Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0438%/8h= +48.0% APRpaid last 24h +0.034%

Price spread now: Coinbase International against Phemex+0.223%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$520.520% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 4 days (all we have)−0.259%−$26 · spread now +0.223%, 7d avg +0.040%

Together, before fees−0.071%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Coinbase International is 0.182% dearer against Phemex than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.040%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.188% in total (about 9.8% 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	Phemex AVAXUSDT	10.782	−0.0238	get 0.0238% / 8h	7h 42m	$28.8M	$5.7M	50x
Short	Coinbase International AVAX-PERP-INTX	10.806	0.0200	get 0.0025% / 1h	42m 19s	$852K	$5.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.223%Rate

Funding earned: $92.01
Price spread: +0.223% → +0.040%: $18.22
Slippage, 4 orders: −$29.97
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $58.26
Costs to cover: 0.520%
Break-even: 2.6 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: live order book, 2 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 Phemex live order book, 2 min ago	4.63 bp	16.1 bp −$16	31.6 bp −$316	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	1.85 bp	11.7 bp −$12	17.1 bp −$171	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
Kraken Futures PF_AVAXUSD	−0.0265%	1h	10.781	−0.009%	$3.7M	$11.6M	50x	as long as short
Nado AVAX-PERP	−0.0258%	1h	10.791	+0.088%	$281K	$326K	10x	as long as short
Phemex AVAXUSDTlong	−0.0238%	8h	10.782	long leg	$28.8M	$5.7M	50x
Variational Omni AVAX	−0.0079%	8h	10.821	+0.359%	$3.0M	$2.2M	—	as long as short
SoDEX AVAX-USD	−0.0060%	1h	10.777	−0.046%	$18K	$68K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0028%	1h	10.782	0.000%	$4.9M	$6.7M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.801	+0.177%	$92K	$111K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.795	+0.121%	$12K	—	150x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	−0.204%	$17K	$151K	12x	as long as short
Gate AVAX_USDT	+0.0043%	8h	10.794	+0.111%	$13.6M	$28.7M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AVAX-USD-PERP	+0.0091%	8h	10.783	+0.006%	$12K	$212	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.780	−0.015%	$1.2M	$2.1M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.781	−0.009%	$22K	$469K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.810	+0.260%	$36.0M	$41.0M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.797	+0.135%	$2.4M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.782	+0.002%	$271K	$128K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.792	+0.089%	$113.9M	$398.8M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.789	+0.065%	$84.4M	$138.7M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.790	+0.074%	$19.0M	$107.2M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.798	+0.148%	$53.4M	$79.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.801	+0.176%	$14.0M	$21.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.792	+0.093%	$33.0M	$45.7M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	10.794	+0.111%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.783	+0.009%	$439K	$532K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.801	+0.176%	$343K	$1.2M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.807	+0.232%	$174K	$661K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.805	+0.213%	$136K	$287K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.797	+0.139%	$233K	$244K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.810	+0.262%	$11K	$772K	20x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.775	−0.060%	$335K	$871K	75x	as long as short
Extended AVAX-USD	+0.0104%	1h	10.779	−0.026%	$616K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.794	+0.111%	$248K	—	3x	as long as short
Coinbase International AVAX-PERP-INTXshort	+0.0200%	1h	10.806	+0.223%	$852K	$5.2M	50x
BloFin AVAX-USDT	+0.0220%	8h	10.767	−0.139%	$4.6M	$5.4M	100x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.792	+0.091%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.797	+0.135%	$228K	—	120x	as long as short