Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h +0.001%

Price spread now: Phemex against Aevo−0.017%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$175as in the Funding arb table

Net, price: spread back to 7d avg − costs−$176as in the Price arb table

costs, in and out, $10k−$1741.738% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now −0.017%, 7d avg +0.002%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo AAVE-PERP	143.28	0.0104	pay 0.0013% / 1h	0m 55s	$121K	$146	10x
Short	Phemex AAVEUSDT	143.26	0.0071	get 0.0071% / 8h	4h 00m	$4.0M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$6.92
Price spread: −0.017% → +0.002%: −$1.94
Slippage, 4 orders: −$145.77
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$182.64
Costs to cover: 1.738%
Break-even: never at this rate

Slippage from Aevo: live order book, 58 min ago; Phemex: live order book, 3 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 Aevo live order book, 58 min ago	42.45 bp	60.1 bp −$60	269.4 bp −$2,694	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	4.19 bp	14.4 bp −$14	22.1 bp −$221	doesn't fit	doesn't fit

AAVE on 42 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
01 Exchange AAVEUSD	−0.0128%	1h	143.39	+0.073%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.37	+0.057%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.08	−0.143%	$56K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.26	−0.017%	$220K	$401K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.29	+0.004%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0010%	1h	143.37	+0.059%	$843K	$448K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.414%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.26	−0.016%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	143.25	−0.024%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	143.24	−0.031%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AAVEUSDTshort	+0.0071%	8h	143.26	−0.017%	$4.0M	$3.7M	50x
SoDEX AAVE-USD	+0.0093%	1h	143.26	−0.017%	$5K	$302K	10x	as long as short
Lighter AAVE	+0.0096%	1h	143.40	+0.079%	$4.6M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.27	−0.008%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.46	+0.122%	$78.2M	$36.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.35	+0.046%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.33	+0.032%	$328K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.36	+0.053%	$63.9M	$187.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.35	+0.046%	$61.6M	$67.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.34	+0.039%	$17.2M	$64.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.44	+0.108%	$64K	$204K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.53	−0.527%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.39	+0.073%	$8.1M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.35	+0.046%	$25.1M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.41	+0.087%	$10.6M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.28	−0.003%	$29.2M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.34	+0.039%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.38	+0.066%	$337K	$720K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.26	−0.017%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.94	−0.243%	$103K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.03	−0.180%	$460K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.03	−0.178%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.35	+0.046%	$125K	$386K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.29	+0.002%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.48	+0.136%	$690K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.29	+0.001%	$901K	$1.7M	50x	as long as short
Aevo AAVE-PERPlong	+0.0104%	1h	143.28	long leg	$121K	$146	10x
RISEx AAVE/USDC	+0.0136%	1h	143.38	+0.066%	$179K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.30	+0.011%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.29	+0.001%	$112K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0323%	1h	143.36	+0.054%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.92	−0.255%	$793K	$2.8M	50x	as long as short