AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0193%/8h= −21.1% APRnext payment −$0.24 per $10,000 · paid last 24h −0.316%

Price spread now: Deribit against Backpack−0.165%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.506%−$51 on $10k

Price spread, last 3 days (all we have)+0.381%+$38 · spread now −0.165%, 7d avg −0.036%

Together, before fees−0.126%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Deribit is 0.129% cheaper against Backpack than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	145.86	0.0100	pay 0.0013% / 1h	0m 26s	$351K	$724K	10x
Short	Deribit AAVE_USDC-PERPETUAL	145.62	−0.0093	pay 0.0012% / 1h	0m 26s	$255K	$421K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.165%Rate

Funding earned: −$40.53
Price spread: −0.165% → −0.036%: −$12.86
Slippage, 4 orders: −$16.14
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$86.53
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Backpack: live order book, 18 min ago; Deribit: live order book, 13 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, 18 min ago	0.34 bp	6.0 bp −$6	68.8 bp −$688	doesn't fit	doesn't fit
Sell Deribit live order book, 13 min ago	5.17 bp	8.7 bp −$9	doesn't fit	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	−0.0120%	1h	145.83	−0.021%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUALshort	−0.0093%	1h	145.62	−0.165%	$255K	$421K	50x
Phoenix AAVE	−0.0045%	1h	145.62	−0.165%	$5K	$100K	10x	as long as short
SoDEX AAVE-USD	−0.0010%	1h	145.62	−0.165%	$5K	$298K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.83	−0.018%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.58	−0.192%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.66	−0.134%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.102%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0041%	8h	145.79	−0.048%	$30.6M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0042%	8h	145.81	−0.036%	$66.5M	$185.0M	75x	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	145.77	−0.062%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	145.87	+0.004%	$184K	$246K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0051%	8h	145.59	−0.185%	$18K	$12K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	145.78	−0.055%	$3.5M	$2.1M	50x	as long as short
OKX AAVE-USDT-SWAP	+0.0062%	8h	145.81	−0.034%	$17.8M	$67.2M	50x	as long as short
Gate AAVE_USDT	+0.0070%	8h	145.81	−0.034%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.66	−0.138%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.96	+0.067%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.77	−0.063%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.70	−0.106%	$806K	$437K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.93	+0.048%	$80.2M	$33.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.79	−0.051%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.77	−0.060%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.82	−0.027%	$62.2M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.84	−0.014%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.048%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.81	−0.034%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.80	−0.041%	$30.5M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.83	−0.021%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	145.86	long leg	$351K	$724K	10x
Variational Omni AAVE	+0.0100%	8h	145.35	−0.353%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.58	−0.193%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.53	−0.226%	$460K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.49	−0.254%	$135K	$228K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.87	+0.007%	$128K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.60	−0.177%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.69	−0.119%	$698K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.62	−0.165%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.77	−0.064%	$935K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0161%	8h	145.63	−0.158%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	145.65	−0.141%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	145.76	−0.069%	$791K	$3.0M	50x	as long as short