Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0191%/8h= −20.9% APRpaid last 24h +0.018%

Price spread now: Nado against Bybit−0.113%7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.023%+$2 on $10k

Price spread, last 3 days (all we have)+0.615%+$62 · spread now −0.113%, 7d avg +0.060%

Together, before fees+0.638%+ Points / potential airdropNado: Active · farm board+$64 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Nado is 0.173% cheaper against Bybit than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.060%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.023% in total (about 2.7% 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	11.068	−0.0019	get 0.0019% / 8h	3h 31m	$86.5M	$147.4M	75x
Short	Nado AVAX-PERP	11.055	−0.0210	pay 0.0026% / 1h	31m 13s	$297K	$967K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.113%Rate

Funding earned: −$40.05
Price spread: −0.113% → +0.060%: −$17.26
Slippage, 4 orders: −$15.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$91.11
Costs to cover: 0.338%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Nado: live order book, 17 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, 3 min ago	0.45 bp	8.8 bp −$9	13.8 bp −$138	43.0 bp −$4,303	doesn't fit
Sell Nado live order book, 17 min ago	1.82 bp	7.8 bp −$8	16.3 bp −$163	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
Variational Omni AVAX	−0.0230%	8h	11.032	−0.328%	$2.8M	$2.2M	—	as long as short
Nado AVAX-PERPshort	−0.0210%	1h	11.055	−0.113%	$297K	$967K	10x
Deribit AVAX_USDC-PERPETUAL	−0.0111%	1h	11.065	−0.027%	$5.2M	$9.4M	25x	as long as short
Bybit AVAXUSDTlong	−0.0019%	8h	11.068	long leg	$86.5M	$147.4M	75x
OKX AVAX-USDT-SWAP	−0.0017%	8h	11.068	0.000%	$19.6M	$146.4M	50x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.056	−0.106%	$94K	$139K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.068	0.000%	$13K	—	150x	as long as short
Injective AVAX/USDC PERP	+0.0012%	1h	11.000	−0.614%	$17K	$103K	12x	as long as short
Extended AVAX-USD	+0.0016%	1h	11.062	−0.055%	$651K	$2.2M	25x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0016%	1h	11.076	+0.072%	$822K	$8.1M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AVAX-USD	+0.0016%	1h	11.065	−0.027%	$18K	$72K	10x	as long as short
Gate AVAX_USDT	+0.0019%	8h	11.064	−0.036%	$12.2M	$40.1M	75x	as long as short
MEXC AVAX_USDT	+0.0049%	8h	11.066	−0.018%	$51.4M	$112.3M	200x	as long as short
Binance AVAXUSDT	+0.0049%	8h	11.067	−0.009%	$118.1M	$543.0M	75x	as long as short
Backpack AVAX_USDC_PERP	+0.0071%	1h	11.071	+0.027%	$314K	$553K	15x	as long as short
BingX AVAX-USDT	+0.0072%	8h	11.068	0.000%	—	$93.6M	—	as long as short
Phemex AVAXUSDT	+0.0072%	8h	11.067	−0.009%	$29.6M	$4.8M	50x	as long as short
Bitget AVAXUSDT	+0.0077%	8h	11.070	+0.018%	$34.3M	$63.0M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0085%	8h	11.054	−0.127%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0092%	8h	11.059	−0.080%	$2.3M	$2.0M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.067	−0.013%	$1.2M	$3.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.055	−0.117%	$17K	$710K	50x	as long as short
Aevo AVAX-PERP	+0.0096%	1h	11.187	+1.072%	$257K	—	3x	as long as short
Pacifica AVAX	+0.0100%	1h	11.054	−0.130%	$299K	$118K	10x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.069	+0.009%	$15.7M	$24.8M	75x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.021	−0.428%	$357K	$863K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.021	−0.425%	$177K	$703K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.064	−0.036%	$115K	$489K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.075	+0.063%	$214K	$287K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.096	+0.251%	$12K	$701K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.056	−0.112%	$354K	$1.2M	75x	as long as short
BloFin AVAX-USDT	+0.0169%	8h	11.064	−0.036%	$4.9M	$8.9M	100x	as long as short
Kraken Futures PF_AVAXUSD	+0.0238%	1h	11.075	+0.061%	$4.6M	$13.6M	50x	as long as short
Reya AVAXRUSDPERP	+0.0243%	1h	11.059	−0.077%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0409% / S −0.0244%	1h	11.067	−0.007%	$238K	—	120x	as long as short
Hyperliquid AVAX	+0.0442%	1h	11.087	+0.172%	$41.6M	$58.7M	10x	as long as short