Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h −0.032%

Price spread now: Backpack against BloFin+0.062%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.339%−$34 on $10k

Price spread, last 3 days (all we have)+0.162%+$16 · spread now +0.062%, 7d avg +0.003%

Together, before fees−0.177%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.059% dearer against BloFin than usual: you sell high and buy low (spread +0.062% now, against its 7-day average of +0.003%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 40 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin AVAX-USDT	11.315	0.0217	pay 0.0217% / 8h	2h 11m	$5.0M	$8.6M	100x
Short	Backpack AVAX_USDC_PERP	11.322	0.0100	get 0.0013% / 1h	11m 01s	$339K	$565K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$24.49
Price spread: +0.062% → +0.003%: $5.88
Slippage, 4 orders: −$11.11
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$51.72
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from BloFin: live order book, 8 min ago; Backpack: live order book, 13 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 BloFin live order book, 8 min ago	0.44 bp	9.1 bp −$9	15.0 bp −$150	32.9 bp −$3,294	75.3 bp −$37.7K
Sell Backpack live order book, 13 min ago	0.44 bp	5.4 bp −$5	26.1 bp −$261	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
Deribit AVAX_USDC-PERPETUAL	−0.0103%	1h	11.319	+0.035%	$5.4M	$9.4M	25x	as long as short
Variational Omni AVAX	−0.0102%	8h	11.280	−0.309%	$2.9M	$2.1M	—	as long as short
Nado AVAX-PERP	−0.0079%	1h	11.310	−0.046%	$298K	$960K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.250	−0.574%	$17K	$152K	12x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.304	−0.095%	$99K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.319	+0.035%	$16K	—	150x	as long as short
Gate AVAX_USDT	+0.0056%	8h	11.319	+0.035%	$12.7M	$40.4M	75x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0056%	1h	11.318	+0.027%	$993K	$8.3M	50x	as long as short
OKX AVAX-USDT-SWAP	+0.0085%	8h	11.321	+0.053%	$20.3M	$149.3M	50x	as long as short
Lighter AVAX	+0.0096%	1h	11.319	+0.035%	$1.3M	$3.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended AVAX-USD	+0.0096%	1h	11.318	+0.025%	$676K	$2.2M	25x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.309	−0.053%	$10K	$702K	50x	as long as short
MEXC AVAX_USDT	+0.0096%	8h	11.318	+0.027%	$55.9M	$110.3M	200x	as long as short
Binance AVAXUSDT	+0.0097%	8h	11.319	+0.037%	$121.3M	$537.3M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0098%	8h	11.298	−0.151%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.319	+0.037%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.303	−0.108%	$300K	$121K	10x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.322	+0.062%	$90.8M	$155.9M	75x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.322	+0.062%	$16.2M	$24.4M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.321	+0.053%	$34.9M	$61.1M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.320	+0.044%	—	$90.1M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.322	+0.062%	$339K	$565K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.317	+0.014%	$358K	$895K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.295	−0.177%	$182K	$681K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.317	+0.018%	$133K	$482K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.327	+0.106%	$204K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.328	+0.118%	$12K	$721K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.319	+0.035%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.316	+0.013%	$363K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.321	+0.053%	$30.3M	$4.9M	50x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.317	+0.018%	$260K	—	3x	as long as short
BloFin AVAX-USDTlong	+0.0217%	8h	11.315	long leg	$5.0M	$8.6M	100x
Reya AVAXRUSDPERP	+0.0244%	1h	11.315	−0.002%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0253%	1h	11.327	+0.109%	$4.6M	$13.6M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0245%	1h	11.317	+0.022%	$244K	—	120x	as long as short
Hyperliquid AVAX	+0.0670%	1h	11.339	+0.212%	$44.1M	$58.9M	10x	as long as short