Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h −0.007%

Price spread now: Backpack against MEXC−0.035%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.117%−$12 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now −0.035%, 7d avg +0.014%

Together, before fees−0.119%−$12 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: Backpack is 0.049% cheaper against MEXC than usual: you would sell low and buy high, −$5 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	MEXC AVAX_USDT	11.332	0.0098	pay 0.0098% / 8h	2h 08m	$55.9M	$110.3M	200x
Short	Backpack AVAX_USDC_PERP	11.328	0.0100	get 0.0013% / 1h	8m 37s	$339K	$560K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0.42
Price spread: −0.035% → +0.014%: −$4.91
Slippage, 4 orders: −$8.6
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.08
Costs to cover: 0.186%
Break-even: 391.7 days

Slippage from MEXC: live order book, 10 min ago; Backpack: live order book, 15 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 MEXC live order book, 10 min ago	0.44 bp	1.7 bp −$2	4.4 bp −$44	48.0 bp −$4,801	89.2 bp −$44.6K
Sell Backpack live order book, 15 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
Deribit AVAX_USDC-PERPETUAL	−0.0103%	1h	11.324	−0.071%	$5.4M	$9.4M	25x	as long as short
Variational Omni AVAX	−0.0092%	8h	11.306	−0.228%	$2.9M	$2.1M	—	as long as short
Nado AVAX-PERP	−0.0078%	1h	11.322	−0.088%	$299K	$959K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.260	−0.635%	$17K	$152K	12x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.335	+0.031%	$99K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.323	−0.081%	$16K	—	150x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0056%	1h	11.327	−0.044%	$994K	$8.3M	50x	as long as short
Gate AVAX_USDT	+0.0064%	8h	11.334	+0.018%	$12.7M	$40.4M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0089%	8h	11.325	−0.062%	$20.4M	$149.3M	50x	as long as short
Lighter AVAX	+0.0096%	1h	11.337	+0.048%	$1.3M	$3.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex AVAXUSDT	+0.0096%	1h	11.324	−0.071%	$10K	$702K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0098%	8h	11.329	−0.023%	$13K	$766	20x	as long as short
MEXC AVAX_USDTlong	+0.0098%	8h	11.332	long leg	$55.9M	$110.3M	200x
Binance AVAXUSDT	+0.0099%	8h	11.325	−0.063%	$121.5M	$537.1M	75x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.335	+0.025%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.335	+0.026%	$301K	$121K	10x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.328	−0.035%	$90.8M	$155.8M	75x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.337	+0.044%	$16.5M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.332	0.000%	$34.9M	$61.1M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.330	−0.018%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.328	−0.035%	$339K	$560K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.314	−0.160%	$358K	$895K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.313	−0.168%	$182K	$681K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.325	−0.062%	$133K	$482K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.332	0.000%	$204K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.351	+0.172%	$12K	$722K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.324	−0.071%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.322	−0.093%	$363K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.326	−0.053%	$30.3M	$4.9M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.330	−0.019%	$676K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.319	−0.114%	$260K	—	3x	as long as short
BloFin AVAX-USDT	+0.0218%	8h	11.320	−0.106%	$5.0M	$8.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.323	−0.078%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0253%	1h	11.335	+0.029%	$4.6M	$13.6M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0245%	1h	11.322	−0.088%	$244K	—	120x	as long as short
Hyperliquid AVAX	+0.0678%	1h	11.353	+0.185%	$44.1M	$58.5M	10x	as long as short