Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: Phemex against Backpack+0.036%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$460.464% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 4 days (all we have)−0.471%−$47 · spread now +0.036%, 7d avg +0.005%

Together, before fees−0.357%−$36 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: Phemex is 0.030% dearer against Backpack than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AVAX_USDC_PERP	11.162	0.0100	pay 0.0013% / 1h	10m 03s	$330K	$523K	15x
Short	Phemex AVAXUSDT	11.166	0.0100	get 0.0100% / 8h	5h 10m	$29.8M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.036%Rate

Funding earned: $0
Price spread: +0.036% → +0.005%: $3.03
Slippage, 4 orders: −$24.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$43.32
Costs to cover: 0.464%
Break-even: never at this rate

Slippage from Backpack: live order book, 54 min ago; Phemex: live order book, 4 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, 54 min ago	0.45 bp	8.6 bp −$9	41.4 bp −$414	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.23 bp	15.9 bp −$16	25.1 bp −$251	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 PERP	−0.1374%	1h	11.130	−0.287%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0071%	1h	11.172	+0.094%	$287K	$397K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0019%	1h	11.163	+0.009%	$5.2M	$7.9M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.171	+0.079%	$103K	$87K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.163	+0.010%	$13K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0045%	1h	11.168	+0.053%	$4.3M	$11.5M	50x	as long as short
Lighter AVAX	+0.0096%	1h	11.165	+0.023%	$1.2M	$2.9M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.173	+0.099%	$16K	$565K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.167	+0.049%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.167	+0.045%	$2.3M	$1.2M	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	11.173	+0.098%	$291K	$114K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.160	−0.014%	$119.5M	$430.7M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.160	−0.018%	$88.6M	$138.0M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.161	−0.009%	$20.4M	$117.1M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.164	+0.018%	$12.2M	$35.1M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.157	−0.045%	$49.0M	$79.6M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.168	+0.054%	$15.8M	$21.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.161	−0.009%	$33.6M	$48.4M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.164	+0.018%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	11.162	long leg	$330K	$523K	15x
Variational Omni AVAX	+0.0100%	8h	11.144	−0.158%	$2.9M	$2.3M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.177	+0.135%	$355K	$822K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.178	+0.143%	$180K	$675K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.174	+0.108%	$131K	$349K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.168	+0.054%	$196K	$312K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.202	+0.361%	$12K	$701K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.165	+0.027%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.159	−0.031%	$366K	$866K	75x	as long as short
Phemex AVAXUSDTshort	+0.0100%	8h	11.166	+0.036%	$29.8M	$5.7M	50x
Extended AVAX-USD	+0.0104%	1h	11.154	−0.071%	$684K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.163	+0.009%	$256K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.159	−0.027%	$5.1M	$5.5M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	11.178	+0.143%	$897K	$5.4M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.160	−0.020%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.162	+0.001%	$237K	—	120x	as long as short
Hyperliquid AVAX	+0.0589%	1h	11.181	+0.170%	$43.6M	$42.9M	10x	as long as short