Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Phemex−0.043%7-day average −0.053% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$440.443% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 4 days (all we have)+0.488%+$49 · spread now −0.043%, 7d avg −0.053%

Together, before fees+0.350%+ Points / potential airdropLighter: Season 3 · farm board+$35 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 26m	$29.8M	$5.6M	50x
Short	Lighter AVAX	11.144	0.0096	get 0.0012% / 1h	26m 58s	$1.2M	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$0.84
Price spread: −0.043% → −0.053%: $1.01
Slippage, 4 orders: −$32.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$44.12
Costs to cover: 0.443%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Lighter: live order book, 5 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	3.58 bp	15.7 bp −$16	27.0 bp −$270	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	4.07 bp	5.2 bp −$5	23.4 bp −$234	108.7 bp −$10.9K	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
Nado AVAX-PERP	−0.0079%	1h	11.148	−0.004%	$287K	$448K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0019%	1h	11.143	−0.054%	$5.2M	$7.9M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.151	+0.020%	$103K	$87K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.147	−0.018%	$13K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0045%	1h	11.147	−0.022%	$4.3M	$11.5M	50x	as long as short
Lighter AVAXshort	+0.0096%	1h	11.144	−0.043%	$1.2M	$2.9M	10x
Popdex AVAXUSDT	+0.0096%	1h	11.148	−0.009%	$15K	$564K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.152	+0.023%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.150	+0.012%	$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	+0.057%	$291K	$112K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.151	+0.018%	$119.2M	$432.8M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.152	+0.027%	$88.5M	$138.2M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.154	+0.045%	$20.1M	$117.6M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.153	+0.036%	$12.2M	$34.9M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.154	+0.045%	$48.1M	$79.2M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.153	+0.036%	$15.7M	$21.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.154	+0.045%	$33.4M	$48.5M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.153	+0.036%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.151	+0.018%	$357K	$496K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	11.168	+0.172%	$2.9M	$2.3M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.169	+0.179%	$358K	$801K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.179	+0.269%	$180K	$678K	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	11.150	+0.009%	$196K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.175	+0.230%	$12K	$701K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.144	−0.045%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.167	+0.161%	$366K	$870K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	11.149	long leg	$29.8M	$5.6M	50x
Extended AVAX-USD	+0.0104%	1h	11.151	+0.018%	$675K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.142	−0.067%	$256K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.143	−0.054%	$5.1M	$5.5M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	11.160	+0.099%	$898K	$5.5M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.145	−0.036%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.145	−0.033%	$236K	—	120x	as long as short
Hyperliquid AVAX	+0.0502%	1h	11.168	+0.170%	$43.5M	$43.1M	10x	as long as short