AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.014%

Price spread now: Lighter against Backpack−0.114%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.154%+$15 · spread now −0.114%, 7d avg −0.042%

Together, before fees+0.131%+ Points / potential airdropLighter: Season 3 · farm board+$13 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: Lighter is 0.072% cheaper against Backpack than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AVAX_USDC_PERP	11.108	0.0100	pay 0.0013% / 1h	47m 41s	$355K	$548K	15x
Short	Lighter AVAX	11.095	0.0096	get 0.0012% / 1h	47m 41s	$1.2M	$3.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Backpack. 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 BackpackbpFee LighterbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$0.84
Price spread: −0.114% → −0.042%: −$7.2
Slippage, 4 orders: −$16.59
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$34.64
Costs to cover: 0.266%
Break-even: never at this rate

Slippage from Backpack: live order book, 21 min ago; Lighter: 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 Backpack live order book, 21 min ago	0.45 bp	8.9 bp −$9	36.7 bp −$367	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	3.14 bp	3.2 bp −$3	14.7 bp −$147	95.2 bp −$9,515	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	−0.1423%	1h	11.090	−0.162%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0200%	1h	11.106	−0.018%	$5.2M	$8.3M	25x	as long as short
Nado AVAX-PERP	−0.0032%	1h	11.104	−0.032%	$289K	$525K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.101	−0.066%	$102K	$105K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.106	−0.018%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0078%	8h	11.098	−0.090%	$12.1M	$36.4M	75x	as long as short
Lighter AVAXshort	+0.0096%	1h	11.095	−0.114%	$1.2M	$3.0M	10x
Popdex AVAXUSDT	+0.0096%	1h	11.109	+0.009%	$18K	$601K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.110	+0.021%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.099	−0.080%	$2.3M	$1.4M	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	11.103	−0.043%	$295K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.108	0.000%	$118.3M	$471.4M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.108	0.000%	$88.4M	$146.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.105	−0.027%	$19.8M	$127.2M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.111	+0.027%	$48.6M	$82.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.106	−0.018%	$15.5M	$22.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.107	−0.009%	$33.4M	$52.5M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.110	+0.018%	—	$83.5M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	11.108	long leg	$355K	$548K	15x
Variational Omni AVAX	+0.0100%	8h	11.107	−0.011%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.127	+0.171%	$353K	$807K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.129	+0.189%	$179K	$682K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.114	+0.054%	$130K	$369K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.113	+0.045%	$195K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.142	+0.304%	$12K	$721K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.104	−0.036%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.107	−0.014%	$361K	$939K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.107	−0.009%	$29.7M	$5.4M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.106	−0.021%	$668K	$2.0M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.101	−0.059%	$255K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.117	+0.081%	$5.0M	$6.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.101	−0.065%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.107	−0.007%	$4.3M	$12.2M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.112	+0.036%	$910K	$6.2M	50x	as long as short
Hyperliquid AVAX	+0.0413%	1h	11.114	+0.054%	$43.3M	$48.0M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.106	−0.020%	$236K	—	120x	as long as short