Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0194%/8h= +21.2% APRpaid last 24h +0.065%

Price spread now: GMX against Orderly+0.225%61s7-day average +0.008% · you sell dearer than you buy

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.233%+$23 on $10k

Price spread, last 4 days (all we have)−0.234%−$23 · spread now +0.225%, 7d avg +0.008%

Together, before fees−0.001%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and GMX is 0.217% dearer against Orderly than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of +0.008%. The two prices were read 61 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	Orderly PERP_AVAX_USDC	10.746	0.0100	pay 0.0100% / 8h	1h 23m	$231K	$306K	20x
Short	GMX AVAX/USD [AVAX-USDC]	10.770	L +0.0443% / S −0.0294%	get 0.0037% / 1h	23m 20s	$227K	—	120x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now +0.225%Rate

Funding earned: $40.74
Price spread: +0.225% → +0.008%: $21.67
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $44.42
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; GMX: no order-book sample. 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 GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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
Nado AVAX-PERP	−0.0195%	1h	10.741	−0.042%	$282K	$342K	10x	as long as short
Variational Omni AVAX	−0.0050%	8h	10.738	−0.078%	$2.8M	$2.1M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.759	+0.122%	$92K	$119K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.779	+0.307%	$4.9M	$7.2M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.745	−0.005%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0026%	8h	10.741	−0.047%	$12.8M	$32.3M	75x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	+0.130%	$17K	$152K	12x	as long as short
Bybit AVAXUSDT	+0.0087%	8h	10.738	−0.074%	$81.7M	$146.1M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0088%	8h	10.754	+0.076%	$12K	$212	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.754	+0.078%	$1.2M	$2.5M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex AVAXUSDT	+0.0096%	1h	10.741	−0.047%	$27K	$433K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.750	+0.037%	$37.4M	$43.8M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.745	−0.009%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.759	+0.120%	$270K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.739	−0.061%	$114.3M	$424.2M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.736	−0.093%	$18.8M	$112.7M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.744	−0.019%	$45.6M	$80.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.743	−0.028%	$13.6M	$22.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.740	−0.056%	$32.5M	$48.7M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.740	−0.056%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.779	+0.307%	$439K	$564K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.727	−0.177%	$341K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.730	−0.149%	$173K	$661K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.743	−0.028%	$136K	$352K	10x	as long as short
Orderly PERP_AVAX_USDClong	+0.0100%	8h	10.746	long leg	$231K	$306K	20x
SunX AVAX-USDT	+0.0100%	8h	10.782	+0.335%	$11K	$766K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.775	+0.270%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.762	+0.154%	$338K	$872K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.769	+0.214%	$28.7M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.735	−0.104%	$610K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.738	−0.079%	$247K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0112%	1h	10.781	+0.322%	$4.3M	$11.3M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.757	+0.102%	$857K	$5.2M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.750	+0.037%	$4.6M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.736	−0.095%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]short	L +0.0443% / S −0.0294%	1h	10.770	+0.225%	$227K	—	120x