Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.001%

Price spread now: Phemex against Arcus−0.091%7-day average −0.001% · 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−$53as in the Price arb table

costs, in and out, $10k−$440.437% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.190%+$19 · spread now −0.091%, 7d avg −0.001%

Together, before fees+0.191%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.090% cheaper against Arcus than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus AAVE-USD	142.88	0.0100	pay 0.0013% / 1h	11m 45s	$64K	$199K	10x
Short	Phemex AAVEUSDT	142.75	0.0066	get 0.0066% / 8h	3h 11m	$4.0M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$7.09
Price spread: −0.091% → −0.001%: −$9.01
Slippage, 4 orders: −$27.18
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.78
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from Arcus: live order book, 41 min ago; Phemex: live order book, 2 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, 41 min ago	0.69 bp	8.4 bp −$8	19.6 bp −$196	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.85 bp	13.6 bp −$14	21.3 bp −$213	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
dYdX AAVE-USD	0.0000%	1h	142.74	−0.096%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.83	−0.035%	$51K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.76	−0.084%	$218K	$390K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.76	−0.083%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.143%	$422	$51K	12x	as long as short
Phoenix AAVE	+0.0033%	1h	143.19	+0.217%	$4K	$106K	10x	as long as short
Nado AAVE-PERP	+0.0034%	1h	142.86	−0.014%	$832K	$398K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.70	−0.125%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0057%	8h	142.73	−0.105%	$18K	$10K	10x	as long as short
Phemex AAVEUSDTshort	+0.0066%	8h	142.75	−0.091%	$4.0M	$3.6M	50x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange AAVEUSD	+0.0096%	1h	142.88	0.000%	$10K	$2K	5x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.79	−0.061%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.87	−0.009%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.83	−0.033%	$327K	$446K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.82	−0.041%	$63.8M	$188.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.79	−0.063%	$61.4M	$67.8M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.78	−0.070%	$17.0M	$64.4M	50x	as long as short
Arcus AAVE-USDlong	+0.0100%	1h	142.88	long leg	$64K	$199K	10x
Bulk AAVE-USD	+0.0100%	1h	142.97	+0.063%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.78	−0.070%	$8.0M	$16.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.82	−0.042%	$25.8M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.80	−0.056%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.77	−0.077%	$29.2M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.78	−0.070%	—	$43.6M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.90	+0.014%	$335K	$722K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.94	+0.042%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.04	+0.113%	$104K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.07	+0.131%	$457K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.13	+0.175%	$133K	$221K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.82	−0.042%	$132K	$449K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.68	−0.142%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.76	−0.084%	$5K	$310K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.01	+0.092%	$684K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.72	−0.113%	$908K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.79	−0.064%	$121K	$146	10x	as long as short
Hyperliquid AAVE	+0.0114%	1h	142.93	+0.035%	$78.1M	$37.1M	10x	as long as short
RISEx AAVE/USDC	+0.0132%	1h	142.89	+0.006%	$185K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.96	+0.056%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0248%	1h	142.84	−0.026%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.73	−0.102%	$112K	—	100x	as long as short
Lighter AAVE	+0.0256%	1h	143.05	+0.116%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	142.91	+0.021%	$781K	$2.8M	50x	as long as short