AVAX

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0528%/8h= −57.8% APRnext payment −$0.66 per $10,000 · paid last 24h +0.005%

Price spread now: Backpack against Kraken Futures−0.037%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 3 days (all we have)+0.149%+$15 · spread now −0.037%, 7d avg −0.029%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.029%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.047% in total (about -2.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.66 per $10,000. 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	Kraken Futures PF_AVAXUSD	11.265	0.0628	pay 0.0078% / 1h	14m 11s	$4.6M	$13.5M	50x
Short	Backpack AVAX_USDC_PERP	11.261	0.0100	get 0.0013% / 1h	14m 11s	$360K	$568K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$110.85
Price spread: −0.037% → −0.029%: −$0.83
Slippage, 4 orders: −$20.04
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$151.71
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Backpack: 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 Kraken Futures live order book, 5 min ago	2.66 bp	11.5 bp −$11	15.1 bp −$151	53.1 bp −$5,307	doesn't fit
Sell Backpack live order book, 5 min ago	0.44 bp	5.4 bp −$5	26.1 bp −$261	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
Injective AVAX/USDC PERP	−0.0570%	1h	11.210	−0.490%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0105%	1h	11.257	−0.073%	$5.3M	$9.1M	25x	as long as short
Nado AVAX-PERP	−0.0039%	1h	11.261	−0.033%	$297K	$893K	10x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.264	−0.006%	$104K	$106K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.259	−0.057%	$13K	—	150x	as long as short
Variational Omni AVAX	+0.0009%	8h	11.260	−0.045%	$3.0M	$2.4M	—	as long as short
Lighter AVAX	+0.0096%	1h	11.261	−0.039%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.259	−0.055%	$18K	$684K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0099%	8h	11.253	−0.105%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.261	−0.036%	$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	11.266	+0.006%	$299K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.259	−0.054%	$120.5M	$524.5M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.259	−0.055%	$89.2M	$157.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.259	−0.055%	$20.3M	$146.4M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.260	−0.046%	$12.4M	$40.6M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.259	−0.055%	$52.0M	$100.2M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.264	−0.011%	$16.1M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.260	−0.046%	$34.2M	$60.0M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.260	−0.046%	—	$89.0M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.261	−0.037%	$360K	$568K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.260	−0.046%	$360K	$877K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.263	−0.020%	$181K	$686K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.262	−0.028%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.267	+0.016%	$203K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.292	+0.235%	$12K	$733K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.258	−0.064%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.258	−0.068%	$364K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.258	−0.064%	$30.3M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.255	−0.089%	$672K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.253	−0.108%	$258K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.268	+0.025%	$912K	$8.2M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.251	−0.126%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.259	−0.055%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0409% / S −0.0256%	1h	11.260	−0.049%	$237K	—	120x	as long as short
Hyperliquid AVAX	+0.0612%	1h	11.276	+0.096%	$43.6M	$56.8M	10x	as long as short
Kraken Futures PF_AVAXUSDlong	+0.0628%	1h	11.265	long leg	$4.6M	$13.5M	50x