Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0336%/8h= −36.8% APRpaid last 24h −0.115%

Price spread now: Bybit against GMX−0.052%61s7-day average −0.093% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.349%−$35 on $10k

Price spread, last 3 days (all we have)+0.057%+$6 · spread now −0.052%, 7d avg −0.093%

Together, before fees−0.292%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.041% dearer against GMX than usual: you sell high and buy low (spread −0.052% now, against its 7-day average of −0.093%): +$4 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 10 hours. The two prices were read 61 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	GMX AVAX/USD [AVAX-USDC]	11.093	L +0.0436% / S −0.0295%	pay 0.0055% / 1h	45m 26s	$235K	—	120x
Short	Bybit AVAXUSDT	11.087	0.0100	get 0.0100% / 8h	6h 45m	$88.3M	$146.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$70.65
Price spread: −0.052% → −0.093%: $4.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$89.57
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 4 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.45 bp	8.0 bp −$8	14.2 bp −$142	40.7 bp −$4,065	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1423%	1h	11.050	−0.386%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0110%	1h	11.095	+0.020%	$5.2M	$8.3M	25x	as long as short
Nado AVAX-PERP	−0.0036%	1h	11.085	−0.070%	$288K	$525K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.094	+0.013%	$102K	$105K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.086	−0.061%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0080%	8h	11.084	−0.079%	$12.1M	$36.4M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.093	+0.005%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.086	−0.061%	$18K	$600K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.094	+0.006%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.092	−0.005%	$2.3M	$1.4M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.098	+0.049%	$295K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.086	−0.061%	$118.0M	$471.4M	75x	as long as short
Bybit AVAXUSDTshort	+0.0100%	8h	11.087	−0.052%	$88.3M	$146.1M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.087	−0.052%	$19.8M	$127.0M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.082	−0.097%	$48.4M	$82.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.090	−0.025%	$15.4M	$22.9M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.078	−0.133%	$33.3M	$52.5M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.085	−0.070%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.096	+0.029%	$355K	$548K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	11.094	+0.009%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.127	+0.308%	$353K	$807K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.113	+0.182%	$179K	$682K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.087	−0.052%	$130K	$369K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.091	−0.016%	$195K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.126	+0.297%	$12K	$721K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.095	+0.020%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.094	+0.006%	$360K	$939K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.098	+0.047%	$29.6M	$5.4M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.083	−0.087%	$668K	$2.0M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.092	−0.010%	$255K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.117	+0.218%	$5.0M	$6.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.080	−0.112%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.099	+0.057%	$4.3M	$12.2M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.106	+0.119%	$909K	$6.1M	50x	as long as short
Hyperliquid AVAX	+0.0416%	1h	11.100	+0.065%	$43.2M	$48.0M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]long	L +0.0436% / S −0.0295%	1h	11.093	long leg	$235K	—	120x