Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1523%/8h= −166.7% APRpaid last 24h −0.285%

Price spread now: Injective against SunX+1.398%61s7-day average −0.517% · you sell dearer than you buy

Net, funding: paid 7d − costs−$302as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2532.525% of the position

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.494%−$49 on $10k

Price spread, last 4 days (all we have)−0.632%−$63 · spread now +1.398%, 7d avg −0.517%

Together, before fees−1.126%−$113 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.915% dearer against SunX than usual: you sell high and buy low (spread +1.398% now, against its 7-day average of −0.517%): +$192 on $10k if it goes back. Holding the pair costs −$46 a day in funding at the current rate, which eats that in about 4.2 days. At the pace of the last 7 days (−0.494% in total) that is about 27 days. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.494% in total (about -25.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX AVAX-USDT	10.612	0.0100	pay 0.0100% / 8h	2h 27m	$11K	$757K	20x
Short	Injective AVAX/USDC PERP	10.760	−0.1423	pay 0.0178% / 1h	27m 29s	$17K	$152K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SunXbpFee InjectivebpOrdersPrice spread, now +1.398%Rate

Funding earned: −$319.79
Price spread: +1.398% → −0.517%: $191.51
Slippage, 4 orders: −$244.5
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$380.8
Costs to cover: 2.525%
Break-even: never at this rate

Slippage from SunX: live order book, 44 min ago; Injective: live order book, 21 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 SunX live order book, 44 min ago	41.87 bp	55.4 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 21 min ago	42.47 bp	42.5 bp −$42	doesn't fit	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 PERPshort	−0.1423%	1h	10.760	+1.398%	$17K	$152K	12x
Kraken Futures PF_AVAXUSD	−0.0282%	1h	10.574	−0.354%	$4.2M	$11.5M	50x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0128%	1h	10.569	−0.401%	$4.7M	$7.5M	25x	as long as short
Nado AVAX-PERP	−0.0051%	1h	10.545	−0.623%	$287K	$339K	10x	as long as short
Variational Omni AVAX	−0.0006%	8h	10.571	−0.384%	$2.8M	$2.1M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.564	−0.446%	$88K	$117K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.542	−0.655%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0023%	8h	10.538	−0.694%	$12.1M	$32.6M	75x	as long as short
Polymarket Perps AVAX-USD	+0.0081%	1h	10.553	−0.552%	$131K	$355K	10x	as long as short
Bybit AVAXUSDT	+0.0082%	8h	10.530	−0.769%	$77.8M	$145.0M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack AVAX_USDC_PERP	+0.0090%	1h	10.570	−0.392%	$368K	$563K	15x	as long as short
Paradex AVAX-USD-PERP	+0.0096%	8h	10.560	−0.486%	$12K	$212	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.562	−0.465%	$1.1M	$2.6M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.551	−0.571%	$18K	$443K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.559	−0.496%	$38.0M	$43.9M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.550	−0.581%	$2.1M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.562	−0.467%	$265K	$130K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.541	−0.667%	$112.1M	$430.8M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.529	−0.778%	$18.5M	$111.1M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.542	−0.656%	$42.4M	$79.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.546	−0.618%	$13.1M	$22.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.537	−0.703%	$31.7M	$49.3M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.539	−0.684%	—	$6.5M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.602	−0.090%	$340K	$978K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.606	−0.053%	$171K	$661K	50x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.538	−0.694%	$167K	$339K	20x	as long as short
SunX AVAX-USDTlong	+0.0100%	8h	10.612	long leg	$11K	$757K	20x
SoDEX AVAX-USD	+0.0100%	1h	10.569	−0.401%	$17K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.559	−0.492%	$343K	$803K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.573	−0.364%	$28.2M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.555	−0.538%	$638K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.564	−0.446%	$243K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0216%	1h	10.558	−0.505%	$827K	$4.8M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.591	−0.194%	$4.6M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.536	−0.713%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0271%	1h	10.562	−0.464%	$231K	—	120x	as long as short