Funding you earn now, next payment 02:00 UTC+0.0236%/8h= +25.8% APRnext payment +$0.29 per $10,000 · paid last 24h +0.046%
Price spread now: Coinbase International against Backpack−0.332%52s7-day average +0.050% · you buy dearer than you sell
Net, funding: paid 7d − costs−$25as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$400.398% of the position
Funding, last 7 days+0.148%+$15 on $10k
+Price spread, last 4 days (all we have)+0.693%+$69 · spread now −0.332%, 7d avg +0.050%
=Funding pays, the price is against you. Coinbase International is 0.382% cheaper against Backpack than usual: you would sell low and buy high (spread −0.332% now, against its 7-day average of +0.050%). If the spread goes back, that is −$38 on $10k: about 5.4 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.148% in total) that is about 18 days. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.148% in total (about 7.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.29 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack AAVE_USDC_PERP | 144.45 | 0.0100 | pay 0.0013% / 1h | 22m 14s | $322K | $693K | 10x |
| Short | Coinbase International AAVE-PERP-INTX | 143.97 | 0.0336 | get 0.0042% / 1h | 22m 14s | $783K | $2.8M | 50x |
Backpack AAVE_USDC_PERP
Coinbase International AAVE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $49.56
- Price spread: −0.332% → +0.050%
- −$38.23
- Slippage, 4 orders
- −$19.78
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$28.45
- Costs to cover
- 0.398%
- Break-even
- 11.0 days
Slippage from Backpack: live order book, 42 min ago; Coinbase International: 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 Backpack live order book, 42 min ago | 0.35 bp | 6.7 bp −$7 | 106.5 bp −$1,065 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 2 min ago | 5.88 bp | 13.5 bp −$14 | 17.2 bp −$172 | 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 | −0.0056% | 1h | 144.53 | +0.055% | $11K | $2K | 5x | as long as short |
| dYdX AAVE-USD | 0.0000% | 1h | 144.46 | +0.010% | $103K | $4K | 10x | as long as short |
| Kalshi KXAAVEPERP | 0.0000% | 8h | 144.38 | −0.048% | $61K | $1.5M | 3.4x | as long as short |
| Deribit AAVE_USDC-PERPETUAL | 0.0000% | 1h | 144.41 | −0.028% | $229K | $389K | 50x | as long as short |
| gTrade (Gains Network) AAVE/USD | L +0.0005% / S −0.0004% | 1h | 144.44 | −0.005% | $81K | — | 150x | as long as short |
| Injective AAVE/USDC PERP | +0.0033% | 1h | 136.96 | −5.185% | $422 | $51K | 12x | as long as short |
| Nado AAVE-PERP | +0.0042% | 1h | 144.51 | +0.042% | $834K | $433K | 10x | as long as short |
| Reya AAVERUSDPERP | +0.0044% | 1h | 144.40 | −0.038% | — | — | 20x | as long as short |
| Orderly PERP_AAVE_USDC | +0.0045% | 8h | 144.43 | −0.014% | $18K | $10K | 10x | as long as short |
| Phoenix AAVE | +0.0089% | 1h | 143.88 | −0.395% | $5K | $98K | 10x | as long as short |
01 Exchange AAVEUSD
dYdX AAVE-USD
Kalshi KXAAVEPERP
Deribit AAVE_USDC-PERPETUAL
gTrade (Gains Network) AAVE/USD
Injective AAVE/USDC PERP
Nado AAVE-PERP
Reya AAVERUSDPERP
Orderly PERP_AAVE_USDC
Phoenix AAVEShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter AAVE | +0.0096% | 1h | 144.63 | +0.126% | $4.6M | $1.5M | 10x | as long as short |
| Paradex AAVE-USD-PERP | +0.0100% | 8h | 144.54 | +0.063% | $14K | $4K | 20x | as long as short |
| Hyperliquid AAVE | +0.0100% | 1h | 144.58 | +0.088% | $78.2M | $35.1M | 10x | as long as short |
