Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0125%/8h= −13.6% APRpaid last 24h −0.102%

Price spread now: Deribit against Bybit+0.257%55s7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as 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−$260.256% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.547%−$55 on $10k

Price spread, last 4 days (all we have)−0.414%−$41 · spread now +0.257%, 7d avg +0.013%

Together, before fees−0.962%−$96 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.244% dearer against Bybit than usual: you sell high and buy low (spread +0.257% now, against its 7-day average of +0.013%): +$24 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 6.5 days. At the pace of the last 7 days (−0.547% in total) that is about 3.1 days. The two prices were read 55 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	Bybit AVAXUSDT	10.898	0.0100	pay 0.0100% / 8h	3h 22m	$82.6M	$140.5M	75x
Short	Deribit AVAX_USDC-PERPETUAL	10.926	−0.0024	pay 0.0003% / 1h	22m 25s	$5.0M	$7.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee DeribitbpOrdersPrice spread, now +0.257%Rate

Funding earned: −$26.15
Price spread: +0.257% → +0.013%: $24.43
Slippage, 4 orders: −$7.64
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$27.36
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Deribit: live order book, 2 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 Bybit live order book, 2 min ago	0.46 bp	8.0 bp −$8	13.2 bp −$132	35.1 bp −$3,509	doesn't fit
Sell Deribit live order book, 2 min ago	1.37 bp	5.4 bp −$5	15.4 bp −$154	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 PERP	−0.1421%	1h	10.890	−0.073%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUALshort	−0.0024%	1h	10.926	+0.257%	$5.0M	$7.7M	25x
dYdX AVAX-USD	0.0000%	1h	10.904	+0.052%	$95K	$97K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.906	+0.074%	$12K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0020%	1h	10.927	+0.269%	$4.2M	$11.1M	50x	as long as short
Nado AVAX-PERP	+0.0034%	1h	10.902	+0.037%	$283K	$318K	10x	as long as short
Gate AVAX_USDT	+0.0085%	8h	10.901	+0.028%	$12.2M	$32.4M	75x	as long as short
Lighter AVAX	+0.0096%	1h	10.896	−0.021%	$1.2M	$2.7M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.898	0.000%	$6K	$443K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	10.899	+0.008%	$12K	$212	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster AVAXUSDT	+0.0100%	8h	10.912	+0.127%	$2.2M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.904	+0.057%	$275K	$131K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.902	+0.037%	$114.6M	$424.0M	75x	as long as short
Bybit AVAXUSDTlong	+0.0100%	8h	10.898	long leg	$82.6M	$140.5M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.901	+0.028%	$19.7M	$112.0M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.906	+0.073%	$45.2M	$78.7M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.903	+0.046%	$15.1M	$21.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.899	+0.009%	$32.9M	$47.6M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.901	+0.028%	—	$54.9M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.926	+0.257%	$371K	$547K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	10.927	+0.270%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.931	+0.303%	$352K	$953K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.943	+0.413%	$176K	$666K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.906	+0.073%	$128K	$343K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.909	+0.101%	$192K	$310K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.957	+0.539%	$12K	$723K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.925	+0.248%	$18K	$71K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.927	+0.262%	$363K	$779K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.927	+0.266%	$29.2M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.887	−0.101%	$675K	$1.3M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.899	+0.009%	$250K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.925	+0.248%	$4.9M	$5.3M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	10.943	+0.413%	$890K	$5.1M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.902	+0.039%	$1K	—	20x	as long as short
Hyperliquid AVAX	+0.0274%	1h	10.919	+0.193%	$41.9M	$40.2M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0285%	1h	10.906	+0.077%	$235K	—	120x	as long as short