Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1523%/8h= −166.7% APRpaid last 24h −0.274%

Price spread now: Injective against Bitget+1.261%61s7-day average −0.178% · you sell dearer than you buy

Net, funding: paid 7d − costs−$156as 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−$1121.122% of the position

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.439%−$44 on $10k

Price spread, last 4 days (all we have)−0.353%−$35 · spread now +1.261%, 7d avg −0.178%

Together, before fees−0.793%−$79 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.439% dearer against Bitget than usual: you sell high and buy low (spread +1.261% now, against its 7-day average of −0.178%): +$144 on $10k if it goes back. Holding the pair costs −$46 a day in funding at the current rate, which eats that in about 3.2 days. At the pace of the last 7 days (−0.439% in total) that is about 23 days. 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 -0.439% in total (about -22.9% 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	Bitget AVAXUSDT	10.626	0.0100	pay 0.0100% / 8h	2h 34m	$32.0M	$49.5M	75x
Short	Injective AVAX/USDC PERP	10.760	−0.1423	pay 0.0178% / 1h	34m 24s	$17K	$152K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now +1.261%Rate

Funding earned: −$319.79
Price spread: +1.261% → −0.178%: $143.91
Slippage, 4 orders: −$100.14
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$288.04
Costs to cover: 1.122%
Break-even: from the start

Slippage from Bitget: live order book, 5 min ago; Injective: live order book, 14 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 Bitget live order book, 5 min ago	0.47 bp	10.4 bp −$10	16.5 bp −$165	35.3 bp −$3,534	doesn't fit
Sell Injective live order book, 14 min ago	42.47 bp	42.5 bp −$42	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	−0.1423%	1h	10.760	+1.261%	$17K	$152K	12x
Kraken Futures PF_AVAXUSD	−0.0280%	1h	10.659	+0.314%	$4.2M	$11.5M	50x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0032%	1h	10.631	+0.047%	$4.8M	$7.5M	25x	as long as short
Nado AVAX-PERP	−0.0025%	1h	10.637	+0.104%	$291K	$338K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.633	+0.069%	$94K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.636	+0.099%	$12K	—	150x	as long as short
Variational Omni AVAX	+0.0008%	8h	10.633	+0.064%	$2.8M	$2.1M	—	as long as short
Gate AVAX_USDT	+0.0033%	8h	10.636	+0.094%	$12.1M	$32.5M	75x	as long as short
Polymarket Perps AVAX-USD	+0.0082%	1h	10.637	+0.104%	$132K	$355K	10x	as long as short
Lighter AVAX	+0.0096%	1h	10.631	+0.043%	$1.2M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex AVAXUSDT	+0.0096%	1h	10.637	+0.104%	$18K	$448K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0096%	8h	10.632	+0.060%	$12K	$212	20x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.645	+0.179%	$38.0M	$43.6M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.641	+0.142%	$2.1M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.638	+0.113%	$267K	$130K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.635	+0.084%	$113.0M	$430.8M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.623	−0.028%	$78.8M	$144.3M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.628	+0.019%	$18.7M	$112.2M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.640	+0.132%	$42.4M	$79.5M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.634	+0.075%	$13.3M	$22.8M	75x	as long as short
Bitget AVAXUSDTlong	+0.0100%	8h	10.626	long leg	$32.0M	$49.5M	75x
BingX AVAX-USDT	+0.0100%	8h	10.633	+0.066%	—	$54.3M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.641	+0.141%	$370K	$538K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.624	−0.017%	$336K	$957K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.627	+0.009%	$172K	$664K	50x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.634	+0.075%	$168K	$339K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.684	+0.550%	$11K	$756K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.654	+0.264%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.653	+0.259%	$344K	$794K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.655	+0.273%	$28.4M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.630	+0.039%	$641K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.627	+0.006%	$244K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0216%	1h	10.655	+0.273%	$841K	$4.8M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.650	+0.226%	$4.7M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.632	+0.056%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0278%	1h	10.635	+0.085%	$230K	—	120x	as long as short