Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.022%

Price spread now: Phemex against dYdX−0.015%147s7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$314as 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−$3303.303% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.164%+$16 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.015%, 7d avg +0.027%

Together, before fees+0.141%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.042% cheaper against dYdX than usual: you would sell low and buy high (spread −0.015% now, against its 7-day average of +0.027%). If the spread goes back, that is −$4 on $10k: about 33 hours of funding at the current rate (+$3 a day). The two prices were read 147 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	dYdX AVAX-USD	10.706	0	get 0.0000% / 1h	27m 58s	$89K	$117K	10x
Short	Phemex AVAXUSDT	10.704	0.0100	get 0.0100% / 8h	1h 27m	$28.6M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now −0.015%Rate

Funding earned: $21
Price spread: −0.015% → +0.027%: −$4.15
Slippage, 4 orders: −$308.34
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$313.49
Costs to cover: 3.303%
Break-even: 111.5 days

Slippage from dYdX: live order book, 16 min ago; Phemex: live order book, 6 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 dYdX live order book, 16 min ago	143.38 bp	149.3 bp −$149	150.2 bp −$1,502	163.6 bp −$16.4K	172.4 bp −$86.2K
Sell Phemex live order book, 6 min ago	1.87 bp	12.8 bp −$13	24.3 bp −$243	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
Nado AVAX-PERP	−0.0181%	1h	10.699	−0.057%	$285K	$339K	10x	as long as short
Variational Omni AVAX	−0.0048%	8h	10.697	−0.084%	$2.8M	$2.1M	—	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0030%	1h	10.705	−0.005%	$4.8M	$7.1M	25x	as long as short
dYdX AVAX-USDlong	0.0000%	1h	10.706	long leg	$89K	$117K	10x
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.708	+0.019%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0029%	8h	10.706	+0.004%	$12.8M	$32.2M	75x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	+0.508%	$17K	$152K	12x	as long as short
Paradex AVAX-USD-PERP	+0.0088%	8h	10.702	−0.038%	$12K	$212	20x	as long as short
Bybit AVAXUSDT	+0.0088%	8h	10.709	+0.032%	$81.2M	$146.3M	75x	as long as short
Lighter AVAX	+0.0096%	1h	10.705	−0.009%	$1.2M	$2.5M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex AVAXUSDT	+0.0096%	1h	10.701	−0.043%	$20K	$426K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.716	+0.097%	$37.4M	$44.0M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.709	+0.029%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.710	+0.037%	$269K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.713	+0.069%	$113.8M	$424.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.718	+0.116%	$18.8M	$112.4M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.706	+0.004%	$45.5M	$80.9M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.708	+0.023%	$13.6M	$22.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.722	+0.153%	$32.5M	$48.7M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.707	+0.013%	—	$54.3M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.711	+0.051%	$436K	$564K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.700	−0.049%	$341K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.712	+0.060%	$173K	$662K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.704	−0.015%	$136K	$352K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.710	+0.041%	$230K	$346K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.734	+0.263%	$11K	$765K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.705	−0.005%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.697	−0.084%	$336K	$872K	75x	as long as short
Phemex AVAXUSDTshort	+0.0100%	8h	10.704	−0.015%	$28.6M	$5.8M	50x
Extended AVAX-USD	+0.0104%	1h	10.699	−0.057%	$609K	$1.5M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.700	−0.055%	$246K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0113%	1h	10.710	+0.037%	$4.2M	$11.3M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0200%	1h	10.712	+0.060%	$854K	$5.1M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.707	+0.013%	$4.6M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.699	−0.058%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.709	+0.028%	$226K	—	120x	as long as short