Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.025%

Price spread now: Bybit against Lighter−0.051%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.051%, 7d avg −0.014%

Together, before fees+0.132%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.038% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter AVAX	11.264	0.0096	pay 0.0012% / 1h	14m 27s	$1.2M	$3.3M	10x
Short	Bybit AVAXUSDT	11.258	0.0100	get 0.0100% / 8h	1h 14m	$89.2M	$157.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.051%Rate

Funding earned: $0.84
Price spread: −0.051% → −0.014%: −$3.75
Slippage, 4 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.91
Costs to cover: 0.220%
Break-even: 214.6 days

Slippage from Lighter: live order book, 8 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 Lighter live order book, 8 min ago	2.39 bp	2.9 bp −$3	9.3 bp −$93	73.8 bp −$7,380	doesn't fit
Sell Bybit live order book, 5 min ago	0.44 bp	7.5 bp −$8	12.5 bp −$125	31.3 bp −$3,133	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	−0.478%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0105%	1h	11.257	−0.060%	$5.3M	$9.1M	25x	as long as short
Nado AVAX-PERP	−0.0039%	1h	11.261	−0.020%	$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	−0.044%	$13K	—	150x	as long as short
Variational Omni AVAX	+0.0009%	8h	11.260	−0.033%	$3.0M	$2.4M	—	as long as short
Lighter AVAXlong	+0.0096%	1h	11.264	long leg	$1.2M	$3.3M	10x
Popdex AVAXUSDT	+0.0096%	1h	11.259	−0.043%	$18K	$684K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0099%	8h	11.253	−0.092%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.261	−0.029%	$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	+0.019%	$299K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.261	−0.029%	$120.5M	$524.5M	75x	as long as short
Bybit AVAXUSDTshort	+0.0100%	8h	11.258	−0.051%	$89.2M	$157.1M	75x
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.261	−0.025%	$20.3M	$146.4M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.258	−0.051%	$12.4M	$40.6M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.260	−0.034%	$52.0M	$100.2M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.264	+0.002%	$16.1M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.259	−0.043%	$34.2M	$60.0M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.259	−0.043%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.260	−0.034%	$360K	$568K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.260	−0.034%	$360K	$877K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.263	−0.007%	$181K	$686K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.262	−0.016%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.267	+0.028%	$203K	$301K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.292	+0.248%	$12K	$733K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.258	−0.051%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.249	−0.127%	$364K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.256	−0.069%	$30.2M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.254	−0.085%	$672K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.253	−0.096%	$258K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.268	+0.037%	$912K	$8.2M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.251	−0.114%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.259	−0.042%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0409% / S −0.0256%	1h	11.260	−0.036%	$237K	—	120x	as long as short
Hyperliquid AVAX	+0.0613%	1h	11.274	+0.091%	$43.6M	$56.8M	10x	as long as short
Kraken Futures PF_AVAXUSD	+0.0628%	1h	11.264	0.000%	$4.6M	$13.5M	50x	as long as short