AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1521%/8h= +166.6% APRnext payment +$1.90 per $10,000 · paid last 24h +0.239%

Price spread now: Backpack against Injective+0.383%7-day average +0.226% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$1231.233% of the position

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.324%+$32 on $10k

Price spread, last 4 days (all we have)−1.134%−$113 · spread now +0.383%, 7d avg +0.226%

Together, before fees−0.810%−$81 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$46 a day on $10k at the current rate, and Backpack is 0.157% dearer against Injective than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.226%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.324% in total (about 16.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.90 per $10,000. 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	Injective AVAX/USDC PERP	10.960	−0.1421	get 0.0178% / 1h	50m 34s	$17K	$151K	12x
Short	Backpack AVAX_USDC_PERP	11.002	0.0100	get 0.0013% / 1h	50m 34s	$370K	$548K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +0.383%Rate

Funding earned: $319.44
Price spread: +0.383% → +0.226%: $15.73
Slippage, 4 orders: −$113.25
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $211.9
Costs to cover: 1.233%
Break-even: 2.4 days

Slippage from Injective: live order book, 3 min ago; Backpack: live order book, 3 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 Injective live order book, 3 min ago	40.93 bp	59.0 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	0.46 bp	9.2 bp −$9	47.0 bp −$470	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 PERPlong	−0.1421%	1h	10.960	long leg	$17K	$151K	12x
Deribit AVAX_USDC-PERPETUAL	−0.0022%	1h	11.007	+0.429%	$5.1M	$7.9M	25x	as long as short
Nado AVAX-PERP	−0.0018%	1h	10.996	+0.328%	$285K	$319K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.002	+0.379%	$96K	$97K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.010	+0.456%	$12K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0020%	1h	11.004	+0.406%	$4.3M	$11.3M	50x	as long as short
ApeX Omni AVAXUSDT	+0.0084%	1h	11.008	+0.438%	$177K	$671K	50x	as long as short
Lighter AVAX	+0.0096%	1h	10.997	+0.339%	$1.2M	$2.7M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.993	+0.301%	$15K	$458K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	10.995	+0.324%	$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
Aster AVAXUSDT	+0.0100%	8h	11.001	+0.378%	$2.2M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.999	+0.358%	$277K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.993	+0.301%	$116.0M	$428.4M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.985	+0.228%	$84.0M	$140.8M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.990	+0.274%	$20.2M	$113.9M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	10.993	+0.301%	$12.1M	$32.2M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.995	+0.319%	$45.9M	$78.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.998	+0.347%	$15.5M	$21.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.990	+0.274%	$33.0M	$47.7M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.991	+0.283%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.002	+0.383%	$370K	$548K	15x
Variational Omni AVAX	+0.0100%	8h	11.001	+0.370%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.010	+0.455%	$345K	$891K	10x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.993	+0.301%	$129K	$345K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.014	+0.493%	$193K	$310K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.038	+0.711%	$12K	$719K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.002	+0.383%	$18K	$71K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.004	+0.405%	$366K	$791K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.006	+0.420%	$29.4M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.989	+0.264%	$678K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.005	+0.406%	$253K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.000	+0.365%	$5.0M	$5.4M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	11.018	+0.529%	$897K	$5.2M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.984	+0.222%	$1K	—	20x	as long as short
Hyperliquid AVAX	+0.0377%	1h	11.005	+0.411%	$42.7M	$41.6M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.010	+0.460%	$234K	—	120x	as long as short