Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: BingX against Backpack−0.014%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.014%, 7d avg −0.021%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	144.75	0.0100	pay 0.0013% / 1h	41m 36s	$382K	$710K	10x
Short	BingX AAVE-USDT	144.73	0.0100	get 0.0100% / 8h	1h 41m	—	$44.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → −0.021%: $0.7
Slippage, 4 orders: −$8.22
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$27.52
Costs to cover: 0.282%
Break-even: never at this rate

Slippage from Backpack: live order book, 42 min ago; BingX: live order book, 12 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, 42 min ago	0.35 bp	8.2 bp −$8	143.5 bp −$1,435	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	0.69 bp	7.6 bp −$8	10.3 bp −$103	20.8 bp −$2,078	51.0 bp −$25.5K

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	−0.0184%	1h	144.71	−0.028%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0069%	1h	144.58	−0.117%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0045%	1h	144.56	−0.131%	$5K	$100K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0026%	1h	144.66	−0.062%	$254K	$480K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.78	+0.024%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.67	−0.055%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.67	−0.058%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.382%	$422	$51K	12x	as long as short
Binance AAVEUSDT	+0.0035%	8h	144.71	−0.030%	$65.7M	$185.3M	75x	as long as short
MEXC AAVE_USDT	+0.0035%	8h	144.73	−0.014%	$31.1M	$25.7M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	144.53	−0.149%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.79	+0.025%	$180K	$246K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0049%	8h	144.61	−0.097%	$17.4M	$66.3M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	144.62	−0.090%	$18K	$12K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.70	−0.031%	$3.5M	$2.1M	50x	as long as short
Gate AAVE_USDT	+0.0069%	8h	144.76	+0.007%	$7.8M	$15.8M	75x	as long as short
Bulk AAVE-USD	+0.0080%	1h	144.69	−0.044%	$61K	$3K	10x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.64	−0.073%	$122K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0088%	8h	144.30	−0.312%	$451K	$3.8M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.93	+0.123%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.77	+0.011%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.72	−0.017%	$801K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.88	+0.090%	$79.4M	$33.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.79	+0.031%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.76	+0.006%	$330K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.66	−0.062%	$61.4M	$65.6M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.74	−0.007%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.73	−0.014%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.69	−0.041%	$30.2M	$18.2M	75x	as long as short
BingX AAVE-USDTshort	+0.0100%	8h	144.73	−0.014%	—	$44.0M	—
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	144.75	long leg	$382K	$710K	10x
Variational Omni AAVE	+0.0100%	8h	143.94	−0.559%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.57	−0.122%	$103K	$314K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.27	−0.332%	$134K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.63	−0.083%	$126K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.58	−0.115%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.99	+0.164%	$695K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.55	−0.138%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.68	−0.050%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0141%	8h	144.60	−0.104%	$3.4M	$4.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.66	−0.061%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	144.71	−0.028%	$777K	$3.0M	50x	as long as short