Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1474%/8h= −161.4% APRpaid last 24h −0.191%

Price spread now: Injective against Bybit−0.682%88s7-day average −0.163% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as 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−$970.972% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.328%−$33 on $10k

Price spread, last 3 days (all we have)+1.498%+$150 · spread now −0.682%, 7d avg −0.163%

Together, before fees+1.170%+$117 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$44 a day on $10k at the current rate, and Injective is 0.519% cheaper against Bybit than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of −0.163%). Swap the legs. The two prices were read 88 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 -0.328% in total (about -17.1% 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	Bybit AVAXUSDT	11.136	0.0100	pay 0.0100% / 8h	5h 53m	$88.4M	$139.1M	75x
Short	Injective AVAX/USDC PERP	11.060	−0.1374	pay 0.0172% / 1h	53m 42s	$17K	$151K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.682%Rate

Funding earned: −$309.58
Price spread: −0.682% → −0.163%: −$51.93
Slippage, 4 orders: −$86.16
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$458.69
Costs to cover: 0.972%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Injective: live order book, 10 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 Bybit live order book, 5 min ago	0.45 bp	7.0 bp −$7	12.9 bp −$129	36.2 bp −$3,616	doesn't fit
Sell Injective live order book, 10 min ago	31.40 bp	31.4 bp −$31	doesn't fit	doesn't fit	doesn't fit

AVAX on 35 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	−0.1374%	1h	11.060	−0.682%	$17K	$151K	12x
Nado AVAX-PERP	−0.0075%	1h	11.120	−0.139%	$286K	$453K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0019%	1h	11.141	+0.045%	$5.2M	$8.0M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.115	−0.184%	$102K	$87K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.137	+0.012%	$13K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0045%	1h	11.141	+0.042%	$4.3M	$11.6M	50x	as long as short
Lighter AVAX	+0.0096%	1h	11.135	−0.013%	$1.2M	$2.9M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.123	−0.117%	$15K	$566K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.118	−0.161%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.135	−0.006%	$2.3M	$1.2M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.122	−0.124%	$290K	$113K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.137	+0.005%	$118.9M	$440.1M	75x	as long as short
Bybit AVAXUSDTlong	+0.0100%	8h	11.136	long leg	$88.4M	$139.1M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.136	0.000%	$20.0M	$120.0M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.132	−0.036%	$12.1M	$34.8M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.133	−0.027%	$48.4M	$78.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.138	+0.018%	$15.6M	$21.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.138	+0.018%	$33.4M	$49.2M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.138	+0.018%	—	$82.7M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.136	0.000%	$356K	$499K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	11.151	+0.132%	$3.0M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.099	−0.332%	$351K	$801K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.104	−0.287%	$178K	$680K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.132	−0.036%	$131K	$349K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.148	+0.108%	$196K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.148	+0.107%	$12K	$702K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.140	+0.036%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.131	−0.045%	$361K	$853K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.130	−0.054%	$29.7M	$5.6M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.130	−0.051%	$671K	$1.6M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.136	−0.003%	$256K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	11.144	+0.072%	$904K	$5.6M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.130	−0.057%	$1K	—	20x	as long as short
Hyperliquid AVAX	+0.0334%	1h	11.151	+0.136%	$43.4M	$43.6M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.137	+0.006%	$236K	—	120x	as long as short