Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0520%/8h= −57.0% APRpaid last 24h −0.082%

Price spread now: OKX against Hyperliquid−0.160%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 7 days+0.150%+$15 · spread now −0.160%, 7d avg −0.051%

Together, before fees+0.086%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and OKX is 0.109% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.064% in total (about -3.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AVAX	11.258	0.0620	pay 0.0078% / 1h	25m 47s	$43.6M	$57.2M	10x
Short	OKX AVAX-USDT-SWAP	11.240	0.0100	get 0.0100% / 8h	1h 25m	$20.3M	$146.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.160%Rate

Funding earned: −$109.29
Price spread: −0.160% → −0.051%: −$10.92
Slippage, 4 orders: −$10.38
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$149.58
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; OKX: 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 Hyperliquid live order book, 8 min ago	0.44 bp	5.7 bp −$6	12.5 bp −$125	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.44 bp	9.2 bp −$9	17.8 bp −$178	53.1 bp −$5,307	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
Injective AVAX/USDC PERP	−0.0570%	1h	11.210	−0.426%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0284%	1h	11.236	−0.195%	$5.3M	$9.2M	25x	as long as short
Nado AVAX-PERP	−0.0028%	1h	11.239	−0.169%	$296K	$895K	10x	as long as short
Variational Omni AVAX	−0.0016%	8h	11.259	+0.010%	$3.0M	$2.4M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	11.248	−0.088%	$103K	$112K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.246	−0.107%	$16K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.238	−0.178%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.243	−0.133%	$17K	$691K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0099%	8h	11.238	−0.178%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.242	−0.141%	$2.3M	$1.8M	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	11.250	−0.067%	$299K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.242	−0.142%	$120.3M	$526.1M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.240	−0.160%	$88.8M	$157.5M	75x	as long as short
OKX AVAX-USDT-SWAPshort	+0.0100%	8h	11.240	−0.160%	$20.3M	$146.3M	50x
Gate AVAX_USDT	+0.0100%	8h	11.239	−0.169%	$12.3M	$40.4M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.238	−0.178%	$52.1M	$100.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.242	−0.142%	$16.1M	$24.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.237	−0.187%	$34.1M	$60.2M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.243	−0.133%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.236	−0.195%	$360K	$570K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.266	+0.069%	$360K	$877K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.270	+0.107%	$181K	$685K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.247	−0.098%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.252	−0.053%	$202K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.274	+0.139%	$12K	$731K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.238	−0.178%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.242	−0.147%	$362K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.239	−0.169%	$30.2M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.236	−0.200%	$673K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.236	−0.192%	$258K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.255	−0.027%	$909K	$8.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.258	0.000%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.241	−0.150%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0249%	1h	11.245	−0.113%	$237K	—	120x	as long as short
Hyperliquid AVAXlong	+0.0620%	1h	11.258	long leg	$43.6M	$57.2M	10x
Kraken Futures PF_AVAXUSD	+0.0629%	1h	11.245	−0.119%	$4.6M	$13.5M	50x	as long as short