Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Backpack against BingX+0.105%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on BingX Short on Backpack

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)−0.134%−$13 · spread now +0.105%, 7d avg +0.027%

Together, before fees−0.106%−$11 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: Backpack is 0.078% dearer against BingX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX AAVE-USDC	142.31	0.0100	pay 0.0100% / 8h	4h 32m	—	$6.5M	—
Short	Backpack AAVE_USDC_PERP	142.46	0.0100	get 0.0013% / 1h	32m 28s	$335K	$718K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.105%Rate

Funding earned: $0
Price spread: +0.105% → +0.027%: $7.84
Slippage, 4 orders: −$30.37
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.53
Costs to cover: 0.504%
Break-even: never at this rate

Slippage from BingX: live order book, 3 min ago; Backpack: live order book, 26 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 BingX live order book, 3 min ago	0.71 bp	16.5 bp −$17	35.6 bp −$356	224.7 bp −$22.5K	629.2 bp −$314.6K
Sell Backpack live order book, 26 min ago	1.40 bp	9.3 bp −$9	552.8 bp −$5,528	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
01 Exchange AAVEUSD	−0.0160%	1h	142.32	+0.007%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.41	+0.071%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.79	−0.365%	$43K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.30	−0.007%	$220K	$399K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.25	−0.042%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0016%	1h	142.38	+0.046%	$839K	$449K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.759%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.40	+0.064%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0047%	8h	142.28	−0.021%	$18K	$10K	10x	as long as short
SoDEX AAVE-USD	+0.0048%	1h	142.30	−0.007%	$5K	$299K	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	+0.0056%	1h	141.63	−0.478%	$4K	$102K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.49	+0.125%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.39	+0.059%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.56	+0.176%	$76.8M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.43	+0.087%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.42	+0.075%	$326K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.38	+0.049%	$63.7M	$186.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.45	+0.098%	$60.9M	$67.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.42	+0.077%	$17.1M	$63.9M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.44	+0.091%	$63K	$204K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.50	−0.573%	$57K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.43	+0.084%	$8.1M	$15.8M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.33	+0.014%	$25.0M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.42	+0.077%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.35	+0.028%	$29.0M	$18.3M	75x	as long as short
BingX AAVE-USDClong	+0.0100%	8h	142.31	long leg	—	$6.5M	—
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	142.46	+0.105%	$335K	$718K	10x
Variational Omni AAVE	+0.0100%	8h	141.38	−0.653%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.50	−0.566%	$102K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.58	−0.513%	$454K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.57	−0.520%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.49	+0.126%	$122K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.06	−0.177%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.46	+0.102%	$685K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.22	−0.063%	$4.0M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.26	−0.036%	$892K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.31	0.000%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.39	+0.054%	$177K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.22	−0.063%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.25	−0.041%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0325%	1h	142.39	+0.057%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.43	+0.084%	$789K	$2.8M	50x	as long as short