Funding arb · Price arb /

AVAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.025%

Price spread now: Backpack against Orderly−0.044%7-day average −0.020% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 3 days (all we have)+0.125%+$12 · spread now −0.044%, 7d avg −0.020%

Together, before fees+0.015%+$1 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 0.024% cheaper against Orderly than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AVAX_USDC	11.276	0.0100	pay 0.0100% / 8h	1h 28m	$203K	$301K	20x
Short	Backpack AVAX_USDC_PERP	11.271	0.0100	get 0.0013% / 1h	28m 31s	$360K	$570K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.044%Rate

Funding earned: $0
Price spread: −0.044% → −0.020%: −$2.42
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$18.42
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 55 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 55 min ago	0.44 bp	5.4 bp −$5	26.1 bp −$261	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.585%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0105%	1h	11.266	−0.089%	$5.3M	$9.2M	25x	as long as short
Nado AVAX-PERP	−0.0027%	1h	11.256	−0.177%	$297K	$895K	10x	as long as short
Variational Omni AVAX	−0.0016%	8h	11.259	−0.150%	$3.0M	$2.4M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	11.272	−0.033%	$99K	$107K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.269	−0.063%	$16K	—	150x	as long as short
Lighter AVAX	+0.0096%	1h	11.272	−0.035%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.271	−0.044%	$16K	$691K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0099%	8h	11.268	−0.071%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.268	−0.071%	$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	11.271	−0.042%	$299K	$120K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.269	−0.063%	$120.6M	$526.3M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.260	−0.142%	$88.9M	$157.5M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.255	−0.186%	$20.3M	$146.5M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.270	−0.053%	$12.6M	$40.2M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.268	−0.071%	$52.3M	$100.0M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.274	−0.018%	$16.2M	$24.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.269	−0.062%	$34.3M	$60.2M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.270	−0.053%	—	$89.2M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.271	−0.044%	$360K	$570K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.257	−0.165%	$360K	$898K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.282	+0.053%	$181K	$685K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.275	−0.009%	$134K	$459K	10x	as long as short
Orderly PERP_AVAX_USDClong	+0.0100%	8h	11.276	long leg	$203K	$301K	20x
SunX AVAX-USDT	+0.0100%	8h	11.295	+0.172%	$12K	$731K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.269	−0.062%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.268	−0.075%	$363K	$1.1M	75x	as long as short
Phemex AVAXUSDT	+0.0100%	8h	11.269	−0.062%	$30.3M	$5.0M	50x	as long as short
Extended AVAX-USD	+0.0104%	1h	11.265	−0.094%	$673K	$2.2M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.270	−0.052%	$259K	—	3x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0192%	1h	11.276	0.000%	$911K	$8.3M	50x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.266	−0.089%	$5.0M	$8.0M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.271	−0.048%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0404% / S −0.0248%	1h	11.267	−0.081%	$237K	—	120x	as long as short
Hyperliquid AVAX	+0.0622%	1h	11.289	+0.115%	$43.7M	$57.2M	10x	as long as short
Kraken Futures PF_AVAXUSD	+0.0627%	1h	11.276	−0.003%	$4.6M	$13.5M	50x	as long as short