Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.021%

Price spread now: MEXC against Backpack−0.021%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$160.163% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now −0.021%, 7d avg −0.008%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	146.26	0.0100	pay 0.0013% / 1h	20m 05s	$334K	$737K	10x
Short	MEXC AAVE_USDT	146.23	0.0020	get 0.0020% / 8h	7h 20m	$29.0M	$25.8M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$16.8
Price spread: −0.021% → −0.008%: −$1.25
Slippage, 4 orders: −$6.33
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$34.38
Costs to cover: 0.163%
Break-even: never at this rate

Slippage from Backpack: live order book, 54 min ago; MEXC: live order book, 4 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, 54 min ago	0.34 bp	6.4 bp −$6	74.9 bp −$749	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.34 bp	0.7 bp −$1	6.5 bp −$65	38.1 bp −$3,815	131.7 bp −$65.8K

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	146.37	+0.074%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0160%	1h	146.30	+0.027%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0092%	1h	146.25	−0.007%	$5K	$305K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0092%	1h	146.27	+0.007%	$255K	$369K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.41	+0.101%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.34	+0.055%	$78K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	146.78	+0.356%	$5K	$102K	10x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.35	+0.061%	$71K	—	150x	as long as short
Gate AAVE_USDT	+0.0007%	8h	146.19	−0.048%	$7.9M	$15.3M	75x	as long as short
Phemex AAVEUSDT	+0.0009%	8h	146.36	+0.068%	$4.2M	$3.8M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDTshort	+0.0020%	8h	146.23	−0.021%	$29.0M	$25.8M	200x
Binance AAVEUSDT	+0.0021%	8h	146.24	−0.013%	$66.3M	$183.5M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.359%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.23	−0.022%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	146.27	+0.007%	$18K	$10K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0063%	8h	146.15	−0.075%	$18.0M	$66.3M	50x	as long as short
Bybit AAVEUSDT	+0.0071%	8h	146.18	−0.055%	$62.6M	$65.0M	75x	as long as short
ApeX Omni AAVEUSDT	+0.0072%	1h	146.58	+0.219%	$136K	$231K	50x	as long as short
BloFin AAVE-USDT	+0.0084%	8h	146.49	+0.157%	$3.5M	$3.5M	100x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.74	+0.329%	$124K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.39	+0.090%	$4.7M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.20	−0.039%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.24	−0.014%	$800K	$423K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.28	+0.010%	$79.7M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.36	+0.070%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.28	+0.016%	$334K	$502K	10x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.30	+0.027%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.36	+0.066%	$61K	−$0	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.29	+0.021%	$10.4M	$8.9M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.25	−0.007%	$30.3M	$17.9M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	146.20	−0.041%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	146.26	long leg	$334K	$737K	10x
Variational Omni AAVE	+0.0100%	8h	146.44	+0.124%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.55	+0.201%	$106K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.62	+0.247%	$464K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.33	+0.048%	$127K	$415K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.29	+0.023%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.46	+0.136%	$712K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.21	−0.033%	$939K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.33	+0.051%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0233% / S −0.0363%	1h	146.34	+0.055%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.44	+0.123%	$785K	$2.9M	50x	as long as short