Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0002%/8h= −0.3% APRpaid last 24h +0.004%

Price spread now: OKX against Backpack−0.009%46s7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as 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−$370.365% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.009%, 7d avg −0.045%

Together, before fees+0.067%+$7 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: OKX is 0.036% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.045%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AVAX_USDC_PERP	10.887	0.0100	pay 0.0013% / 1h	55m 27s	$440K	$524K	15x
Short	OKX AVAX-USDT-SWAP	10.886	0.0098	get 0.0098% / 8h	5h 55m	$19.4M	$102.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Backpack. 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 BackpackbpFee OKXbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$0.51
Price spread: −0.009% → −0.045%: $3.6
Slippage, 4 orders: −$16.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$33.42
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from Backpack: live order book, 56 min ago; OKX: 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 Backpack live order book, 56 min ago	0.46 bp	11.5 bp −$11	43.3 bp −$433	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.46 bp	8.7 bp −$9	16.2 bp −$162	32.7 bp −$3,267	doesn't fit

AVAX on 36 exchanges

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
Variational Omni AVAX	−0.0140%	8h	10.876	−0.104%	$3.1M	$2.1M	—	as long as short
SoDEX AVAX-USD	−0.0105%	1h	10.883	−0.037%	$19K	$68K	10x	as long as short
Gate AVAX_USDT	−0.0101%	8h	10.886	−0.009%	$14.6M	$26.6M	75x	as long as short
Kraken Futures PF_AVAXUSD	−0.0056%	1h	10.886	−0.010%	$3.8M	$10.9M	50x	as long as short
Bybit AVAXUSDT	−0.0038%	8h	10.885	−0.018%	$84.9M	$132.2M	75x	as long as short
Phemex AVAXUSDT	−0.0034%	8h	10.880	−0.064%	$29.0M	$5.6M	50x	as long as short
Nado AVAX-PERP	−0.0016%	1h	10.886	−0.005%	$277K	$300K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.893	+0.057%	$93K	$100K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.884	−0.028%	$5.0M	$6.6M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0002%	1h	10.892	+0.049%	$23K	—	150x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	−1.167%	$17K	$151K	12x	as long as short
Lighter AVAX	+0.0096%	1h	10.890	+0.032%	$1.2M	$1.9M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.890	+0.028%	$23K	$438K	50x	as long as short
OKX AVAX-USDT-SWAPshort	+0.0098%	8h	10.886	−0.009%	$19.4M	$102.9M	50x
Paradex AVAX-USD-PERP	+0.0099%	8h	10.887	+0.002%	$12K	$62	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.888	+0.012%	$2.2M	$1.3M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.893	+0.051%	$274K	$122K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.889	+0.019%	$115.1M	$373.6M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.888	+0.009%	$53.3M	$69.2M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.891	+0.037%	$14.3M	$18.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.889	+0.018%	$33.1M	$43.3M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.887	0.000%	—	$52.4M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	10.887	long leg	$440K	$524K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.890	+0.028%	$342K	$1.5M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.913	+0.239%	$175K	$660K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.889	+0.018%	$137K	$247K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.897	+0.092%	$236K	$217K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.905	+0.163%	$12K	$772K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.887	+0.002%	$327K	$948K	75x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.884	−0.024%	$618K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.884	−0.024%	$250K	—	3x	as long as short
Hyperliquid AVAX	+0.0106%	1h	10.905	+0.165%	$36.2M	$38.1M	10x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0208%	1h	10.924	+0.340%	$863K	$5.1M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.887	0.000%	$4.8M	$5.2M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.884	−0.024%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0294%	1h	10.886	−0.013%	$230K	—	120x	as long as short