| Aster AAVEUSDT | +0.0100% | 8h | 144.55 | +0.072% | $1.3M | $1.2M | 50x | as long as short |
| Pacifica AAVE | +0.0100% | 1h | 144.53 | +0.053% | $329K | $433K | 10x | as long as short |
| Binance AAVEUSDT | +0.0100% | 8h | 144.36 | −0.064% | $64.6M | $182.5M | 75x | as long as short |
| Bybit AAVEUSDT | +0.0100% | 8h | 144.31 | −0.097% | $61.6M | $64.2M | 75x | as long as short |
| OKX AAVE-USDT-SWAP | +0.0100% | 8h | 144.28 | −0.118% | $17.3M | $63.5M | 50x | as long as short |
| Arcus AAVE-USD | +0.0100% | 1h | 144.56 | +0.076% | $45K | $179K | 10x | as long as short |
| Bulk AAVE-USD | +0.0100% | 1h | 143.91 | −0.372% | $58K | $2K | 10x | as long as short |
| Gate AAVE_USDT | +0.0100% | 8h | 144.47 | +0.014% | $7.9M | $15.2M | 75x | as long as short |
| MEXC AAVE_USDT | +0.0100% | 8h | 144.37 | −0.055% | $26.0M | $23.6M | 200x | as long as short |
| KuCoin AAVEUSDTM | +0.0100% | 8h | 144.56 | +0.076% | $10.8M | $9.2M | 75x | as long as short |
| Bitget AAVEUSDT | +0.0100% | 8h | 144.43 | −0.014% | $30.2M | $17.3M | 75x | as long as short |
| BingX AAVE-USDT | +0.0100% | 8h | 144.44 | −0.007% | — | $43.8M | — | as long as short |
| Backpack AAVE_USDC_PERPlong | +0.0100% | 1h | 144.45 | long leg | $322K | $693K | 10x | |
| Variational Omni AAVE | +0.0100% | 8h | 143.70 | −0.522% | $3.7M | $1.3M | — | as long as short |
| edgeX AAVEUSDC | +0.0100% | 4h | 143.84 | −0.421% | $104K | $278K | 20x | as long as short |
| GRVT AAVE_USDT_Perp | +0.0100% | 8h | 143.58 | −0.605% | $452K | $3.7M | 10x | as long as short |
| ApeX Omni AAVEUSDT | +0.0100% | 1h | 143.92 | −0.367% | $134K | $219K | 50x | as long as short |
| Polymarket Perps AAVE-USD | +0.0100% | 1h | 144.48 | +0.021% | $126K | $419K | 10x | as long as short |
| SunX AAVE-USDT | +0.0100% | 8h | 144.42 | −0.021% | $1K | $1.3M | 20x | as long as short |
| SoDEX AAVE-USD | +0.0100% | 1h | 144.45 | 0.000% | $5K | $301K | 10x | as long as short |
| HTX AAVE-USDT | +0.0100% | 8h | 144.51 | +0.041% | $696K | $5.2M | 75x | as long as short |
| Phemex AAVEUSDT | +0.0100% | 8h | 144.29 | −0.111% | $4.1M | $3.7M | 50x | as long as short |
| Extended AAVE-USD | +0.0104% | 1h | 144.40 | −0.037% | $918K | $1.7M | 50x | as long as short |
| Aevo AAVE-PERP | +0.0104% | 1h | 144.44 | −0.005% | $122K | $146 | 10x | as long as short |
| RISEx AAVE/USDC | +0.0195% | 1h | 144.58 | +0.092% | $188K | $235K | 10x | as long as short |
| BloFin AAVE-USDT | +0.0220% | 8h | 144.38 | −0.048% | $3.4M | $3.5M | 100x | as long as short |
| GMX AAVE/USD [AAVE-USDC] | L +0.0263% / S −0.0420% | 1h | 144.42 | −0.019% | $125K | — | 100x | as long as short |
| Kraken Futures PF_AAVEUSD | +0.0266% | 1h | 144.53 | +0.058% | $3.5M | $2.1M | 50x | as long as short |
| Coinbase International AAVE-PERP-INTXshort | +0.0336% | 1h | 143.97 | −0.332% | $783K | $2.8M | 50x |
Lighter AAVE
Paradex AAVE-USD-PERP
Hyperliquid AAVE
Aster AAVEUSDT
Pacifica AAVE
Binance AAVEUSDT
Bybit AAVEUSDT
OKX AAVE-USDT-SWAP
Arcus AAVE-USD
Bulk AAVE-USD
Gate AAVE_USDT
MEXC AAVE_USDT
KuCoin AAVEUSDTM
Bitget AAVEUSDT
BingX AAVE-USDT
Variational Omni AAVE
edgeX AAVEUSDC
GRVT AAVE_USDT_Perp
ApeX Omni AAVEUSDT
Polymarket Perps AAVE-USD
SunX AAVE-USDT
SoDEX AAVE-USD
HTX AAVE-USDT
Phemex AAVEUSDT
Extended AAVE-USD
Aevo AAVE-PERP
RISEx AAVE/USDC
BloFin AAVE-USDT
GMX AAVE/USD [AAVE-USDC]
Kraken Futures PF_AAVEUSD