$17K	$151K	12x	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	+0.0093%	8h	10.766	−0.021%	$12K	$212	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.765	−0.024%	$1.2M	$2.0M	10x	as long as short
Popdex AVAXUSDTlong	+0.0096%	1h	10.768	long leg	$25K	$460K	50x
Hyperliquid AVAX	+0.0100%	1h	10.776	+0.071%	$36.9M	$40.1M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.768	−0.004%	$2.4M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.768	+0.002%	$271K	$128K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.764	−0.037%	$113.9M	$398.8M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.763	−0.046%	$84.1M	$139.3M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.765	−0.028%	$19.0M	$106.9M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.764	−0.037%	$53.0M	$78.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.768	0.000%	$14.0M	$21.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.766	−0.019%	$32.7M	$45.6M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.764	−0.037%	—	$53.3M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.768	0.000%	$438K	$531K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.778	+0.092%	$340K	$1.2M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.782	+0.130%	$174K	$663K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.774	+0.056%	$135K	$287K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.773	+0.046%	$233K	$248K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.795	+0.254%	$12K	$769K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.768	−0.005%	$332K	$868K	75x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.762	−0.053%	$601K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.762	−0.059%	$247K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.782	+0.130%	$849K	$5.2M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.767	−0.009%	$4.6M	$5.4M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.762	−0.053%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.771	+0.024%	$227K	—	120x	as long as short