Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0195%/8h= +21.3% APRpaid last 24h +0.108%

Price spread now: GMX against Variational Omni−0.212%7-day average +0.107% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.288%+$29 on $10k

Price spread, last 3 days (all we have)+0.301%+$30 · spread now −0.212%, 7d avg +0.107%

Together, before fees+0.590%+ Points / potential airdropVariational Omni: Active · farm board+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.319% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.212% now, against its 7-day average of +0.107%). If the spread goes back, that is −$32 on $10k: about 5.5 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni AVAX	11.127	0.0100	pay 0.0100% / 8h	6h 28m	$2.9M	$2.2M	—
Short	GMX AVAX/USD [AVAX-USDC]	11.103	L +0.0436% / S −0.0295%	get 0.0037% / 1h	28m 50s	$236K	—	120x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now −0.212%Rate

Funding earned: $40.92
Price spread: −0.212% → +0.107%: −$31.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$2.96
Costs to cover: 0.120%
Break-even: 7.5 days

Slippage unknown: Variational Omni: RFQ quote, just now; GMX: no order-book sample. Net counts fees only.

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 Variational Omni RFQ quote, just now	3.20 bp	doesn't fit	11.8 bp −$118	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

AVAX on 35 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	−0.1423%	1h	11.080	−0.420%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0110%	1h	11.102	−0.223%	$5.2M	$8.3M	25x	as long as short
Nado AVAX-PERP	−0.0049%	1h	11.100	−0.241%	$286K	$509K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.111	−0.145%	$102K	$96K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.104	−0.205%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0062%	8h	11.116	−0.097%	$12.1M	$36.6M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.108	−0.172%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.109	−0.160%	$15K	$595K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.110	−0.155%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.111	−0.142%	$2.3M	$1.4M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.115	−0.104%	$295K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.108	−0.166%	$118.3M	$461.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.110	−0.151%	$88.5M	$143.7M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.107	−0.178%	$19.9M	$124.2M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.113	−0.124%	$48.7M	$82.7M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.121	−0.052%	$15.6M	$22.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.114	−0.115%	$33.4M	$51.5M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.108	−0.169%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.114	−0.115%	$355K	$536K	15x	as long as short
Variational Omni AVAXlong	+0.0100%	8h	11.127	long leg	$2.9M	$2.2M	—
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.117	−0.088%	$350K	$800K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.120	−0.061%	$179K	$679K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.109	−0.160%	$130K	$363K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.114	−0.115%	$195K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.137	+0.095%	$12K	$718K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.105	−0.196%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.094	−0.295%	$360K	$939K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.106	−0.187%	$29.6M	$5.6M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.109	−0.164%	$671K	$1.7M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.102	−0.226%	$255K	—	3x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.094	−0.292%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.108	−0.171%	$4.3M	$12.0M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.104	−0.205%	$902K	$5.9M	50x	as long as short
Hyperliquid AVAX	+0.0414%	1h	11.127	+0.002%	$43.3M	$47.1M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]short	L +0.0436% / S −0.0295%	1h	11.103	−0.212%	$236K	—	120x