Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: Bybit against Backpack−0.126%46s7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as 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−$330.331% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now −0.126%, 7d avg −0.057%

Together, before fees+0.178%+$18 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: Bybit is 0.069% cheaper against Backpack than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.057%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AVAX_USDC_PERP	11.128	0.0100	pay 0.0013% / 1h	25m 16s	$356K	$535K	15x
Short	Bybit AVAXUSDT	11.114	0.0100	get 0.0100% / 8h	6h 25m	$88.6M	$143.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. 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 BackpackbpFee BybitbpOrdersPrice spread, now −0.126%Rate

Funding earned: $0
Price spread: −0.126% → −0.057%: −$6.91
Slippage, 4 orders: −$12.1
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.01
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Backpack: live order book, 44 min ago; Bybit: live order book, 4 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 Backpack live order book, 44 min ago	0.45 bp	8.9 bp −$9	36.7 bp −$367	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.45 bp	8.6 bp −$9	15.3 bp −$153	30.7 bp −$3,066	doesn't fit

AVAX on 35 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	11.080	−0.431%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0043%	1h	11.101	−0.247%	$286K	$508K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0020%	1h	11.114	−0.126%	$5.2M	$8.3M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.100	−0.251%	$102K	$96K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.115	−0.115%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0045%	8h	11.110	−0.162%	$12.1M	$36.6M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.115	−0.118%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.108	−0.180%	$15K	$594K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.111	−0.156%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.110	−0.161%	$2.3M	$1.4M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.106	−0.195%	$295K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.115	−0.117%	$118.5M	$459.9M	75x	as long as short
Bybit AVAXUSDTshort	+0.0100%	8h	11.114	−0.126%	$88.6M	$143.6M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.114	−0.126%	$19.9M	$123.8M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.110	−0.162%	$48.8M	$82.7M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.115	−0.117%	$15.5M	$22.6M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.112	−0.144%	$33.4M	$51.1M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.113	−0.135%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	11.128	long leg	$356K	$535K	15x
Variational Omni AVAX	+0.0100%	8h	11.122	−0.057%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.120	−0.068%	$355K	$810K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.110	−0.162%	$179K	$677K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.112	−0.144%	$130K	$363K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.120	−0.072%	$195K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.137	+0.085%	$12K	$717K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.115	−0.117%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.084	−0.395%	$360K	$938K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.118	−0.090%	$29.7M	$5.6M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.111	−0.153%	$671K	$1.7M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.111	−0.153%	$255K	—	3x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.108	−0.182%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.120	−0.072%	$4.3M	$11.9M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.112	−0.144%	$903K	$5.9M	50x	as long as short
Hyperliquid AVAX	+0.0401%	1h	11.123	−0.042%	$43.2M	$47.1M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.113	−0.130%	$236K	—	120x	as long as short