Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.041%

Price spread now: Kalshi against Arcus−0.285%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Arcus Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.120%−$12 on $10k

Price spread, last 4 days (all we have)+0.510%+$51 · spread now −0.285%, 7d avg −0.075%

Together, before fees+0.390%+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.210% cheaper against Arcus than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.075%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus AAVE-USD	143.86	0.0100	pay 0.0013% / 1h	58m 18s	$64K	$198K	10x
Short	Kalshi KXAAVEPERP	143.45	0	get 0.0000% / 8h	5h 58m	$47K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Arcus. 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 ArcusbpFee KalshibpOrdersPrice spread, now −0.285%Rate

Funding earned: −$21
Price spread: −0.285% → −0.075%: −$20.97
Slippage, 4 orders: −$33.49
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$89.96
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from Arcus: live order book, 50 min ago; Kalshi: live order book, 5 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 Arcus live order book, 50 min ago	2.44 bp	7.3 bp −$7	19.5 bp −$195	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	0.69 bp	15.0 bp −$15	22.6 bp −$226	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
Nado AAVE-PERP	−0.0055%	1h	143.62	−0.170%	$834K	$400K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.66	−0.142%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	143.45	−0.285%	$47K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.53	−0.229%	$218K	$396K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.57	−0.198%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.796%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.62	−0.166%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0075%	8h	143.54	−0.222%	$18K	$10K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.61	−0.175%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.65	−0.144%	$1.2M	$1.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AAVE	+0.0100%	1h	143.71	−0.108%	$328K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.61	−0.174%	$64.6M	$191.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.55	−0.215%	$61.9M	$68.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.50	−0.250%	$17.3M	$65.5M	50x	as long as short
Arcus AAVE-USDlong	+0.0100%	1h	143.86	long leg	$64K	$198K	10x
Bulk AAVE-USD	+0.0100%	1h	143.91	+0.035%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.66	−0.139%	$8.0M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.65	−0.146%	$25.0M	$23.8M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.71	−0.104%	$10.3M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.53	−0.229%	$29.3M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.55	−0.215%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.69	−0.118%	$341K	$727K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.75	−0.078%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.81	−0.033%	$107K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.87	+0.007%	$455K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.88	+0.014%	$134K	$221K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.78	−0.056%	$142K	$469K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.52	−0.239%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.51	−0.243%	$5K	$311K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.60	−0.184%	$682K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.56	−0.209%	$4.0M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.45	−0.283%	$915K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.54	−0.219%	$121K	$146	10x	as long as short
Phoenix AAVE	+0.0118%	1h	144.03	+0.118%	$4K	$105K	10x	as long as short
01 Exchange AAVEUSD	+0.0152%	1h	143.83	−0.021%	$11K	$2K	5x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.57	−0.202%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.61	−0.175%	$112K	—	100x	as long as short
RISEx AAVE/USDC	+0.0256%	1h	143.82	−0.028%	$197K	$263K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	143.68	−0.125%	$767K	$2.9M	50x	as long as short
Lighter AAVE	+0.0312%	1h	143.85	−0.005%	$4.6M	$2.4M	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0314%	1h	143.60	−0.181%	$3.4M	$2.1M	50x	as long as short
Hyperliquid AAVE	+0.0406%	1h	143.86	0.000%	$78.6M	$37.3M	10x	as long as short