Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0154%/8h= −16.8% APRpaid last 24h −0.003%

Price spread now: Phemex against Backpack−0.120%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 4 days (all we have)+0.211%+$21 · spread now −0.120%, 7d avg −0.009%

Together, before fees+0.200%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.111% cheaper against Backpack than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	141.32	0.0254	pay 0.0032% / 1h	14m 52s	$384K	$732K	10x
Short	Phemex AAVEUSDT	141.15	0.0100	get 0.0100% / 8h	14m 52s	$3.9M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$32.27
Price spread: −0.120% → −0.009%: −$11.09
Slippage, 4 orders: −$16.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$82.03
Costs to cover: 0.387%
Break-even: never at this rate

Slippage from Backpack: live order book, 24 min ago; Phemex: 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, 24 min ago	0.35 bp	6.9 bp −$7	105.9 bp −$1,059	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.35 bp	12.4 bp −$12	17.9 bp −$179	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
dYdX AAVE-USD	0.0000%	1h	141.31	−0.010%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.14	−0.127%	$45K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.18	−0.099%	$213K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.20	−0.086%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.085%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.08	−0.173%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0083%	8h	141.15	−0.120%	$17K	$8K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.37	+0.032%	$4.5M	$2.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.27	−0.033%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.15	−0.117%	$826K	$399K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid AAVE	+0.0100%	1h	141.35	+0.021%	$77.2M	$37.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.24	−0.055%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.32	−0.003%	$329K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.23	−0.062%	$63.4M	$192.2M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.19	−0.092%	$60.7M	$69.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.20	−0.085%	$16.6M	$64.8M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.40	+0.057%	$91K	$221K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.24	−0.057%	$8.0M	$16.6M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.27	−0.035%	$22.5M	$24.4M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.25	−0.050%	$10.3M	$9.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.21	−0.078%	$28.7M	$18.0M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.24	−0.057%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.16	−0.111%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.14	−0.125%	$108K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.19	−0.090%	$445K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.19	−0.092%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.17	−0.106%	$133K	$484K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.29	−0.024%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.16	−0.113%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.27	−0.038%	$667K	$5.3M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	141.15	−0.120%	$3.9M	$3.6M	50x
Bulk AAVE-USD	+0.0100%	1h	141.18	−0.099%	$163K	$106K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.19	−0.091%	$909K	$1.8M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	141.31	−0.007%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.21	−0.078%	$119K	$146	10x	as long as short
Phoenix AAVE	+0.0152%	1h	141.19	−0.092%	$5K	$98K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.17	−0.106%	$3.2M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	141.33	+0.005%	$190K	$292K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.18	−0.099%	$110K	—	100x	as long as short
Backpack AAVE_USDC_PERPlong	+0.0254%	1h	141.32	long leg	$384K	$732K	10x
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	141.28	−0.028%	$752K	$2.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0271%	1h	141.22	−0.074%	$3.4M	$2.1M	50x	as long as short