Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.014%

Price spread now: Backpack against Phemex0.000%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$460.464% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 4 days (all we have)+0.435%+$43 · spread now 0.000%, 7d avg −0.005%

Together, before fees+0.321%+$32 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AVAXUSDT	11.149	0.0100	pay 0.0100% / 8h	5h 09m	$29.8M	$5.7M	50x
Short	Backpack AVAX_USDC_PERP	11.149	0.0100	get 0.0013% / 1h	9m 07s	$330K	$523K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.005%: $0.55
Slippage, 4 orders: −$24.35
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$45.8
Costs to cover: 0.464%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, 55 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 Phemex live order book, 5 min ago	2.23 bp	12.6 bp −$13	22.1 bp −$221	doesn't fit	doesn't fit
Sell Backpack live order book, 55 min ago	0.45 bp	9.2 bp −$9	39.9 bp −$399	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	−0.1374%	1h	11.120	−0.260%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0109%	1h	11.144	−0.045%	$5.2M	$7.9M	25x	as long as short
Nado AVAX-PERP	−0.0069%	1h	11.149	+0.004%	$287K	$397K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.152	+0.023%	$103K	$87K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.150	+0.011%	$13K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0045%	1h	11.149	−0.002%	$4.3M	$11.5M	50x	as long as short
Lighter AVAX	+0.0096%	1h	11.146	−0.027%	$1.2M	$2.9M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.150	+0.009%	$16K	$565K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.148	−0.011%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.152	+0.025%	$2.3M	$1.2M	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	11.155	+0.052%	$291K	$114K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.149	0.000%	$119.4M	$430.7M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.149	0.000%	$88.5M	$138.0M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.150	+0.009%	$20.4M	$117.0M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.146	−0.027%	$12.2M	$35.1M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.148	−0.009%	$49.0M	$79.6M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.145	−0.036%	$15.8M	$21.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.146	−0.027%	$33.5M	$48.4M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.150	+0.009%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.149	0.000%	$330K	$523K	15x
Variational Omni AVAX	+0.0100%	8h	11.144	−0.042%	$2.9M	$2.3M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.152	+0.030%	$354K	$822K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.178	+0.260%	$180K	$675K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.150	+0.009%	$131K	$349K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.154	+0.045%	$196K	$312K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.177	+0.253%	$12K	$701K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.147	−0.018%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.139	−0.086%	$365K	$866K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	11.149	long leg	$29.8M	$5.7M	50x
Extended AVAX-USD	+0.0104%	1h	11.143	−0.053%	$684K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.138	−0.099%	$256K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.139	−0.090%	$5.1M	$5.5M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	11.159	+0.090%	$895K	$5.4M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.145	−0.037%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.150	+0.010%	$236K	—	120x	as long as short
Hyperliquid AVAX	+0.0590%	1h	11.169	+0.176%	$43.6M	$42.4M	10x	as long as short