Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0336%/8h= −36.8% APRpaid last 24h −0.107%

Price spread now: Orderly against GMX+0.027%7-day average −0.013% · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.363%−$36 on $10k

Price spread, last 3 days (all we have)−0.018%−$2 · spread now +0.027%, 7d avg −0.013%

Together, before fees−0.381%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.040% dearer against GMX than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of −0.013%): +$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 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AVAX/USD [AVAX-USDC]	11.191	L +0.0436% / S −0.0297%	pay 0.0055% / 1h	3m 40s	$237K	—	120x
Short	Orderly PERP_AVAX_USDC	11.194	0.0100	get 0.0100% / 8h	7h 03m	$197K	$313K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now +0.027%Rate

Funding earned: −$70.65
Price spread: +0.027% → −0.013%: $3.98
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$84.68
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.1363%	1h	11.150	−0.366%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0071%	1h	11.186	−0.045%	$293K	$680K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0018%	1h	11.185	−0.053%	$5.3M	$8.4M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.153	−0.343%	$103K	$105K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.191	0.000%	$13K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.156	−0.314%	$1.2M	$3.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.187	−0.036%	$15K	$605K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.150	−0.369%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.177	−0.125%	$2.3M	$1.5M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.159	−0.288%	$296K	$107K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AVAXUSDT	+0.0100%	8h	11.155	−0.322%	$119.2M	$474.4M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.155	−0.322%	$88.7M	$146.9M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.153	−0.339%	$19.9M	$129.5M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.176	−0.134%	$12.2M	$38.6M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.157	−0.304%	$50.2M	$89.5M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.152	−0.348%	$15.3M	$23.0M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.158	−0.295%	$33.9M	$53.0M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.164	−0.241%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.179	−0.107%	$357K	$547K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	11.188	−0.023%	$3.0M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.209	+0.161%	$353K	$847K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.211	+0.179%	$180K	$687K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.189	−0.018%	$131K	$370K	10x	as long as short
Orderly PERP_AVAX_USDCshort	+0.0100%	8h	11.194	+0.027%	$197K	$313K	20x
SunX AVAX-USDT	+0.0100%	8h	11.221	+0.268%	$12K	$719K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.187	−0.036%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.194	+0.026%	$364K	$942K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.188	−0.027%	$30.0M	$5.1M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.167	−0.213%	$671K	$2.0M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.186	−0.045%	$257K	—	3x	as long as short
Kraken Futures PF_AVAXUSD	+0.0215%	1h	11.190	−0.012%	$4.3M	$12.5M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.191	0.000%	$5.0M	$6.1M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.182	−0.083%	$1K	—	20x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0304%	1h	11.202	+0.098%	$910K	$6.4M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]long	L +0.0436% / S −0.0297%	1h	11.191	long leg	$237K	—	120x
Hyperliquid AVAX	+0.0660%	1h	11.177	−0.125%	$43.7M	$49.0M	10x	as long as short