AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.014%

Price spread now: Backpack against Lighter+0.026%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 4 days (all we have)−0.066%−$7 · spread now +0.026%, 7d avg +0.042%

Together, before fees−0.042%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter AVAX	11.105	0.0096	pay 0.0012% / 1h	47m 56s	$1.2M	$3.0M	10x
Short	Backpack AVAX_USDC_PERP	11.108	0.0100	get 0.0013% / 1h	47m 56s	$355K	$548K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now +0.026%Rate

Funding earned: $0.84
Price spread: +0.026% → +0.042%: −$1.62
Slippage, 4 orders: −$16.59
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$27.37
Costs to cover: 0.266%
Break-even: 235.1 days

Slippage from Lighter: live order book, 4 min ago; Backpack: live order book, 21 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 Lighter live order book, 4 min ago	3.14 bp	6.7 bp −$7	24.9 bp −$249	98.5 bp −$9,847	doesn't fit
Sell Backpack live order book, 21 min ago	0.45 bp	7.8 bp −$8	33.2 bp −$332	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	11.090	−0.136%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0200%	1h	11.106	+0.008%	$5.2M	$8.3M	25x	as long as short
Nado AVAX-PERP	−0.0032%	1h	11.104	−0.005%	$289K	$525K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.123	+0.159%	$102K	$105K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.106	+0.008%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0072%	8h	11.106	+0.008%	$12.1M	$36.4M	75x	as long as short
Lighter AVAXlong	+0.0096%	1h	11.105	long leg	$1.2M	$3.0M	10x
Popdex AVAXUSDT	+0.0096%	1h	11.112	+0.062%	$18K	$600K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.117	+0.107%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.110	+0.040%	$2.3M	$1.4M	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	11.127	+0.194%	$295K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.104	−0.008%	$118.2M	$472.1M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.102	−0.028%	$88.3M	$146.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.103	−0.019%	$19.8M	$127.3M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.098	−0.064%	$48.5M	$82.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.106	+0.008%	$15.5M	$22.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.099	−0.055%	$33.4M	$52.5M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.110	+0.044%	—	$83.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.108	+0.026%	$355K	$548K	15x
Variational Omni AVAX	+0.0100%	8h	11.107	+0.015%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.108	+0.025%	$353K	$844K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.112	+0.062%	$179K	$682K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.114	+0.080%	$130K	$369K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.113	+0.071%	$195K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.142	+0.330%	$12K	$721K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.104	−0.010%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.107	+0.013%	$361K	$939K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.107	+0.017%	$29.7M	$5.4M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.097	−0.071%	$668K	$2.0M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.101	−0.033%	$255K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.117	+0.107%	$5.0M	$6.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.101	−0.039%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.107	+0.019%	$4.3M	$12.2M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.112	+0.062%	$910K	$6.2M	50x	as long as short
Hyperliquid AVAX	+0.0416%	1h	11.125	+0.176%	$43.3M	$48.0M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.106	+0.007%	$236K	—	120x	as long as short