AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0150%/8h= −16.5% APRnext payment −$0.19 per $10,000 · paid last 24h −0.002%

Price spread now: Polymarket Perps against Backpack−0.028%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.812%+$81 · spread now −0.028%, 7d avg +0.026%

Together, before fees+0.809%+$81 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 Polymarket Perps is 0.054% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	141.00	0.0250	pay 0.0031% / 1h	24m 20s	$383K	$732K	10x
Short	Polymarket Perps AAVE-USD	140.96	0.0100	get 0.0013% / 1h	24m 20s	$133K	$483K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$31.55
Price spread: −0.028% → +0.026%: −$5.44
Slippage, 4 orders: −$10.38
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$65.38
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from Backpack: live order book, 15 min ago; Polymarket Perps: live order book, 13 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, 15 min ago	0.35 bp	6.9 bp −$7	105.9 bp −$1,059	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 13 min ago	2.12 bp	8.2 bp −$8	9.1 bp −$91	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	140.96	−0.031%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	140.92	−0.057%	$45K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	140.96	−0.028%	$213K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	140.96	−0.031%	$78K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.865%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	140.89	−0.079%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0082%	8h	140.91	−0.064%	$17K	$8K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.05	+0.033%	$4.5M	$2.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	140.85	−0.110%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	140.85	−0.103%	$822K	$397K	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	141.04	+0.028%	$77.1M	$37.0M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	140.94	−0.039%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	140.89	−0.077%	$328K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	140.92	−0.057%	$63.1M	$191.4M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	140.87	−0.092%	$60.5M	$69.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	140.90	−0.071%	$16.6M	$64.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.00	0.000%	$91K	$221K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.09	+0.063%	$163K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	140.95	−0.035%	$8.1M	$16.5M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	140.89	−0.078%	$22.9M	$24.2M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	140.94	−0.043%	$10.1M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	140.88	−0.085%	$28.6M	$18.0M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	140.91	−0.064%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	140.88	−0.086%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.09	+0.067%	$108K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.16	+0.117%	$443K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.08	+0.057%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USDshort	+0.0100%	1h	140.96	−0.028%	$133K	$483K	10x
SunX AAVE-USDT	+0.0100%	8h	140.91	−0.065%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	140.92	−0.057%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.07	+0.052%	$666K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	140.92	−0.057%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	140.87	−0.096%	$910K	$1.8M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	140.95	−0.035%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	140.96	−0.032%	$119K	$146	10x	as long as short
Phoenix AAVE	+0.0152%	1h	140.98	−0.014%	$5K	$98K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	140.89	−0.078%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	140.91	−0.061%	$187K	$291K	10x	as long as short
Backpack AAVE_USDC_PERPlong	+0.0250%	1h	141.00	long leg	$383K	$732K	10x
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	140.96	−0.028%	$110K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	141.15	+0.106%	$751K	$2.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0272%	1h	140.98	−0.014%	$3.3M	$2.1M	50x	as long as short