AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.009%

Price spread now: Lighter against Backpack+0.019%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.019%, 7d avg −0.035%

Together, before fees−0.044%+ Points / potential airdropLighter: Season 3 · farm board−$4 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: Lighter is 0.054% dearer against Backpack than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AVAX_USDC_PERP	10.889	0.0100	pay 0.0013% / 1h	49m 54s	$391K	$566K	15x
Short	Lighter AVAX	10.891	0.0096	get 0.0012% / 1h	49m 54s	$1.2M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$0.84
Price spread: +0.019% → −0.035%: $5.45
Slippage, 4 orders: −$12.64
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$18.03
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Backpack: live order book, 57 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 Backpack live order book, 57 min ago	0.46 bp	9.3 bp −$9	41.1 bp −$411	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	2.02 bp	2.8 bp −$3	11.3 bp −$113	89.8 bp −$8,977	doesn't fit

AVAX on 36 exchanges

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
Variational Omni AVAX	−0.0169%	8h	10.886	−0.031%	$3.1M	$1.9M	—	as long as short
Polymarket Perps AVAX-USD	−0.0139%	1h	10.902	+0.119%	$60K	$354K	10x	as long as short
Gate AVAX_USDT	−0.0120%	8h	10.886	−0.028%	$14.9M	$24.8M	75x	as long as short
Kraken Futures PF_AVAXUSD	−0.0114%	1h	10.893	+0.036%	$3.8M	$10.4M	50x	as long as short
Bybit AVAXUSDT	−0.0097%	8h	10.880	−0.083%	$84.9M	$128.4M	75x	as long as short
Phemex AVAXUSDT	−0.0019%	8h	10.883	−0.055%	$29.0M	$5.5M	50x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.892	+0.028%	$93K	$100K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.899	+0.092%	$5.0M	$6.5M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0002%	1h	10.907	+0.167%	$24K	—	150x	as long as short
Nado AVAX-PERP	+0.0021%	1h	10.897	+0.073%	$280K	$257K	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AVAX-USD	+0.0031%	1h	10.896	+0.064%	$19K	$65K	10x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	−1.185%	$17K	$151K	12x	as long as short
OKX AVAX-USDT-SWAP	+0.0044%	8h	10.880	−0.083%	$19.3M	$98.1M	50x	as long as short
Paradex AVAX-USD-PERP	+0.0092%	8h	10.888	−0.013%	$12K	$62	20x	as long as short
Binance AVAXUSDT	+0.0093%	8h	10.885	−0.039%	$114.8M	$359.7M	75x	as long as short
MEXC AVAX_USDT	+0.0093%	8h	10.887	−0.018%	$53.7M	$66.6M	200x	as long as short
Lighter AVAXshort	+0.0096%	1h	10.891	+0.019%	$1.2M	$1.7M	10x
Popdex AVAXUSDT	+0.0096%	1h	10.902	+0.119%	$24K	$427K	50x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.886	−0.027%	$2.2M	$1.2M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.891	+0.018%	$274K	$86K	10x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.889	0.000%	$14.3M	$18.1M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.878	−0.101%	$33.2M	$41.6M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.886	−0.028%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	10.889	long leg	$391K	$566K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.912	+0.212%	$341K	$1.6M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.917	+0.257%	$155K	$678K	50x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.904	+0.138%	$239K	$211K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.919	+0.276%	$12K	$772K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.889	−0.005%	$328K	$897K	75x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.878	−0.098%	$621K	$1.3M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.893	+0.039%	$250K	—	3x	as long as short
Hyperliquid AVAX	+0.0153%	1h	10.895	+0.055%	$36.4M	$33.2M	10x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0208%	1h	10.902	+0.119%	$851K	$4.8M	50x	as long as short
BloFin AVAX-USDT	+0.0214%	8h	10.884	−0.046%	$4.7M	$5.2M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.901	+0.112%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0464% / S −0.0317%	1h	10.907	+0.166%	$241K	—	120x	as long as short