Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.088%

Price spread now: Phemex against Hyperliquid+0.085%7-day average −0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$550.551% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 4 days (all we have)−0.215%−$22 · spread now +0.085%, 7d avg −0.043%

Together, before fees−0.272%+ Points / potential airdropHyperliquid: Season 2 · farm board−$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.128% dearer against Hyperliquid than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AVAX	10.622	0.0100	pay 0.0013% / 1h	33m 37s	$38.0M	$43.6M	10x
Short	Phemex AVAXUSDT	10.631	0.0100	get 0.0100% / 8h	2h 33m	$28.4M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.085%Rate

Funding earned: $0
Price spread: +0.085% → −0.043%: $12.8
Slippage, 4 orders: −$34.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$42.34
Costs to cover: 0.551%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Phemex: live order book, 5 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, 10 min ago	0.94 bp	6.5 bp −$6	11.3 bp −$113	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	8.98 bp	16.3 bp −$16	84.1 bp −$841	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
Injective AVAX/USDC PERP	−0.1423%	1h	10.760	+1.299%	$17K	$152K	12x	as long as short
Kraken Futures PF_AVAXUSD	−0.0281%	1h	10.633	+0.106%	$4.2M	$11.5M	50x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0032%	1h	10.631	+0.085%	$4.8M	$7.5M	25x	as long as short
Nado AVAX-PERP	−0.0025%	1h	10.637	+0.141%	$291K	$338K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.612	−0.095%	$93K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.636	+0.137%	$12K	—	150x	as long as short
Variational Omni AVAX	+0.0008%	8h	10.633	+0.102%	$2.8M	$2.1M	—	as long as short
Gate AVAX_USDT	+0.0031%	8h	10.606	−0.151%	$12.1M	$32.5M	75x	as long as short
Polymarket Perps AVAX-USD	+0.0082%	1h	10.637	+0.141%	$132K	$355K	10x	as long as short
Paradex AVAX-USD-PERP	+0.0096%	8h	10.610	−0.109%	$12K	$212	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AVAX	+0.0096%	1h	10.613	−0.086%	$1.2M	$2.6M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.605	−0.160%	$18K	$448K	50x	as long as short
Bybit AVAXUSDT	+0.0097%	8h	10.598	−0.226%	$78.6M	$144.5M	75x	as long as short
Hyperliquid AVAXlong	+0.0100%	1h	10.622	long leg	$38.0M	$43.6M	10x
Aster AVAXUSDT	+0.0100%	8h	10.617	−0.047%	$2.1M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.613	−0.088%	$267K	$130K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.608	−0.132%	$112.7M	$430.4M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.604	−0.169%	$18.6M	$112.0M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.610	−0.113%	$42.3M	$79.5M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.604	−0.169%	$13.3M	$22.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.607	−0.141%	$31.9M	$49.4M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.607	−0.141%	—	$54.2M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.625	+0.028%	$370K	$538K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.624	+0.021%	$336K	$957K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.627	+0.047%	$172K	$664K	50x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.634	+0.113%	$168K	$339K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.662	+0.380%	$11K	$756K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.629	+0.066%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.629	+0.061%	$343K	$794K	75x	as long as short
Phemex AVAXUSDTshort	+0.0100%	8h	10.631	+0.085%	$28.4M	$5.8M	50x
Extended AVAX-USD	+0.0104%	1h	10.601	−0.201%	$641K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.627	+0.044%	$244K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0216%	1h	10.630	+0.075%	$838K	$4.8M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.650	+0.264%	$4.7M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.632	+0.093%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0278%	1h	10.635	+0.123%	$230K	—	120x	as long as short