Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: SunX against Backpack−0.233%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$146as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1461.465% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)+0.344%+$34 · spread now −0.233%, 7d avg −0.028%

Together, before fees+0.352%+$35 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: SunX is 0.205% cheaper against Backpack than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	143.14	0.0100	pay 0.0013% / 1h	50m 48s	$336K	$725K	10x
Short	SunX AAVE-USDT	142.81	0.0100	get 0.0100% / 8h	1h 50m	$2K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.233%Rate

Funding earned: $0
Price spread: −0.233% → −0.028%: −$20.54
Slippage, 4 orders: −$128.5
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$167.03
Costs to cover: 1.465%
Break-even: never at this rate

Slippage from Backpack: live order book, 58 min ago; SunX: live order book, 3 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, 58 min ago	0.35 bp	7.9 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	44.88 bp	66.0 bp −$66	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
dYdX AAVE-USD	0.0000%	1h	142.81	−0.227%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.98	−0.112%	$50K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.92	−0.154%	$217K	$396K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.93	−0.148%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.317%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.87	−0.190%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0053%	1h	142.81	−0.231%	$830K	$400K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0076%	8h	142.90	−0.168%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	143.18	+0.028%	$4K	$108K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.78	−0.252%	$13K	$4K	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster AAVEUSDT	+0.0100%	8h	143.11	−0.021%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.85	−0.204%	$326K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.08	−0.042%	$64.4M	$192.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.09	−0.035%	$61.6M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.08	−0.042%	$17.1M	$65.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.91	−0.161%	$64K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.88	−0.180%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.07	−0.049%	$8.0M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.11	−0.021%	$25.1M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.09	−0.035%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.12	−0.014%	$29.3M	$18.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.07	−0.049%	—	$43.7M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	143.14	long leg	$336K	$725K	10x
Variational Omni AAVE	+0.0100%	8h	142.91	−0.160%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.98	−0.111%	$107K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.97	−0.120%	$452K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.95	−0.133%	$133K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.94	−0.140%	$141K	$470K	10x	as long as short
SunX AAVE-USDTshort	+0.0100%	8h	142.81	−0.233%	$2K	$1.3M	20x
SoDEX AAVE-USD	+0.0100%	1h	142.93	−0.147%	$5K	$311K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.21	+0.050%	$680K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.03	−0.077%	$4.0M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.05	−0.062%	$911K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.92	−0.153%	$121K	$146	10x	as long as short
Lighter AAVE	+0.0128%	1h	143.15	+0.009%	$4.5M	$2.4M	10x	as long as short
01 Exchange AAVEUSD	+0.0136%	1h	142.89	−0.175%	$10K	$2K	5x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.99	−0.105%	$3.3M	$3.6M	100x	as long as short
Hyperliquid AAVE	+0.0241%	1h	143.31	+0.119%	$78.3M	$37.2M	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.92	−0.152%	$112K	—	100x	as long as short
RISEx AAVE/USDC	+0.0256%	1h	142.87	−0.185%	$196K	$262K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	142.94	−0.140%	$761K	$2.9M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0315%	1h	143.02	−0.082%	$3.4M	$2.1M	50x	as long as short