Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0565%/8h= −61.9% APRpaid last 24h −0.150%

Price spread now: Variational Omni against Hyperliquid−0.142%7-day average −0.054% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.222%−$22 on $10k

Price spread, last 7 days+0.100%+$10 · spread now −0.142%, 7d avg −0.054%

Together, before fees−0.122%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Variational Omni is 0.089% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AVAX	11.244	0.0665	pay 0.0083% / 1h	58m 28s	$43.8M	$55.0M	10x
Short	Variational Omni AVAX	11.228	0.0100	get 0.0100% / 8h	7h 58m	$3.0M	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.142%Rate

Funding earned: −$118.62
Price spread: −0.142% → −0.054%: −$8.87
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$136.49
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 min ago; Variational Omni: RFQ quote, 1 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 Hyperliquid live order book, 5 min ago	0.44 bp	6.7 bp −$7	15.4 bp −$154	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.21 bp	doesn't fit	9.5 bp −$95	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	−0.1363%	1h	11.180	−0.569%	$17K	$151K	12x	as long as short
Gate AVAX_USDT	−0.0079%	8h	11.224	−0.178%	$12.5M	$37.3M	75x	as long as short
Nado AVAX-PERP	−0.0069%	1h	11.232	−0.111%	$295K	$878K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0017%	1h	11.227	−0.151%	$5.3M	$8.9M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.223	−0.191%	$103K	$106K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.226	−0.160%	$13K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.218	−0.233%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.232	−0.107%	$18K	$663K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.232	−0.106%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.230	−0.125%	$2.3M	$1.7M	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	11.226	−0.159%	$298K	$118K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.224	−0.178%	$120.3M	$510.2M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.228	−0.142%	$89.5M	$154.6M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.226	−0.160%	$20.3M	$142.8M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.226	−0.160%	$50.0M	$87.6M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.232	−0.107%	$15.6M	$24.1M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.226	−0.160%	$34.2M	$57.6M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.226	−0.160%	—	$86.6M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.228	−0.142%	$359K	$564K	15x	as long as short
Variational Omni AVAXshort	+0.0100%	8h	11.228	−0.142%	$3.0M	$2.4M	—
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.230	−0.127%	$362K	$873K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.234	−0.089%	$180K	$688K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.230	−0.125%	$132K	$440K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.236	−0.071%	$204K	$303K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.263	+0.170%	$12K	$736K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.228	−0.142%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.226	−0.156%	$363K	$1.0M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.226	−0.160%	$30.2M	$4.9M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.229	−0.135%	$669K	$2.1M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.227	−0.147%	$258K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0214%	1h	11.233	−0.097%	$4.6M	$12.9M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.225	−0.169%	$5.0M	$7.1M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.224	−0.174%	$1K	—	20x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0304%	1h	11.235	−0.080%	$917K	$7.6M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0435% / S −0.0258%	1h	11.225	−0.165%	$251K	—	120x	as long as short
Hyperliquid AVAXlong	+0.0665%	1h	11.244	long leg	$43.8M	$55.0M	10x