Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0119%/8h= +13.0% APRpaid last 24h +0.083%

Price spread now: Bybit against Deribit−0.187%45s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs+$26as 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−$280.284% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.549%+$55 on $10k

Price spread, last 4 days (all we have)+0.288%+$29 · spread now −0.187%, 7d avg −0.013%

Together, before fees+0.837%+$84 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.174% cheaper against Deribit than usual: you would sell low and buy high (spread −0.187% now, against its 7-day average of −0.013%). If the spread goes back, that is −$17 on $10k: about 4.9 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.549% in total) that is about 2.2 days. The two prices were read 45 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	Deribit AVAX_USDC-PERPETUAL	10.720	−0.0030	get 0.0004% / 1h	5m 35s	$4.8M	$7.0M	25x
Short	Bybit AVAXUSDT	10.700	0.0089	get 0.0089% / 8h	1h 05m	$81.7M	$144.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.187%Rate

Funding earned: $25.02
Price spread: −0.187% → −0.013%: −$17.4
Slippage, 4 orders: −$10.41
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.79
Costs to cover: 0.284%
Break-even: 12.8 days

Slippage from Deribit: live order book, 3 min ago; Bybit: 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 Deribit live order book, 3 min ago	1.40 bp	6.5 bp −$7	46.2 bp −$462	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.47 bp	7.7 bp −$8	13.9 bp −$139	38.6 bp −$3,863	132.8 bp −$66.4K

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
Nado AVAX-PERP	−0.0196%	1h	10.702	−0.168%	$281K	$337K	10x	as long as short
Variational Omni AVAX	−0.0062%	8h	10.713	−0.069%	$2.9M	$2.2M	—	as long as short
Deribit AVAX_USDC-PERPETUALlong	−0.0030%	1h	10.720	long leg	$4.8M	$7.0M	25x
dYdX AVAX-USD	0.0000%	1h	10.709	−0.102%	$91K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.721	+0.009%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0016%	8h	10.714	−0.056%	$12.9M	$32.5M	75x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	+0.373%	$17K	$152K	12x	as long as short
Paradex AVAX-USD-PERP	+0.0086%	8h	10.709	−0.107%	$12K	$212	20x	as long as short
SoDEX AVAX-USD	+0.0089%	1h	10.720	0.000%	$18K	$72K	10x	as long as short
Bybit AVAXUSDTshort	+0.0089%	8h	10.700	−0.187%	$81.7M	$144.8M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AVAX	+0.0096%	1h	10.711	−0.088%	$1.2M	$2.5M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.700	−0.187%	$25K	$475K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.721	+0.009%	$37.2M	$43.5M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.710	−0.096%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.715	−0.051%	$269K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.703	−0.159%	$113.4M	$420.5M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.700	−0.187%	$18.8M	$111.5M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.711	−0.084%	$45.5M	$81.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.707	−0.121%	$13.7M	$22.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.706	−0.131%	$32.4M	$48.3M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.705	−0.140%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.725	+0.047%	$437K	$562K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.728	+0.076%	$339K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.728	+0.075%	$173K	$662K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.728	+0.075%	$135K	$353K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.728	+0.075%	$231K	$255K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.759	+0.368%	$11K	$769K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.729	+0.089%	$326K	$899K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.722	+0.019%	$28.6M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.698	−0.201%	$612K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.714	−0.056%	$246K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0113%	1h	10.720	−0.003%	$3.8M	$12.1M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.729	+0.084%	$853K	$5.1M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.729	+0.084%	$4.6M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.719	−0.007%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.732	+0.109%	$226K	—	120x	as long as short