Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.005%

Price spread now: Phemex against Popdex−0.028%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.012%−$1 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now −0.028%, 7d avg +0.012%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.040% cheaper against Popdex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex AVAXUSDT	10.714	0.0096	pay 0.0012% / 1h	10m 35s	$25K	$468K	50x
Short	Phemex AVAXUSDT	10.711	0.0100	get 0.0100% / 8h	10m 35s	$28.6M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Popdex. 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 PopdexbpFee PhemexbpOrdersPrice spread, now −0.028%Rate

Funding earned: $0.84
Price spread: −0.028% → +0.012%: −$4
Slippage, 4 orders: −$22.31
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$43.87
Costs to cover: 0.407%
Break-even: 372.6 days

Slippage from Popdex: live order book, 28 min ago; Phemex: live order book, 3 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 Popdex live order book, 28 min ago	1.87 bp	6.6 bp −$7	18.1 bp −$181	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.47 bp	13.4 bp −$13	22.4 bp −$224	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	−0.0196%	1h	10.715	+0.009%	$289K	$329K	10x	as long as short
Kraken Futures PF_AVAXUSD	−0.0184%	1h	10.709	−0.043%	$3.8M	$11.6M	50x	as long as short
Variational Omni AVAX	−0.0076%	8h	10.702	−0.110%	$2.9M	$2.2M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.712	−0.022%	$91K	$111K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.712	−0.019%	$4.8M	$6.9M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.706	−0.077%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0010%	8h	10.706	−0.075%	$13.2M	$30.9M	75x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	+0.429%	$17K	$151K	12x	as long as short
Paradex AVAX-USD-PERP	+0.0092%	8h	10.707	−0.066%	$12K	$212	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.709	−0.043%	$1.2M	$2.4M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex AVAXUSDTlong	+0.0096%	1h	10.714	long leg	$25K	$468K	50x
Hyperliquid AVAX	+0.0100%	1h	10.715	+0.009%	$36.7M	$41.8M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.713	−0.013%	$2.2M	$896K	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.714	0.000%	$269K	$128K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.713	−0.009%	$113.4M	$405.3M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.718	+0.037%	$81.8M	$139.2M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.720	+0.056%	$18.8M	$107.7M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.712	−0.019%	$52.7M	$80.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.706	−0.075%	$13.8M	$21.6M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.719	+0.047%	$32.6M	$46.4M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.712	−0.019%	—	$53.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.713	−0.009%	$437K	$546K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.715	+0.009%	$337K	$1.2M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.720	+0.056%	$173K	$662K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.722	+0.075%	$135K	$297K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.712	−0.019%	$232K	$254K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.736	+0.207%	$11K	$770K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.707	−0.065%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.709	−0.047%	$326K	$859K	75x	as long as short
Phemex AVAXUSDTshort	+0.0100%	8h	10.711	−0.028%	$28.6M	$5.7M	50x
Extended AVAX-USD	+0.0104%	1h	10.711	−0.029%	$605K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.701	−0.122%	$246K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.703	−0.103%	$4.6M	$5.5M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0224%	1h	10.711	−0.028%	$851K	$4.7M	50x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.719	+0.048%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.713	−0.013%	$226K	—	120x	as long as short