Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.100%

Price spread now: Deribit against Phemex0.000%7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.616%−$62 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now 0.000%, 7d avg −0.048%

Together, before fees−0.656%−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.048% dearer against Phemex than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.048%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 38 hours. At the pace of the last 7 days (−0.616% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AVAXUSDT	10.709	0.0100	pay 0.0100% / 8h	11m 49s	$28.6M	$5.7M	50x
Short	Deribit AVAX_USDC-PERPETUAL	10.709	0	get 0.0000% / 1h	11m 49s	$4.8M	$6.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$21
Price spread: 0.000% → −0.048%: $4.81
Slippage, 4 orders: −$19.15
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$54.34
Costs to cover: 0.381%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Deribit: 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	0.47 bp	12.1 bp −$12	20.6 bp −$206	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	0.47 bp	8.7 bp −$9	26.9 bp −$269	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
Nado AVAX-PERP	−0.0190%	1h	10.719	+0.093%	$290K	$328K	10x	as long as short
Kraken Futures PF_AVAXUSD	−0.0184%	1h	10.708	−0.011%	$3.8M	$11.6M	50x	as long as short
Variational Omni AVAX	−0.0074%	8h	10.711	+0.017%	$2.9M	$2.2M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.712	+0.024%	$91K	$111K	10x	as long as short
Deribit AVAX_USDC-PERPETUALshort	0.0000%	1h	10.709	0.000%	$4.8M	$6.8M	25x
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.715	+0.053%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0010%	8h	10.709	0.000%	$13.2M	$30.8M	75x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	+0.476%	$17K	$151K	12x	as long as short
Paradex AVAX-USD-PERP	+0.0091%	8h	10.711	+0.020%	$12K	$212	20x	as long as short
Lighter AVAX	+0.0096%	1h	10.707	−0.019%	$1.2M	$2.4M	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	10.712	+0.028%	$25K	$468K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.716	+0.065%	$36.7M	$41.8M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.709	0.000%	$2.2M	$896K	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.720	+0.103%	$269K	$128K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.707	−0.018%	$113.3M	$405.4M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.706	−0.028%	$81.8M	$139.4M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.707	−0.019%	$18.8M	$107.7M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.710	+0.009%	$52.7M	$80.8M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.708	−0.009%	$13.8M	$21.6M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.707	−0.019%	$32.6M	$46.5M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.707	−0.019%	—	$53.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.710	+0.009%	$437K	$546K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.714	+0.046%	$344K	$1.2M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.716	+0.065%	$173K	$661K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.714	+0.047%	$135K	$297K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.721	+0.112%	$232K	$254K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.743	+0.319%	$12K	$770K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.706	−0.028%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.706	−0.033%	$326K	$859K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	10.709	long leg	$28.6M	$5.7M	50x
Extended AVAX-USD	+0.0104%	1h	10.706	−0.029%	$605K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.708	−0.006%	$246K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.712	+0.028%	$4.6M	$5.5M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0224%	1h	10.717	+0.075%	$852K	$4.7M	50x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.711	+0.019%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.715	+0.056%	$226K	—	120x	as long as short