Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.270%

Price spread now: Bybit against Injective−0.762%108s7-day average +0.161% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1101.097% of the position

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.400%+$40 on $10k

Price spread, last 4 days (all we have)−0.266%−$27 · spread now −0.762%, 7d avg +0.161%

Together, before fees+0.134%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.923% cheaper against Injective than usual: you would sell low and buy high (spread −0.762% now, against its 7-day average of +0.161%). If the spread goes back, that is −$92 on $10k: about 57 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.400% in total) that is about 16 days. The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective AVAX/USDC PERP	10.760	0.0033	pay 0.0004% / 1h	3m 38s	$17K	$152K	12x
Short	Bybit AVAXUSDT	10.678	0.0087	get 0.0087% / 8h	1h 03m	$81.5M	$144.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.762%Rate

Funding earned: $11.26
Price spread: −0.762% → +0.161%: −$92.27
Slippage, 4 orders: −$98.65
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$190.68
Costs to cover: 1.097%
Break-even: 125.5 days

Slippage from Injective: live order book, 40 min ago; Bybit: 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 Injective live order book, 40 min ago	32.76 bp	60.7 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.47 bp	7.7 bp −$8	13.9 bp −$139	38.6 bp −$3,863	132.8 bp −$66.4K

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
Nado AVAX-PERP	−0.0194%	1h	10.675	−0.790%	$280K	$337K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0125%	1h	10.676	−0.781%	$4.8M	$6.9M	25x	as long as short
Variational Omni AVAX	−0.0062%	8h	10.713	−0.440%	$2.9M	$2.2M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.686	−0.684%	$91K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.679	−0.754%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0015%	8h	10.682	−0.725%	$12.9M	$32.5M	75x	as long as short
Injective AVAX/USDC PERPlong	+0.0033%	1h	10.760	long leg	$17K	$152K	12x
SoDEX AVAX-USD	+0.0076%	1h	10.674	−0.799%	$18K	$72K	10x	as long as short
Paradex AVAX-USD-PERP	+0.0084%	8h	10.680	−0.746%	$12K	$212	20x	as long as short
Bybit AVAXUSDTshort	+0.0087%	8h	10.678	−0.762%	$81.5M	$144.2M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AVAX	+0.0096%	1h	10.681	−0.730%	$1.2M	$2.5M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.681	−0.734%	$25K	$474K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.692	−0.632%	$37.1M	$43.6M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.687	−0.678%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.689	−0.663%	$268K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.680	−0.743%	$113.0M	$419.7M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.677	−0.771%	$18.8M	$111.1M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.684	−0.706%	$45.3M	$81.3M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.682	−0.725%	$13.6M	$22.6M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.684	−0.706%	$32.3M	$48.2M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.682	−0.725%	—	$54.4M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.687	−0.678%	$436K	$560K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.703	−0.528%	$339K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.702	−0.539%	$173K	$662K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.679	−0.753%	$134K	$348K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.683	−0.716%	$230K	$255K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.723	−0.343%	$11K	$769K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.684	−0.711%	$325K	$892K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.686	−0.688%	$28.5M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.679	−0.749%	$609K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.674	−0.796%	$245K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0113%	1h	10.676	−0.776%	$3.8M	$12.1M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.729	−0.288%	$853K	$5.1M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.695	−0.604%	$4.6M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.673	−0.806%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.679	−0.751%	$225K	—	120x	as long as short