Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.022%

Price spread now: dYdX against Phemex+0.007%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$327as in the Funding arb table

Net, price: spread back to 7d avg − costs−$307as in the Price arb table

costs, in and out, $10k−$3113.106% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 on $10k

Price spread, last 3 days (all we have)+0.057%+$6 · spread now +0.007%, 7d avg −0.033%

Together, before fees−0.107%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.040% dearer against Phemex than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.033%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AVAXUSDT	11.245	0.0100	pay 0.0100% / 8h	44m 21s	$30.2M	$5.0M	50x
Short	dYdX AVAX-USD	11.246	0	get 0.0000% / 1h	44m 21s	$103K	$111K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$21
Price spread: +0.007% → −0.033%: $3.98
Slippage, 4 orders: −$288.55
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$327.57
Costs to cover: 3.106%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; dYdX: live order book, 35 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, 5 min ago	2.67 bp	13.3 bp −$13	24.9 bp −$249	doesn't fit	doesn't fit
Sell dYdX live order book, 35 min ago	133.65 bp	138.7 bp −$139	139.4 bp −$1,394	140.2 bp −$14.0K	181.0 bp −$90.5K

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	−0.1451%	1h	11.210	−0.311%	$17K	$151K	12x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0106%	1h	11.244	−0.009%	$5.3M	$8.9M	25x	as long as short
Nado AVAX-PERP	−0.0088%	1h	11.245	+0.004%	$297K	$885K	10x	as long as short
dYdX AVAX-USDshort	0.0000%	1h	11.246	+0.007%	$103K	$111K	10x
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.255	+0.089%	$13K	—	150x	as long as short
Variational Omni AVAX	+0.0062%	8h	11.258	+0.116%	$3.0M	$2.4M	—	as long as short
Lighter AVAX	+0.0096%	1h	11.246	+0.007%	$1.2M	$3.3M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.253	+0.071%	$18K	$676K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.243	−0.021%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.253	+0.074%	$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	11.248	+0.030%	$299K	$118K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.252	+0.066%	$120.5M	$517.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.250	+0.044%	$89.5M	$155.8M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.249	+0.036%	$20.2M	$144.9M	50x	as long as short
Gate AVAX_USDT	+0.0100%	8h	11.253	+0.071%	$12.2M	$40.1M	75x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.252	+0.062%	$52.2M	$93.1M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.259	+0.124%	$15.8M	$24.3M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.253	+0.071%	$34.3M	$59.0M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	11.254	+0.080%	—	$87.0M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.245	0.000%	$360K	$564K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.249	+0.033%	$359K	$864K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.244	−0.009%	$181K	$684K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.256	+0.098%	$134K	$438K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.256	+0.098%	$205K	$303K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.276	+0.275%	$12K	$733K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.246	+0.009%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.246	+0.013%	$363K	$1.0M	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	11.245	long leg	$30.2M	$5.0M	50x
Extended AVAX-USD	+0.0104%	1h	11.242	−0.022%	$672K	$2.1M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.243	−0.018%	$258K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	11.248	+0.027%	$5.0M	$7.7M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.252	+0.063%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0270%	1h	11.251	+0.052%	$4.6M	$13.2M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0280%	1h	11.263	+0.160%	$917K	$8.0M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0419% / S −0.0272%	1h	11.255	+0.088%	$237K	—	120x	as long as short
Hyperliquid AVAX	+0.0864%	1h	11.274	+0.258%	$43.7M	$55.3M	10x	as long as short