Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.025%

Price spread now: Backpack against Orderly−0.044%7-day average −0.020% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 3 days (all we have)+0.207%+$21 · spread now −0.044%, 7d avg −0.020%

Together, before fees+0.092%+$9 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 0.024% cheaper against Orderly than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AVAX_USDC	11.327	0.0100	pay 0.0100% / 8h	2h 11m	$204K	$302K	20x
Short	Backpack AVAX_USDC_PERP	11.322	0.0100	get 0.0013% / 1h	11m 00s	$339K	$565K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.044%Rate

Funding earned: $0
Price spread: −0.044% → −0.020%: −$2.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$18.39
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 13 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 13 min ago	0.44 bp	5.4 bp −$5	26.1 bp −$261	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit AVAX_USDC-PERPETUAL	−0.0103%	1h	11.319	−0.071%	$5.4M	$9.4M	25x	as long as short
Variational Omni AVAX	−0.0102%	8h	11.280	−0.415%	$2.9M	$2.1M	—	as long as short
Nado AVAX-PERP	−0.0079%	1h	11.310	−0.152%	$298K	$960K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.250	−0.680%	$17K	$152K	12x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.304	−0.201%	$99K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.319	−0.071%	$16K	—	150x	as long as short
Gate AVAX_USDT	+0.0056%	8h	11.322	−0.044%	$12.7M	$40.4M	75x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0056%	1h	11.318	−0.079%	$993K	$8.3M	50x	as long as short
OKX AVAX-USDT-SWAP	+0.0085%	8h	11.320	−0.062%	$20.3M	$149.3M	50x	as long as short
Lighter AVAX	+0.0096%	1h	11.319	−0.071%	$1.3M	$3.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended AVAX-USD	+0.0096%	1h	11.321	−0.052%	$676K	$2.2M	25x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.309	−0.159%	$10K	$702K	50x	as long as short
MEXC AVAX_USDT	+0.0096%	8h	11.323	−0.035%	$55.9M	$110.3M	200x	as long as short
Binance AVAXUSDT	+0.0097%	8h	11.323	−0.033%	$121.4M	$537.4M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0098%	8h	11.298	−0.257%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.319	−0.070%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.303	−0.214%	$300K	$121K	10x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.325	−0.018%	$90.8M	$155.9M	75x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.324	−0.026%	$16.2M	$24.4M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.323	−0.035%	$34.9M	$61.1M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.322	−0.044%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.322	−0.044%	$339K	$565K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.317	−0.092%	$358K	$895K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.295	−0.283%	$182K	$681K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.317	−0.088%	$133K	$482K	10x	as long as short
Orderly PERP_AVAX_USDClong	+0.0100%	8h	11.327	long leg	$204K	$302K	20x
SunX AVAX-USDT	+0.0100%	8h	11.328	+0.012%	$12K	$721K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.319	−0.071%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.316	−0.093%	$363K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.321	−0.053%	$30.3M	$4.9M	50x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.317	−0.088%	$260K	—	3x	as long as short
BloFin AVAX-USDT	+0.0217%	8h	11.315	−0.106%	$5.0M	$8.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.315	−0.108%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0253%	1h	11.327	+0.003%	$4.6M	$13.6M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0245%	1h	11.317	−0.084%	$244K	—	120x	as long as short
Hyperliquid AVAX	+0.0670%	1h	11.339	+0.106%	$44.1M	$58.9M	10x	as long as short