Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.025%

Price spread now: Hyperliquid against Backpack+0.007%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$270.265% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)+0.181%+$18 · spread now +0.007%, 7d avg +0.084%

Together, before fees+0.186%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 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: Hyperliquid is 0.077% cheaper against Backpack than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	146.56	0.0100	pay 0.0013% / 1h	16m 25s	$348K	$747K	10x
Short	Hyperliquid AAVE	146.57	0.0100	get 0.0013% / 1h	16m 25s	$80.8M	$34.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.007%Rate

Funding earned: $0
Price spread: +0.007% → +0.084%: −$7.68
Slippage, 4 orders: −$7.5
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$34.19
Costs to cover: 0.265%
Break-even: never at this rate

Slippage from Backpack: live order book, 62 min ago; Hyperliquid: live order book, 7 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, 62 min ago	0.34 bp	6.0 bp −$6	68.8 bp −$688	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.72 bp	6.5 bp −$7	10.9 bp −$109	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
SoDEX AAVE-USD	−0.0088%	1h	146.43	−0.089%	$5K	$305K	10x	as long as short
01 Exchange AAVEUSD	−0.0032%	1h	146.41	−0.102%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0027%	1h	146.39	−0.116%	$5K	$99K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0023%	1h	146.39	−0.116%	$256K	$389K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.45	−0.077%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.37	−0.130%	$85K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.57	+0.007%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.45	−0.073%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.550%	$422	$51K	12x	as long as short
Binance AAVEUSDT	+0.0038%	8h	146.39	−0.113%	$66.7M	$186.5M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0038%	8h	146.40	−0.109%	$29.9M	$26.1M	200x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.37	−0.127%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	146.34	−0.150%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0070%	8h	146.38	−0.123%	$17.9M	$67.8M	50x	as long as short
Gate AAVE_USDT	+0.0076%	8h	146.43	−0.089%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.44	−0.085%	$124K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.63	+0.045%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.38	−0.120%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.36	−0.136%	$806K	$442K	10x	as long as short
Hyperliquid AAVEshort	+0.0100%	1h	146.57	+0.007%	$80.8M	$34.7M	10x
Aster AAVEUSDT	+0.0100%	8h	146.44	−0.082%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.44	−0.082%	$334K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.40	−0.109%	$62.4M	$65.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.41	−0.102%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.23	−0.223%	$61K	$360	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.43	−0.089%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.36	−0.136%	$30.5M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	146.39	−0.116%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	146.56	long leg	$348K	$747K	10x
Variational Omni AAVE	+0.0100%	8h	146.06	−0.344%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.17	−0.266%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.26	−0.208%	$468K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	146.24	−0.218%	$136K	$230K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.47	−0.061%	$128K	$457K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.34	−0.148%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.41	−0.105%	$692K	$5.1M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	146.43	−0.089%	$4.2M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.33	−0.155%	$940K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.45	−0.078%	$186K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0155%	8h	146.44	−0.082%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.39	−0.117%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.59	+0.020%	$791K	$3.0M	50x	as long as short