Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1521%/8h= −166.6% APRpaid last 24h −0.253%

Price spread now: Injective against Phemex−0.147%65s7-day average −0.274% · you buy dearer than you sell

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1291.290% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.431%−$43 on $10k

Price spread, last 4 days (all we have)+1.020%+$102 · spread now −0.147%, 7d avg −0.274%

Together, before fees+0.589%+$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.127% dearer against Phemex than usual: you sell high and buy low (spread −0.147% now, against its 7-day average of −0.274%): +$13 on $10k if it goes back. Holding the pair costs −$46 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.431% in total) that is about 2.1 days. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.431% in total (about -22.5% 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	10.906	0.0100	pay 0.0100% / 8h	3h 21m	$29.1M	$5.8M	50x
Short	Injective AVAX/USDC PERP	10.890	−0.1421	pay 0.0178% / 1h	21m 59s	$17K	$151K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.147%Rate

Funding earned: −$319.44
Price spread: −0.147% → −0.274%: $12.72
Slippage, 4 orders: −$117.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$435.76
Costs to cover: 1.290%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Injective: live order book, 32 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	3.66 bp	15.3 bp −$15	23.1 bp −$231	doesn't fit	doesn't fit
Sell Injective live order book, 32 min ago	40.93 bp	40.9 bp −$41	doesn't fit	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
Injective AVAX/USDC PERPshort	−0.1421%	1h	10.890	−0.147%	$17K	$151K	12x
Deribit AVAX_USDC-PERPETUAL	−0.0025%	1h	10.902	−0.037%	$5.0M	$7.6M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	10.904	−0.022%	$95K	$97K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.906	+0.001%	$12K	—	150x	as long as short
Kraken Futures PF_AVAXUSD	+0.0020%	1h	10.904	−0.018%	$4.2M	$11.1M	50x	as long as short
Nado AVAX-PERP	+0.0034%	1h	10.902	−0.037%	$283K	$318K	10x	as long as short
Gate AVAX_USDT	+0.0085%	8h	10.900	−0.055%	$12.2M	$32.5M	75x	as long as short
Lighter AVAX	+0.0096%	1h	10.902	−0.034%	$1.2M	$2.7M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.898	−0.073%	$6K	$443K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	10.899	−0.065%	$12K	$212	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster AVAXUSDT	+0.0100%	8h	10.904	−0.023%	$2.2M	$1.1M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.904	−0.017%	$275K	$131K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.896	−0.092%	$114.5M	$424.0M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	10.889	−0.156%	$82.5M	$140.5M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.894	−0.110%	$19.7M	$112.0M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.901	−0.046%	$45.3M	$78.7M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.903	−0.028%	$15.1M	$21.7M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.912	+0.055%	$32.9M	$47.6M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.899	−0.064%	—	$54.9M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.901	−0.046%	$371K	$548K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	10.927	+0.197%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.931	+0.229%	$352K	$953K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.943	+0.339%	$176K	$666K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.906	0.000%	$128K	$343K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.909	+0.028%	$192K	$310K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.932	+0.235%	$12K	$723K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.902	−0.037%	$18K	$71K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.896	−0.087%	$359K	$787K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	10.906	long leg	$29.1M	$5.8M	50x
Extended AVAX-USD	+0.0104%	1h	10.896	−0.092%	$675K	$1.3M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.899	−0.064%	$250K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.925	+0.174%	$4.9M	$5.3M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0232%	1h	10.906	0.000%	$887K	$5.1M	50x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	10.902	−0.034%	$1K	—	20x	as long as short
Hyperliquid AVAX	+0.0271%	1h	10.914	+0.073%	$41.8M	$40.2M	10x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0285%	1h	10.906	+0.003%	$235K	—	120x	as long as short