Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.022%

Price spread now: Orderly against Backpack−0.070%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.070% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	142.75	0.0100	pay 0.0013% / 1h	55m 36s	$347K	$708K	10x
Short	Orderly PERP_AAVE_USDC	142.65	0.0045	get 0.0045% / 8h	4h 55m	$18K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.070%Rate

Funding earned: −$11.5
Price spread: −0.070% → 0.000%: −$7.01
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$34.51
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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, 3 min ago	1.40 bp	8.2 bp −$8	115.7 bp −$1,157	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0128%	1h	142.52	−0.161%	$10K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0035%	1h	142.69	−0.042%	$5K	$303K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.45	−0.208%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.31	−0.308%	$53K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.72	−0.021%	$225K	$395K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.72	−0.022%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.056%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.64	−0.075%	—	—	20x	as long as short
Orderly PERP_AAVE_USDCshort	+0.0045%	8h	142.65	−0.070%	$18K	$10K	10x
Nado AAVE-PERP	+0.0082%	1h	142.70	−0.035%	$836K	$441K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix AAVE	+0.0089%	1h	142.93	+0.126%	$4K	$102K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.57	−0.125%	$4.5M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.45	−0.210%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.57	−0.126%	$77.1M	$35.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.48	−0.187%	$1.3M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.48	−0.192%	$324K	$434K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.49	−0.180%	$63.9M	$184.3M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.51	−0.168%	$61.1M	$65.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.55	−0.140%	$17.0M	$63.5M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.56	−0.133%	$44K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.99	+0.170%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.49	−0.182%	$7.9M	$15.3M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.45	−0.210%	$25.4M	$23.5M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.46	−0.203%	$10.6M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.43	−0.224%	$29.1M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.55	−0.140%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	142.75	long leg	$347K	$708K	10x
Variational Omni AAVE	+0.0100%	8h	142.65	−0.069%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.24	−0.355%	$102K	$277K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.15	−0.421%	$449K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.67	−0.056%	$133K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.69	−0.042%	$122K	$385K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.63	−0.081%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.82	+0.048%	$687K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.62	−0.091%	$4.0M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.51	−0.169%	$906K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.72	−0.021%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.59	−0.113%	$177K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.42	−0.231%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0261% / S −0.0408%	1h	142.72	−0.024%	$121K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0324%	1h	142.72	−0.019%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.82	+0.049%	$774K	$2.8M	50x	as long as short