Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0217%/8h= −23.8% APRpaid last 24h +0.009%

Price spread now: Phemex against Backpack−0.037%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$570.570% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 4 days (all we have)−0.398%−$40 · spread now −0.037%, 7d avg +0.006%

Together, before fees−0.298%−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.042% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.006%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.100%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.100% in total (about 5.2% 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	Backpack AVAX_USDC_PERP	10.885	0.0100	pay 0.0013% / 1h	0m 39s	$439K	$528K	15x
Short	Phemex AVAXUSDT	10.881	−0.0117	pay 0.0117% / 8h	7h 00m	$29.0M	$5.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$45.63
Price spread: −0.037% → +0.006%: −$4.24
Slippage, 4 orders: −$35.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$106.89
Costs to cover: 0.570%
Break-even: never at this rate

Slippage from Backpack: live order book, 33 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 Backpack live order book, 33 min ago	1.86 bp	10.0 bp −$10	42.1 bp −$421	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	5.03 bp	16.9 bp −$17	27.1 bp −$271	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
Kraken Futures PF_AVAXUSD	−0.0263%	1h	10.891	+0.057%	$3.8M	$11.5M	50x	as long as short
Nado AVAX-PERP	−0.0147%	1h	10.889	+0.034%	$274K	$311K	10x	as long as short
Phemex AVAXUSDTshort	−0.0117%	8h	10.881	−0.037%	$29.0M	$5.6M	50x
Variational Omni AVAX	−0.0094%	8h	10.874	−0.097%	$3.0M	$2.1M	—	as long as short
SoDEX AVAX-USD	−0.0067%	1h	10.889	+0.037%	$19K	$68K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.889	+0.036%	$93K	$111K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.893	+0.073%	$4.9M	$6.7M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.880	−0.046%	$12K	—	150x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	−1.148%	$17K	$151K	12x	as long as short
Gate AVAX_USDT	+0.0054%	8h	10.892	+0.064%	$14.2M	$29.8M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AVAX-USD-PERP	+0.0092%	8h	10.882	−0.030%	$12K	$62	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.887	+0.019%	$1.2M	$2.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.896	+0.101%	$19K	$474K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.902	+0.156%	$36.2M	$39.7M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.897	+0.110%	$2.2M	$1.4M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.891	+0.059%	$274K	$127K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.895	+0.092%	$114.8M	$387.4M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.893	+0.073%	$85.0M	$135.5M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.880	−0.046%	$19.4M	$106.6M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.884	−0.009%	$55.3M	$80.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.884	−0.009%	$14.0M	$19.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.887	+0.018%	$33.1M	$44.9M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.885	0.000%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPlong	+0.0100%	1h	10.885	long leg	$439K	$528K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.915	+0.276%	$352K	$1.3M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.915	+0.276%	$175K	$662K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.895	+0.092%	$139K	$240K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.895	+0.092%	$236K	$221K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.922	+0.340%	$12K	$776K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.883	−0.014%	$336K	$869K	75x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.889	+0.036%	$621K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.886	+0.012%	$250K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.891	+0.055%	$857K	$5.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.882	−0.028%	$4.7M	$5.3M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.882	−0.032%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0294%	1h	10.892	+0.065%	$230K	—	120x	as long as short