Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0519%/8h= −56.9% APRpaid last 24h −0.082%

Price spread now: OKX against Hyperliquid−0.124%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 7 days+0.115%+$11 · spread now −0.124%, 7d avg −0.051%

Together, before fees+0.051%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and OKX is 0.073% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.064% in total (about -3.3% 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	Hyperliquid AVAX	11.277	0.0619	pay 0.0077% / 1h	16m 43s	$43.6M	$56.8M	10x
Short	OKX AVAX-USDT-SWAP	11.263	0.0100	get 0.0100% / 8h	1h 16m	$20.3M	$146.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Hyperliquid. 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 HyperliquidbpFee OKXbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$109.08
Price spread: −0.124% → −0.051%: −$7.35
Slippage, 4 orders: −$10.04
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$145.46
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; OKX: live order book, 2 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 Hyperliquid live order book, 7 min ago	0.88 bp	5.6 bp −$6	13.5 bp −$135	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.44 bp	7.7 bp −$8	15.7 bp −$157	50.8 bp −$5,084	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 PERP	−0.0570%	1h	11.210	−0.594%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0105%	1h	11.260	−0.151%	$5.4M	$9.2M	25x	as long as short
Nado AVAX-PERP	−0.0038%	1h	11.252	−0.226%	$297K	$893K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.261	−0.144%	$104K	$112K	10x	as long as short
Variational Omni AVAX	+0.0001%	8h	11.275	−0.017%	$3.0M	$2.4M	—	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.261	−0.143%	$13K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.263	−0.123%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.258	−0.168%	$18K	$684K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0099%	8h	11.261	−0.140%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.263	−0.121%	$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	11.265	−0.104%	$299K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.263	−0.124%	$120.6M	$524.4M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.263	−0.124%	$89.2M	$157.1M	75x	as long as short
OKX AVAX-USDT-SWAPshort	+0.0100%	8h	11.263	−0.124%	$20.3M	$146.4M	50x
Gate AVAX_USDT	+0.0100%	8h	11.263	−0.124%	$12.4M	$40.6M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.263	−0.124%	$52.1M	$100.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.268	−0.080%	$16.1M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.263	−0.124%	$34.2M	$59.9M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.264	−0.115%	—	$89.0M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.264	−0.115%	$361K	$568K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.278	+0.006%	$360K	$877K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.290	+0.115%	$181K	$686K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.261	−0.142%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.268	−0.080%	$203K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.290	+0.113%	$12K	$732K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.261	−0.142%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.261	−0.146%	$364K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.261	−0.142%	$30.3M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.261	−0.139%	$672K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.257	−0.174%	$259K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.295	+0.160%	$912K	$8.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.264	−0.115%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.257	−0.181%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0408% / S −0.0254%	1h	11.261	−0.144%	$237K	—	120x	as long as short
Hyperliquid AVAXlong	+0.0619%	1h	11.277	long leg	$43.6M	$56.8M	10x
Kraken Futures PF_AVAXUSD	+0.0628%	1h	11.268	−0.082%	$4.6M	$13.5M	50x	as long as short