Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0171%/8h= +18.8% APRpaid last 24h +0.070%

Price spread now: GMX against Bybit+0.004%7-day average +0.095% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.198%+$20 on $10k

Price spread, last 3 days (all we have)−0.030%−$3 · spread now +0.004%, 7d avg +0.095%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.090% cheaper against Bybit than usual: you would sell low and buy high (spread +0.004% now, against its 7-day average of +0.095%). If the spread goes back, that is −$9 on $10k: about 42 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit AVAXUSDT	11.246	0.0100	pay 0.0100% / 8h	45m 00s	$89.5M	$155.9M	75x
Short	GMX AVAX/USD [AVAX-USDC]	11.246	L +0.0419% / S −0.0271%	get 0.0034% / 1h	45m 00s	$237K	—	120x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.004%Rate

Funding earned: $35.98
Price spread: +0.004% → +0.095%: −$9.02
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $3.96
Costs to cover: 0.230%
Break-even: 6.2 days

Slippage unknown: Bybit: live order book, 4 min ago; 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 Bybit live order book, 4 min ago	0.44 bp	7.7 bp −$8	12.7 bp −$127	37.5 bp −$3,748	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 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	−0.1451%	1h	11.210	−0.320%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0106%	1h	11.244	−0.018%	$5.3M	$8.9M	25x	as long as short
Nado AVAX-PERP	−0.0088%	1h	11.250	+0.040%	$297K	$885K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.253	+0.061%	$104K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.248	+0.018%	$13K	—	150x	as long as short
Variational Omni AVAX	+0.0062%	8h	11.258	+0.108%	$3.0M	$2.4M	—	as long as short
Lighter AVAX	+0.0096%	1h	11.248	+0.015%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.245	−0.009%	$18K	$677K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.250	+0.032%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.249	+0.027%	$2.3M	$1.8M	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	11.257	+0.100%	$299K	$118K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.243	−0.023%	$120.4M	$518.0M	75x	as long as short
Bybit AVAXUSDTlong	+0.0100%	8h	11.246	long leg	$89.5M	$155.9M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.246	0.000%	$20.2M	$144.9M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.245	−0.009%	$12.2M	$40.1M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.245	−0.009%	$52.2M	$93.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.250	+0.036%	$15.8M	$24.3M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.245	−0.009%	$34.3M	$59.1M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.247	+0.009%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.245	−0.009%	$360K	$564K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.249	+0.024%	$359K	$864K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.244	−0.018%	$181K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.248	+0.018%	$134K	$438K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.254	+0.071%	$204K	$303K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.276	+0.266%	$12K	$733K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.246	0.000%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.246	+0.004%	$363K	$1.0M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.245	−0.009%	$30.2M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.244	−0.018%	$672K	$2.1M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.243	−0.027%	$258K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.248	+0.018%	$5.0M	$7.7M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.244	−0.019%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0270%	1h	11.251	+0.044%	$4.6M	$13.2M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0280%	1h	11.263	+0.151%	$917K	$8.0M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]short	L +0.0419% / S −0.0271%	1h	11.246	+0.004%	$237K	—	120x
Hyperliquid AVAX	+0.0858%	1h	11.262	+0.142%	$43.7M	$55.3M	10x	as long as short