Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1521%/8h= −166.6% APRpaid last 24h −0.261%

Price spread now: Injective against SunX−0.488%61s7-day average −0.521% · you buy dearer than you sell

Net, funding: paid 7d − costs−$304as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2572.566% of the position

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.476%−$48 on $10k

Price spread, last 4 days (all we have)+1.132%+$113 · spread now −0.488%, 7d avg −0.521%

Together, before fees+0.656%+$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.033% dearer against SunX than usual: you sell high and buy low (spread −0.488% now, against its 7-day average of −0.521%): +$3 on $10k if it goes back. Holding the pair costs −$46 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.476% in total) that is about 12 hours. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.476% in total (about -24.8% 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	SunX AVAX-USDT	10.933	0.0100	pay 0.0100% / 8h	3h 11m	$12K	$718K	20x
Short	Injective AVAX/USDC PERP	10.880	−0.1421	pay 0.0178% / 1h	11m 34s	$17K	$151K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SunXbpFee InjectivebpOrdersPrice spread, now −0.488%Rate

Funding earned: −$319.44
Price spread: −0.488% → −0.521%: $3.28
Slippage, 4 orders: −$248.54
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$572.73
Costs to cover: 2.566%
Break-even: never at this rate

Slippage from SunX: live order book, 70 min ago; Injective: live order book, 42 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 SunX live order book, 70 min ago	41.87 bp	55.4 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 42 min ago	40.93 bp	40.9 bp −$41	doesn't fit	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 PERPshort	−0.1421%	1h	10.880	−0.488%	$17K	$151K	12x
Deribit AVAX_USDC-PERPETUAL	−0.0025%	1h	10.904	−0.269%	$5.0M	$7.4M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.890	−0.401%	$95K	$96K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.907	−0.241%	$12K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0020%	1h	10.902	−0.283%	$4.2M	$11.0M	50x	as long as short
Nado AVAX-PERP	+0.0026%	1h	10.880	−0.484%	$282K	$308K	10x	as long as short
Gate AVAX_USDT	+0.0062%	8h	10.877	−0.516%	$12.2M	$32.6M	75x	as long as short
Lighter AVAX	+0.0096%	1h	10.888	−0.415%	$1.2M	$2.7M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.877	−0.516%	$8K	$441K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0098%	8h	10.879	−0.498%	$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
Aster AVAXUSDT	+0.0100%	8h	10.877	−0.512%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.890	−0.400%	$274K	$130K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.875	−0.530%	$114.1M	$416.0M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.869	−0.589%	$82.3M	$137.8M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.872	−0.562%	$19.7M	$109.3M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.882	−0.470%	$44.8M	$79.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.891	−0.388%	$15.0M	$21.6M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.877	−0.516%	$32.6M	$47.2M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.879	−0.498%	—	$54.7M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.896	−0.342%	$370K	$546K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	10.912	−0.199%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.906	−0.251%	$343K	$953K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.908	−0.232%	$175K	$665K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.882	−0.470%	$127K	$341K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.910	−0.214%	$192K	$310K	20x	as long as short
SunX AVAX-USDTlong	+0.0100%	8h	10.933	long leg	$12K	$718K	20x
SoDEX AVAX-USD	+0.0100%	1h	10.903	−0.278%	$18K	$71K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.938	+0.046%	$359K	$770K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.898	−0.324%	$29.1M	$5.7M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.873	−0.554%	$671K	$1.3M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.905	−0.264%	$250K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.903	−0.278%	$4.8M	$5.3M	100x	as long as short
Hyperliquid AVAX	+0.0231%	1h	10.903	−0.278%	$41.7M	$40.3M	10x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	10.908	−0.232%	$888K	$4.8M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.879	−0.500%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0445% / S −0.0279%	1h	10.906	−0.251%	$237K	—	120x	as long as short