Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Pacifica against Backpack−0.090%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Backpack Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 4 days (all we have)+0.202%+$20 · spread now −0.090%, 7d avg +0.001%

Together, before fees+0.174%+ Points / potential airdropPacifica: Active · farm board+$17 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: Pacifica is 0.092% cheaper against Backpack than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	144.41	0.0100	pay 0.0013% / 1h	18m 06s	$377K	$703K	10x
Short	Pacifica AAVE	144.28	0.0100	get 0.0013% / 1h	18m 06s	$329K	$505K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.090%Rate

Funding earned: $0
Price spread: −0.090% → +0.001%: −$9.15
Slippage, 4 orders: −$13
Fee Backpack: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$40.15
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Backpack: live order book, 6 min ago; Pacifica: 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, 6 min ago	0.35 bp	8.2 bp −$8	143.5 bp −$1,435	doesn't fit	doesn't fit
Sell Pacifica live order book, 6 min ago	3.46 bp	7.5 bp −$7	doesn't fit	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	−0.0304%	1h	144.33	−0.055%	$253K	$488K	50x	as long as short
SoDEX AAVE-USD	−0.0186%	1h	144.29	−0.083%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0128%	1h	144.36	−0.035%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.53	+0.083%	$5K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.27	−0.098%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.24	−0.118%	$71K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.37	−0.026%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.43	+0.017%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.159%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.29	−0.086%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0048%	8h	144.29	−0.085%	$65.6M	$184.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0049%	8h	144.26	−0.104%	$17.4M	$66.0M	50x	as long as short
MEXC AAVE_USDT	+0.0049%	8h	144.25	−0.111%	$31.3M	$26.3M	200x	as long as short
Gate AAVE_USDT	+0.0050%	8h	144.26	−0.104%	$7.7M	$15.9M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	144.29	−0.083%	$18K	$12K	10x	as long as short
ApeX Omni AAVEUSDT	+0.0055%	1h	144.42	+0.007%	$134K	$230K	50x	as long as short
GRVT AAVE_USDT_Perp	+0.0088%	8h	144.39	−0.015%	$460K	$3.9M	10x	as long as short
Nado AAVE-PERP	+0.0088%	1h	144.25	−0.111%	$800K	$436K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.50	+0.061%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.34	−0.048%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.38	−0.023%	$180K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.23	−0.126%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.40	−0.007%	$80.2M	$33.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.28	−0.093%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVEshort	+0.0100%	1h	144.28	−0.090%	$329K	$505K	10x
Bybit AAVEUSDT	+0.0100%	8h	144.30	−0.076%	$61.4M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.31	−0.069%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.38	−0.021%	$10.2M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.21	−0.138%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.26	−0.104%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	144.41	long leg	$377K	$703K	10x
Variational Omni AAVE	+0.0100%	8h	144.27	−0.099%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.29	−0.085%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.38	−0.021%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.29	−0.084%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.33	−0.058%	$718K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.25	−0.111%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.33	−0.052%	$61K	$3K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.29	−0.085%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0170%	8h	144.19	−0.152%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.035%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.36	−0.036%	$124K	—	100x	as long as short