Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.114%

Price spread now: Bybit against Hyperliquid−0.114%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 7 days+0.107%+$11 · spread now −0.114%, 7d avg −0.061%

Together, before fees−0.016%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.053% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AVAX	10.623	0.0100	pay 0.0013% / 1h	19m 21s	$38.0M	$44.0M	10x
Short	Bybit AVAXUSDT	10.611	0.0066	get 0.0066% / 8h	2h 19m	$78.2M	$145.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. 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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$7.07
Price spread: −0.114% → −0.061%: −$5.32
Slippage, 4 orders: −$10.88
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$43.28
Costs to cover: 0.309%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Bybit: live order book, 5 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 Hyperliquid live order book, 4 min ago	0.47 bp	5.9 bp −$6	9.9 bp −$99	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.47 bp	10.7 bp −$11	18.4 bp −$184	39.3 bp −$3,931	130.7 bp −$65.3K

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	10.760	+1.289%	$17K	$152K	12x	as long as short
Kraken Futures PF_AVAXUSD	−0.0281%	1h	10.621	−0.016%	$4.2M	$11.5M	50x	as long as short
Nado AVAX-PERP	−0.0054%	1h	10.617	−0.062%	$285K	$342K	10x	as long as short
Variational Omni AVAX	−0.0027%	8h	10.535	−0.833%	$2.7M	$2.2M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.599	−0.226%	$88K	$117K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.616	−0.067%	$4.7M	$7.5M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.617	−0.057%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0019%	8h	10.615	−0.076%	$12.3M	$32.8M	75x	as long as short
Backpack AVAX_USDC_PERP	+0.0034%	1h	10.588	−0.330%	$369K	$563K	15x	as long as short
Bybit AVAXUSDTshort	+0.0066%	8h	10.611	−0.114%	$78.2M	$145.3M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AVAX	+0.0096%	1h	10.596	−0.254%	$1.2M	$2.6M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.619	−0.039%	$18K	$437K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0096%	8h	10.599	−0.231%	$12K	$212	20x	as long as short
Hyperliquid AVAXlong	+0.0100%	1h	10.623	long leg	$38.0M	$44.0M	10x
Aster AVAXUSDT	+0.0100%	8h	10.613	−0.091%	$2.1M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.601	−0.207%	$265K	$131K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.619	−0.041%	$113.1M	$432.0M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.617	−0.057%	$18.7M	$112.4M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.619	−0.039%	$44.0M	$80.5M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.615	−0.076%	$13.2M	$22.8M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.614	−0.086%	$32.1M	$49.2M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.617	−0.057%	—	$54.3M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.527	−0.904%	$337K	$978K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.532	−0.858%	$170K	$662K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.618	−0.048%	$132K	$354K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.624	+0.008%	$188K	$304K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.649	+0.240%	$12K	$759K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.618	−0.048%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.575	−0.448%	$344K	$804K	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	10.572	−0.481%	$28.2M	$5.8M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.611	−0.117%	$636K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.616	−0.072%	$244K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0216%	1h	10.615	−0.076%	$843K	$4.9M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.545	−0.735%	$4.6M	$5.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.611	−0.116%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0444% / S −0.0271%	1h	10.617	−0.059%	$232K	—	120x	as long as short