Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1523%/8h= −166.7% APRpaid last 24h −0.233%

Price spread now: Injective against BingX−0.100%57s7-day average −0.181% · you buy dearer than you sell

Net, funding: paid 7d − costs−$152as 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−$1111.106% of the position

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.414%−$41 on $10k

Price spread, last 4 days (all we have)+0.851%+$85 · spread now −0.100%, 7d avg −0.181%

Together, before fees+0.437%+$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.081% dearer against BingX than usual: you sell high and buy low (spread −0.100% now, against its 7-day average of −0.181%): +$8 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 hours. At the pace of the last 7 days (−0.414% in total) that is about 33 hours. The two prices were read 57 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 -0.414% in total (about -21.6% 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	BingX AVAX-USDT	11.031	0.0100	pay 0.0100% / 8h	4h 22m	—	$78.3M	—
Short	Injective AVAX/USDC PERP	11.020	−0.1423	pay 0.0178% / 1h	22m 28s	$17K	$151K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now −0.100%Rate

Funding earned: −$319.74
Price spread: −0.100% → −0.181%: $8.09
Slippage, 4 orders: −$100.59
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$422.26
Costs to cover: 1.106%
Break-even: never at this rate

Slippage from BingX: live order book, 17 min ago; Injective: live order book, 36 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 BingX live order book, 17 min ago	0.90 bp	5.9 bp −$6	5.9 bp −$59	7.0 bp −$703	16.6 bp −$8,312
Sell Injective live order book, 36 min ago	44.92 bp	44.9 bp −$45	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	11.020	−0.100%	$17K	$151K	12x
Deribit AVAX_USDC-PERPETUAL	−0.0112%	1h	11.037	+0.054%	$5.1M	$7.9M	25x	as long as short
Nado AVAX-PERP	−0.0024%	1h	11.035	+0.041%	$286K	$370K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.039	+0.069%	$97K	$97K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.029	−0.018%	$12K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.035	+0.038%	$1.2M	$2.9M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.035	+0.036%	$15K	$549K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.035	+0.041%	$12K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.043	+0.113%	$2.3M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.041	+0.088%	$288K	$114K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AVAXUSDT	+0.0100%	8h	11.028	−0.025%	$117.1M	$427.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.025	−0.054%	$87.5M	$137.6M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.034	+0.027%	$20.3M	$114.7M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.036	+0.045%	$12.2M	$34.3M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.034	+0.027%	$47.1M	$78.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.040	+0.082%	$15.5M	$21.6M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.032	+0.009%	$33.1M	$47.9M	75x	as long as short
BingX AVAX-USDTlong	+0.0100%	8h	11.031	long leg	—	$78.3M	—
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.045	+0.127%	$332K	$521K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	11.064	+0.303%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.078	+0.426%	$350K	$863K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.073	+0.381%	$178K	$671K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.037	+0.054%	$129K	$335K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.050	+0.172%	$194K	$310K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.084	+0.483%	$12K	$706K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.045	+0.127%	$18K	$71K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.028	−0.025%	$360K	$811K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.052	+0.190%	$29.5M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.035	+0.033%	$682K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.039	+0.069%	$254K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0213%	1h	11.048	+0.151%	$4.3M	$11.2M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.046	+0.136%	$5.0M	$5.4M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	11.050	+0.172%	$885K	$5.2M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.029	−0.021%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.029	−0.021%	$234K	—	120x	as long as short
Hyperliquid AVAX	+0.0557%	1h	11.050	+0.172%	$42.9M	$42.0M	10x	as long as short