Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.295%

Price spread now: Phemex against Injective+0.019%7-day average +0.261% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$152as in the Price arb table

costs, in and out, $10k−$1271.273% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.467%+$47 on $10k

Price spread, last 4 days (all we have)−1.096%−$110 · spread now +0.019%, 7d avg +0.261%

Together, before fees−0.628%−$63 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.243% cheaper against Injective than usual: you would sell low and buy high (spread +0.019% now, against its 7-day average of +0.261%). If the spread goes back, that is −$24 on $10k: about 12 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.467% in total) that is about 3.6 days.

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	13m 17s	$17K	$152K	12x
Short	Phemex AVAXUSDT	10.762	0.0100	get 0.0100% / 8h	1h 13m	$28.7M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.019%Rate

Funding earned: $14
Price spread: +0.019% → +0.261%: −$24.26
Slippage, 4 orders: −$115.32
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$137.6
Costs to cover: 1.273%
Break-even: 75.8 days

Slippage from Injective: live order book, 30 min ago; Phemex: live order book, 6 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, 30 min ago	32.76 bp	60.7 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	4.66 bp	16.7 bp −$17	26.1 bp −$261	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
Nado AVAX-PERP	−0.0197%	1h	10.749	−0.098%	$282K	$340K	10x	as long as short
Variational Omni AVAX	−0.0059%	8h	10.732	−0.264%	$2.8M	$2.1M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.755	−0.043%	$92K	$119K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.761	+0.009%	$4.9M	$7.0M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.765	+0.045%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0029%	8h	10.757	−0.028%	$12.9M	$32.4M	75x	as long as short
Injective AVAX/USDC PERPlong	+0.0033%	1h	10.760	long leg	$17K	$152K	12x
Paradex AVAX-USD-PERP	+0.0087%	8h	10.757	−0.027%	$12K	$212	20x	as long as short
SoDEX AVAX-USD	+0.0088%	1h	10.756	−0.037%	$18K	$72K	10x	as long as short
Bybit AVAXUSDT	+0.0089%	8h	10.756	−0.037%	$82.2M	$146.0M	75x	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	10.757	−0.027%	$1.2M	$2.5M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.759	−0.009%	$24K	$458K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.770	+0.093%	$37.4M	$43.9M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.756	−0.034%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.759	−0.009%	$270K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.758	−0.019%	$114.2M	$421.8M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.757	−0.028%	$18.9M	$112.4M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.759	−0.009%	$45.6M	$81.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.758	−0.019%	$13.8M	$22.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.760	0.000%	$32.6M	$48.4M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.763	+0.028%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.759	−0.009%	$439K	$563K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.739	−0.197%	$342K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.742	−0.167%	$173K	$662K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.760	0.000%	$135K	$353K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.768	+0.074%	$232K	$255K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.789	+0.265%	$12K	$767K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.757	−0.033%	$327K	$907K	75x	as long as short
Phemex AVAXUSDTshort	+0.0100%	8h	10.762	+0.019%	$28.7M	$5.8M	50x
Extended AVAX-USD	+0.0104%	1h	10.754	−0.052%	$610K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.756	−0.037%	$247K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0112%	1h	10.758	−0.020%	$3.8M	$12.1M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.761	+0.009%	$859K	$5.1M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.759	−0.009%	$4.6M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.755	−0.044%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.765	+0.043%	$227K	—	120x	as long as short