Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0285%/8h= −31.2% APRpaid last 24h +0.008%

Price spread now: Kraken Futures against Phemex−0.016%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$530.535% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now −0.016%, 7d avg +0.023%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Kraken Futures is 0.039% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.023%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.067% in total (about -3.5% 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	10.690	0.0100	pay 0.0100% / 8h	57m 41s	$28.5M	$5.8M	50x
Short	Kraken Futures PF_AVAXUSD	10.688	−0.0185	pay 0.0023% / 1h	57m 41s	$3.8M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$59.77
Price spread: −0.016% → +0.023%: −$3.89
Slippage, 4 orders: −$31.45
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$117.12
Costs to cover: 0.535%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Kraken Futures: live order book, 1 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, 6 min ago	3.74 bp	14.4 bp −$14	23.5 bp −$235	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	1.87 bp	12.3 bp −$12	19.3 bp −$193	52.7 bp −$5,269	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	−0.0232%	1h	10.682	−0.075%	$281K	$335K	10x	as long as short
Kraken Futures PF_AVAXUSDshort	−0.0185%	1h	10.688	−0.016%	$3.8M	$12.0M	50x
Variational Omni AVAX	−0.0067%	8h	10.666	−0.228%	$2.9M	$2.2M	—	as long as short
dYdX AVAX-USD	0.0000%	1h	10.687	−0.024%	$91K	$111K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	0.0000%	1h	10.693	+0.028%	$4.8M	$6.9M	25x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	10.691	+0.011%	$12K	—	150x	as long as short
Gate AVAX_USDT	+0.0011%	8h	10.684	−0.056%	$12.9M	$30.4M	75x	as long as short
Injective AVAX/USDC PERP	+0.0033%	1h	10.760	+0.655%	$17K	$151K	12x	as long as short
Bybit AVAXUSDT	+0.0082%	8h	10.681	−0.084%	$81.5M	$142.9M	75x	as long as short
Paradex AVAX-USD-PERP	+0.0083%	8h	10.682	−0.071%	$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
Lighter AVAX	+0.0096%	1h	10.685	−0.042%	$1.2M	$2.4M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	10.682	−0.075%	$25K	$470K	50x	as long as short
Hyperliquid AVAX	+0.0100%	1h	10.694	+0.042%	$37.2M	$43.6M	10x	as long as short
Aster AVAXUSDT	+0.0100%	8h	10.689	−0.007%	$2.2M	$1.0M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	10.691	+0.010%	$268K	$129K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	10.682	−0.079%	$112.9M	$417.9M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	10.681	−0.084%	$18.8M	$110.7M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	10.685	−0.047%	$45.8M	$78.7M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	10.686	−0.037%	$13.6M	$22.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	10.688	−0.019%	$32.4M	$48.3M	75x	as long as short
BingX AVAX-USDT	+0.0100%	8h	10.683	−0.065%	—	$54.3M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	10.695	+0.047%	$436K	$557K	15x	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	10.669	−0.197%	$339K	$1.1M	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	10.675	−0.140%	$172K	$661K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	10.688	−0.019%	$134K	$347K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	10.697	+0.065%	$231K	$255K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	10.714	+0.225%	$11K	$769K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	10.689	−0.009%	$18K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	10.684	−0.061%	$325K	$879K	75x	as long as short
Phemex AVAXUSDTlong	+0.0100%	8h	10.690	long leg	$28.5M	$5.8M	50x
Extended AVAX-USD	+0.0104%	1h	10.679	−0.103%	$609K	$1.4M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	10.684	−0.051%	$245K	—	3x	as long as short
BloFin AVAX-USDT	+0.0220%	8h	10.684	−0.056%	$4.6M	$5.5M	100x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0224%	1h	10.694	+0.037%	$850K	$5.1M	50x	as long as short
Reya AVAXRUSDPERP	+0.0245%	1h	10.681	−0.082%	$1K	—	20x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0443% / S −0.0294%	1h	10.692	+0.015%	$226K	—	120x	as long as short