AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0336%/8h= −36.8% APRnext payment −$0.42 per $10,000 · paid last 24h −0.104%

Price spread now: Backpack against GMX+0.020%7-day average −0.032% · you sell dearer than you buy

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

Long on GMX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.365%−$37 on $10k

Price spread, last 3 days (all we have)+0.006%+$1 · spread now +0.020%, 7d avg −0.032%

Together, before fees−0.360%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.052% dearer against GMX than usual: you sell high and buy low (spread +0.020% now, against its 7-day average of −0.032%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AVAX/USD [AVAX-USDC]	11.106	L +0.0436% / S −0.0295%	pay 0.0055% / 1h	47m 36s	$236K	—	120x
Short	Backpack AVAX_USDC_PERP	11.108	0.0100	get 0.0013% / 1h	47m 36s	$355K	$548K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GMX. 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 GMXbpFee BackpackbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$70.65
Price spread: +0.020% → −0.032%: $5.19
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$87.46
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 21 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Backpack live order book, 21 min ago	0.45 bp	7.8 bp −$8	33.2 bp −$332	doesn't fit	doesn't fit

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	−0.1423%	1h	11.090	−0.143%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0200%	1h	11.106	+0.002%	$5.2M	$8.3M	25x	as long as short
Nado AVAX-PERP	−0.0032%	1h	11.104	−0.012%	$289K	$525K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.101	−0.046%	$102K	$105K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.106	+0.002%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0078%	8h	11.098	−0.070%	$12.1M	$36.4M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.095	−0.095%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.109	+0.029%	$18K	$601K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.110	+0.041%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.099	−0.061%	$2.3M	$1.4M	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	11.103	−0.023%	$295K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.108	+0.020%	$118.3M	$471.4M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.108	+0.020%	$88.4M	$146.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.105	−0.007%	$19.8M	$127.2M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.111	+0.047%	$48.6M	$82.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.106	+0.002%	$15.5M	$22.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.107	+0.011%	$33.4M	$52.5M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.110	+0.038%	—	$83.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.108	+0.020%	$355K	$548K	15x
Variational Omni AVAX	+0.0100%	8h	11.107	+0.009%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.127	+0.191%	$353K	$807K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.129	+0.209%	$179K	$682K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.114	+0.074%	$130K	$369K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.113	+0.065%	$195K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.142	+0.324%	$12K	$721K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.104	−0.016%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.107	+0.006%	$361K	$939K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.107	+0.011%	$29.7M	$5.4M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.106	−0.002%	$668K	$2.0M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.101	−0.039%	$255K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.117	+0.101%	$5.0M	$6.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.101	−0.045%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.107	+0.012%	$4.3M	$12.2M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.112	+0.056%	$910K	$6.2M	50x	as long as short
Hyperliquid AVAX	+0.0413%	1h	11.114	+0.074%	$43.3M	$48.0M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]long	L +0.0436% / S −0.0295%	1h	11.106	long leg	$236K	—	120x