Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Backpack against OKX+0.170%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 4 days (all we have)−0.173%−$17 · spread now +0.170%, 7d avg +0.051%

Together, before fees−0.249%−$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.119% dearer against OKX than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX AVAX-USDT-SWAP	11.172	0.0100	pay 0.0100% / 8h	7h 55m	$20.2M	$141.0M	50x
Short	Backpack AVAX_USDC_PERP	11.191	0.0100	get 0.0013% / 1h	55m 41s	$358K	$563K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.170%Rate

Funding earned: $0
Price spread: +0.170% → +0.051%: $11.92
Slippage, 4 orders: −$12.82
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.9
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Backpack: live order book, 18 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 OKX live order book, 3 min ago	0.44 bp	7.4 bp −$7	16.7 bp −$167	72.9 bp −$7,288	doesn't fit
Sell Backpack live order book, 18 min ago	0.44 bp	8.4 bp −$8	33.6 bp −$336	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	+0.072%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0197%	1h	11.188	+0.143%	$5.3M	$8.8M	25x	as long as short
Gate AVAX_USDT	−0.0061%	8h	11.192	+0.179%	$12.4M	$37.4M	75x	as long as short
Nado AVAX-PERP	−0.0013%	1h	11.194	+0.192%	$296K	$880K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.183	+0.097%	$103K	$105K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.194	+0.197%	$13K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.180	+0.067%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.202	+0.269%	$18K	$663K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.174	+0.020%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.194	+0.196%	$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	11.182	+0.093%	$297K	$118K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.177	+0.045%	$119.8M	$507.7M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.177	+0.045%	$88.9M	$154.2M	75x	as long as short
OKX AVAX-USDT-SWAPlong	+0.0100%	8h	11.172	long leg	$20.2M	$141.0M	50x
MEXC AVAX_USDT	+0.0100%	8h	11.177	+0.045%	$49.6M	$87.7M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.186	+0.125%	$15.6M	$24.0M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.176	+0.036%	$34.1M	$57.3M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.187	+0.134%	—	$86.6M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.191	+0.170%	$358K	$563K	15x
Variational Omni AVAX	+0.0100%	8h	11.210	+0.340%	$3.0M	$2.4M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.230	+0.517%	$362K	$873K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.234	+0.555%	$180K	$688K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.204	+0.286%	$132K	$440K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.199	+0.242%	$203K	$303K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.222	+0.447%	$12K	$735K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.192	+0.179%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.156	−0.140%	$360K	$1.0M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.197	+0.224%	$30.1M	$4.9M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.188	+0.144%	$669K	$2.1M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.197	+0.226%	$257K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0215%	1h	11.199	+0.241%	$4.5M	$12.9M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.211	+0.349%	$5.0M	$6.9M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.188	+0.147%	$1K	—	20x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0304%	1h	11.203	+0.277%	$914K	$7.5M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0435% / S −0.0259%	1h	11.191	+0.170%	$250K	—	120x	as long as short
Hyperliquid AVAX	+0.0611%	1h	11.198	+0.232%	$43.7M	$55.0M	10x	as long as short