Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.022%

Price spread now: dYdX against Phemex−0.132%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$318as in the Funding arb table

Net, price: spread back to 7d avg − costs−$312as in the Price arb table

costs, in and out, $10k−$3023.020% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 on $10k

Price spread, last 3 days (all we have)+0.173%+$17 · spread now −0.132%, 7d avg −0.034%

Together, before fees+0.009%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.098% cheaper against Phemex than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AVAXUSDT	11.069	0.0100	pay 0.0100% / 8h	6h 40m	$29.5M	$5.6M	50x
Short	dYdX AVAX-USD	11.054	0	get 0.0000% / 1h	40m 04s	$102K	$96K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.132%Rate

Funding earned: −$21
Price spread: −0.132% → −0.034%: −$9.83
Slippage, 4 orders: −$279.96
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$332.79
Costs to cover: 3.020%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; dYdX: live order book, 29 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, 4 min ago	4.95 bp	15.4 bp −$15	25.1 bp −$251	doesn't fit	doesn't fit
Sell dYdX live order book, 29 min ago	130.74 bp	135.7 bp −$136	136.5 bp −$1,365	140.4 bp −$14.0K	162.5 bp −$81.2K

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	−0.1423%	1h	11.050	−0.172%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0112%	1h	11.054	−0.136%	$5.2M	$8.3M	25x	as long as short
Nado AVAX-PERP	−0.0032%	1h	11.032	−0.330%	$286K	$523K	10x	as long as short
dYdX AVAX-USDshort	0.0000%	1h	11.054	−0.132%	$102K	$96K	10x
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.046	−0.212%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0008%	8h	11.059	−0.090%	$12.0M	$36.5M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.067	−0.014%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.036	−0.298%	$15K	$596K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.048	−0.186%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.052	−0.152%	$2.3M	$1.4M	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	11.054	−0.138%	$293K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.064	−0.045%	$118.0M	$470.7M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.066	−0.027%	$88.2M	$146.0M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.067	−0.018%	$19.8M	$126.1M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.067	−0.018%	$48.5M	$82.5M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.070	+0.009%	$15.4M	$22.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.064	−0.045%	$33.3M	$52.3M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.067	−0.018%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.068	−0.009%	$354K	$548K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	11.080	+0.097%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.085	+0.145%	$352K	$807K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.118	+0.443%	$179K	$681K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.042	−0.244%	$130K	$363K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.057	−0.108%	$194K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.072	+0.029%	$12K	$721K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.058	−0.099%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.016	−0.482%	$358K	$939K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	11.069	long leg	$29.5M	$5.6M	50x
Extended AVAX-USD	+0.0104%	1h	11.054	−0.132%	$668K	$2.0M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.056	−0.121%	$254K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.117	+0.434%	$5.0M	$6.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.040	−0.263%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0256%	1h	11.065	−0.039%	$4.3M	$12.1M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.038	−0.280%	$901K	$6.0M	50x	as long as short
Hyperliquid AVAX	+0.0417%	1h	11.082	+0.117%	$43.2M	$48.1M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.044	−0.223%	$234K	—	120x	as long as short