Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.021%

Price spread now: Binance against Backpack−0.130%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)+0.315%+$32 · spread now −0.130%, 7d avg −0.008%

Together, before fees+0.241%+$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.122% cheaper against Backpack than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	144.51	0.0100	pay 0.0013% / 1h	18m 46s	$322K	$693K	10x
Short	Binance AAVEUSDT	144.32	0.0100	get 0.0100% / 8h	5h 18m	$64.6M	$182.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.130%Rate

Funding earned: $0
Price spread: −0.130% → −0.008%: −$12.19
Slippage, 4 orders: −$10.17
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$42.36
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Backpack: live order book, 45 min ago; Binance: live order book, 10 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 Backpack live order book, 45 min ago	0.35 bp	6.7 bp −$7	106.5 bp −$1,065	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.35 bp	9.9 bp −$10	17.1 bp −$171	41.1 bp −$4,112	129.9 bp −$64.9K

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	−0.0048%	1h	144.48	−0.021%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.44	−0.046%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.36	−0.104%	$61K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.42	−0.062%	$229K	$389K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.48	−0.019%	$81K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.225%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.43	−0.056%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	144.42	−0.062%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0046%	1h	144.48	−0.021%	$834K	$433K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	144.46	−0.035%	$5K	$98K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	144.59	+0.058%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.37	−0.097%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.52	+0.007%	$78.2M	$35.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.49	−0.017%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.39	−0.081%	$329K	$433K	10x	as long as short
Binance AAVEUSDTshort	+0.0100%	8h	144.32	−0.130%	$64.6M	$182.5M	75x
Bybit AAVEUSDT	+0.0100%	8h	144.30	−0.145%	$61.5M	$64.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	144.30	−0.145%	$17.3M	$63.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.37	−0.097%	$45K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.91	−0.413%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.43	−0.055%	$7.9M	$15.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	144.37	−0.097%	$26.1M	$23.6M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.37	−0.097%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.38	−0.090%	$30.2M	$17.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.33	−0.125%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	144.51	long leg	$322K	$693K	10x
Variational Omni AAVE	+0.0100%	8h	144.42	−0.063%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.40	−0.075%	$104K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.31	−0.141%	$460K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.44	−0.048%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.53	+0.014%	$129K	$422K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.44	−0.048%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.43	−0.055%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.55	+0.026%	$696K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.42	−0.062%	$4.1M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.27	−0.168%	$918K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.44	−0.047%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	144.39	−0.084%	$188K	$235K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	144.43	−0.055%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	144.47	−0.030%	$125K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0266%	1h	144.53	+0.014%	$3.5M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.97	−0.374%	$783K	$2.8M	50x	as long as short