Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.041%

Price spread now: Kalshi against Backpack−0.034%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$450.449% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.220%−$22 on $10k

Price spread, last 3 days (all we have)+0.263%+$26 · spread now −0.034%, 7d avg −0.093%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.059% dearer against Backpack than usual: you sell high and buy low (spread −0.034% now, against its 7-day average of −0.093%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	145.33	0.0100	pay 0.0013% / 1h	47m 34s	$381K	$703K	10x
Short	Kalshi KXAAVEPERP	145.28	0	get 0.0000% / 8h	6h 47m	$74K	$1.6M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.034%Rate

Funding earned: −$21
Price spread: −0.034% → −0.093%: $5.89
Slippage, 4 orders: −$24.93
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$60.04
Costs to cover: 0.449%
Break-even: never at this rate

Slippage from Backpack: live order book, 41 min ago; Kalshi: live order book, 1 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, 41 min ago	0.68 bp	6.4 bp −$6	134.6 bp −$1,346	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	5.85 bp	16.7 bp −$17	22.8 bp −$228	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
Deribit AAVE_USDC-PERPETUAL	−0.0369%	1h	145.25	−0.055%	$250K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0158%	1h	145.25	−0.055%	$5K	$311K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	145.18	−0.103%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	145.11	−0.151%	$4K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.29	−0.025%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	145.28	−0.034%	$74K	$1.6M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.32	−0.007%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	145.43	+0.070%	$3.5M	$2.0M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0019%	1h	145.02	−0.213%	$135K	$229K	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.759%	$422	$51K	12x	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	145.17	−0.109%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0049%	8h	145.18	−0.103%	$17.7M	$65.7M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0058%	8h	145.24	−0.062%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0064%	8h	145.18	−0.103%	$7.8M	$15.6M	75x	as long as short
Nado AAVE-PERP	+0.0074%	1h	145.16	−0.115%	$805K	$444K	10x	as long as short
MEXC AAVE_USDT	+0.0079%	8h	145.14	−0.131%	$32.2M	$26.0M	200x	as long as short
Binance AAVEUSDT	+0.0079%	8h	145.14	−0.131%	$66.0M	$181.8M	75x	as long as short
Lighter AAVE	+0.0096%	1h	145.38	+0.033%	$4.7M	$1.6M	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	145.23	−0.068%	$181K	$242K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.20	−0.086%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.33	−0.001%	$81.2M	$32.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.22	−0.076%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.22	−0.073%	$331K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.19	−0.096%	$61.8M	$64.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.19	−0.096%	$51K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.14	−0.133%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.14	−0.131%	$10.3M	$8.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.20	−0.089%	$30.3M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.18	−0.103%	—	$44.3M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	145.33	long leg	$381K	$703K	10x
Variational Omni AAVE	+0.0100%	8h	144.98	−0.244%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.18	−0.103%	$101K	$313K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.21	−0.082%	$461K	$4.1M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.24	−0.062%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.18	−0.100%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.45	+0.085%	$738K	$4.8M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.24	−0.062%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.15	−0.124%	$936K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	145.29	−0.028%	$123K	$146	10x	as long as short
BloFin AAVE-USDT	+0.0200%	8h	145.11	−0.151%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	145.44	+0.076%	$782K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	145.32	−0.008%	$125K	—	100x	as long as short