AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.001%

Price spread now: Lighter against Backpack+0.031%7-day average +0.113% · 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−$35as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.164%+$16 · spread now +0.031%, 7d avg +0.113%

Together, before fees+0.176%+ Points / potential airdropLighter: Season 3 · farm board+$18 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: Lighter is 0.082% 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 +0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	146.65	0.0100	pay 0.0013% / 1h	21m 20s	$335K	$737K	10x
Short	Lighter AAVE	146.69	0.0096	get 0.0012% / 1h	21m 20s	$4.7M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$0.84
Price spread: +0.031% → +0.113%: −$8.21
Slippage, 4 orders: −$17.22
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$36.26
Costs to cover: 0.272%
Break-even: never at this rate

Slippage from Backpack: live order book, 53 min ago; Lighter: live order book, 6 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, 53 min ago	0.34 bp	6.4 bp −$6	74.9 bp −$749	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	2.69 bp	8.0 bp −$8	26.2 bp −$262	64.9 bp −$6,487	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
Kraken Futures PF_AAVEUSD	−0.0184%	1h	146.62	−0.022%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0152%	1h	146.42	−0.157%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0091%	1h	146.54	−0.075%	$255K	$369K	50x	as long as short
SoDEX AAVE-USD	−0.0090%	1h	146.50	−0.102%	$5K	$305K	10x	as long as short
Phemex AAVEUSDT	−0.0046%	8h	146.59	−0.041%	$4.2M	$3.8M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.58	−0.047%	$105K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.44	−0.143%	$78K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	146.78	+0.089%	$5K	$102K	10x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.55	−0.069%	$71K	—	150x	as long as short
Binance AAVEUSDT	+0.0021%	8h	146.49	−0.109%	$66.4M	$183.5M	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	+0.0021%	8h	146.46	−0.130%	$29.1M	$25.8M	200x	as long as short
Gate AAVE_USDT	+0.0028%	8h	146.51	−0.095%	$8.0M	$15.3M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.608%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.45	−0.138%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	146.46	−0.130%	$18K	$10K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0063%	8h	146.47	−0.123%	$18.0M	$66.5M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0072%	1h	146.58	−0.048%	$136K	$231K	50x	as long as short
Bybit AAVEUSDT	+0.0080%	8h	146.47	−0.123%	$62.7M	$65.0M	75x	as long as short
BloFin AAVE-USDT	+0.0088%	8h	146.57	−0.055%	$3.5M	$3.5M	100x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.77	+0.082%	$124K	$146	10x	as long as short
Lighter AAVEshort	+0.0096%	1h	146.69	+0.031%	$4.7M	$1.5M	10x
Paradex AAVE-USD-PERP	+0.0100%	8h	146.44	−0.144%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.45	−0.133%	$801K	$423K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.59	−0.041%	$79.9M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.48	−0.117%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.49	−0.109%	$334K	$502K	10x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.49	−0.109%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.36	−0.201%	$61K	−$0	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.51	−0.095%	$10.4M	$8.8M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.46	−0.130%	$30.4M	$17.8M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.48	−0.116%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	146.65	long leg	$335K	$737K	10x
Variational Omni AAVE	+0.0100%	8h	146.44	−0.143%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.55	−0.066%	$106K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.62	−0.020%	$464K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.54	−0.075%	$127K	$415K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.49	−0.106%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.63	−0.012%	$713K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.44	−0.146%	$939K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.53	−0.079%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0233% / S −0.0363%	1h	146.55	−0.067%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.88	+0.157%	$788K	$2.9M	50x	as long as short