Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.109%

Price spread now: Deribit against Phemex−0.019%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.616%−$62 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.019%, 7d avg −0.049%

Together, before fees−0.639%−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.030% dearer against Phemex than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.049%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 7 days (−0.616% in total) that is about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AVAXUSDT	10.742	0.0100	pay 0.0100% / 8h	1h 21m	$28.7M	$5.8M	50x
Short	Deribit AVAX_USDC-PERPETUAL	10.740	0	get 0.0000% / 1h	21m 36s	$4.8M	$7.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$21
Price spread: −0.019% → −0.049%: $3
Slippage, 4 orders: −$23.24
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$60.24
Costs to cover: 0.422%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Deribit: live order book, 2 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, 2 min ago	4.64 bp	18.4 bp −$18	25.4 bp −$254	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	1.39 bp	6.9 bp −$7	23.9 bp −$239	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
Nado AVAX-PERP	−0.0194%	1h	10.736	−0.056%	$282K	$341K	10x	as long as short
Variational Omni AVAX	−0.0050%	8h	10.738	−0.041%	$2.8M	$2.1M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.749	+0.061%	$92K	$119K	10x	as long as short
Deribit AVAX_USDC-PERPETUALshort	0.0000%	1h	10.740	−0.019%	$4.8M	$7.1M	25x
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.745	+0.023%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0029%	8h	10.745	+0.028%	$12.9M	$32.3M	75x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	+0.168%	$17K	$152K	12x	as long as short
Paradex AVAX-USD-PERP	+0.0087%	8h	10.744	+0.022%	$12K	$212	20x	as long as short
Bybit AVAXUSDT	+0.0088%	8h	10.734	−0.074%	$81.7M	$146.0M	75x	as long as short
SoDEX AVAX-USD	+0.0094%	1h	10.737	−0.047%	$18K	$72K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AVAX	+0.0096%	1h	10.745	+0.028%	$1.2M	$2.5M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.737	−0.047%	$25K	$439K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.750	+0.073%	$37.4M	$43.8M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.740	−0.019%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.750	+0.074%	$270K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.738	−0.033%	$114.3M	$423.7M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.734	−0.074%	$18.9M	$112.7M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.743	+0.009%	$45.5M	$80.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.749	+0.065%	$13.6M	$22.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.746	+0.037%	$32.5M	$48.6M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.738	−0.037%	—	$54.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.738	−0.037%	$437K	$564K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.744	+0.020%	$342K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.747	+0.047%	$173K	$661K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.741	−0.009%	$136K	$352K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.745	+0.028%	$231K	$275K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.767	+0.232%	$11K	$765K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.743	+0.014%	$338K	$872K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	10.742	long leg	$28.7M	$5.8M	50x
Extended AVAX-USD	+0.0104%	1h	10.733	−0.080%	$610K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.742	−0.005%	$247K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0113%	1h	10.743	+0.006%	$4.2M	$11.3M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.764	+0.205%	$858K	$5.1M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.735	−0.065%	$4.6M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.734	−0.071%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.742	−0.004%	$227K	—	120x	as long as short